This Income Tax Calculator is a comprehensive Excel-based tool designed to assist individuals in calculating their income tax liabilities under both the old and new tax regimes as per the Income Tax Law. This user-friendly tool simplifies the complex tax calculation process, enabling taxpayers to make informed decisions regarding their tax planning strategies.
Watch this video to know more about the tool:
Key Features:
- Dual Calculation: The tool facilitates side-by-side calculation of income tax liabilities under both the old and new tax regimes, allowing users to compare the tax implications and choose the most beneficial option.
- Flexible Input Fields: Users can input various details required to calculate tax and other items such as investments, exemptions, and deductions under different sections of the Income Tax Act.
- Automated Tax Computation: The tool automatically calculates the tax payable under each regime based on the inputs provided by the user, taking into account applicable tax slabs, deductions, and exemptions.
- Dynamic Tax Slabs: The tool incorporates the latest tax slabs and rates prescribed by the Income Tax Department.
- Detailed Breakdown: Users can view a detailed breakdown of their taxable income, deductions, and final tax liabilities under both regimes, providing transparency and clarity in the tax calculation process.
- Scenario Analysis: The tool allows users to perform scenario analysis by adjusting income levels, deductions, and exemptions to evaluate the impact on tax liabilities under different scenarios, helping in tax planning and optimization.
Overall, this Income Tax Regime Calculator empowers individuals to make informed decisions regarding their tax planning strategies by providing accurate, transparent, and user-friendly tax calculations under both the old and new tax regimes.