Income Tax Calculator: Are you facing problem in Income Tax calculation? Adopt this easy method

Income Tax Calculator July 31 is the last date for filing ITR. If you are also considering filing income tax. But are confused about the calculation. Then this article is for you. Today we will know how income tax can be calculated in easy steps. It includes both the old tax regime and the new tax regime.

Income Tax Calculator: There is often confusion in calculating tax. The last date for filing ITR for the financial year 2024-25 has been kept as 31st July 2025. To avoid any kind of fee, remember to file your tax before this date.

With these steps, you will be able to calculate tax under both Old Tax Regime and New Tax Regime. At the same time, this method will be useful for all types of taxpayers. Taxpayers like individuals, firms, companies or any kind of institution are included.

How to calculate income tax?

Step 1- First of all you have to go to the e-filing portal.

Step 2- After this, enter your PAN number and name here.

Step 3- Then enter your ITR type, these include individual, firm, company or any kind of institution.

Step 4- After this, residential status has to be selected.

Step 5- After this, you have to select either the old tax regime or the new tax regime.

Step 5- Along with this, also select the financial year.

Step 6- After which, choose which age category you fall in.

This includes regular citizen, senior citizen and super senior citizen.

Step 7- After this, you have to include the total income and total deduction amount.

Step 8- After which you will see the tax summary on the right side. In which you will see the total income, total deduction, tax under the new tax regime and old tax regime.

Step 9- Apart from this, if you want to see the comparison between both the tax regimes, then click on the option ‘view comparison’. Here you are told the details of the basic calculator.

What is the new tax regime?

In the financial year 2024-25, Finance Minister Nirmala Sitharaman announced the new tax regime. Now taxpayers have two options to file ITR. These include old tax regime and new tax regime. Under the new tax regime, there is no tax on annual income up to Rs 12 lakh. However, you will not get many types of tax benefits in this.

At present, you can change from new tax regime to old tax regime and vice versa whenever you want. Under the old tax regime, you can take advantage of section 80C by investing in many different schemes. These schemes include post office schemes, bank FDs, ELSS mutual funds etc.

The post Income Tax Calculator: Are you facing problem in Income Tax calculation? Adopt this easy method first appeared on informalnewz.

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