Union Finance Minister Nirmala Sitharaman is going to present the Union Budget for the financial year 2023-24 on 1 February. All sectors have high expectations from the budget. Additionally, since this will be the last full budget before the next election, more populism is expected. Taxpayers will also keep an eye on the budget. Previous budgets have included various benefits such as deductions and exemptions, often subject to a number of conditions and restrictions. Such an approach made it difficult for the taxpayers to understand and avail the complex provisions.
Many people view the income tax as a necessary evil. Most of the time, we do not even know what percentage of our income is being taxed and how we can save some money as tax rules are constantly changing and there are many terms to understand, such as tax exemption, tax exemption , tax deduction, tax savings, etc.
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Here’s How You Can Calculate Your Income Tax Through Income Tax Calculator
Everyone is wondering about “How to file Income Tax”, thus we are providing you a straightforward Income Tax Calculator to determine how much Income Tax you will have to pay when you file your Income Tax Return for the current assessment year. Will have to file.
Here are the steps to calculate your income tax on this calculator
1. Open Income Tax Calculator
2. Enter the financial year for which you want to calculate taxes
3. Select your age
4. Fill the details of all your income.
5. Fill all the details if any deduction
6. Submit, you will get all the details about your income tax
This Income Tax Calculator also provides the latest Income Tax Rates based on your income and the Income Tax Act allows you to claim that multiple income and account for the deductions. Every person who earns more than Rs 2.5 lakh in an assessment year is required to file income tax. You must have Form 16 of your company to file income tax return. Online income tax forms are available.