The Union Budget 2023-24 is all set to be presented by Finance Minister Nirmala Sitharaman tomorrow, February 1, 2023. The upcoming budget will be tabled in Parliament at a time when India’s economic recovery is facing hurdles due to a worsening global slowdown, rising geopolitical tensions and elevated inflation. The finance minister is anticipated to make a number of announcements and discuss financial metrics like inflation, the fiscal deficit, capital spending, revenue receipts, bad loans, and more during the budget speech. Taxpayers will also have an eye on the budget. Past budgets have included various benefits, such as deductions and exemptions, which are often subject to several conditions and restrictions. Such an approach made it difficult for taxpayers to understand the complex provisions and take advantage.
Taxes on income are frequently seen as a necessary evil. Because tax regulations are continuously changing and there are several jargons to comprehend, such as tax exemption, tax rebate, tax deduction, tax saving, etc., most of the time we are not even aware of what proportion of our income is being taxed and how we may save some money.
Income Tax Calculator 2023-24: Direct Link to Calculate
Here is how you can calculate your income tax through Income Tax Calculator
We are offering you a simple income tax calculator to help you figure out how much income tax you must file when you file your income tax returns for the current assessment year because we know that everyone is considering “how to submit income tax.”
Here are the steps to calculate your Income Tax on This Caluclator
1. Open the Income Tax Calculator
2. Fill the financial year do you want to calculate taxes for
3. Select your age
4. Fill all your Income details.
5. Fill all the deduction details if any
6. Submit, you will get all the details about your Income tax
Along with accounting for the different earnings and deductions that the Income Tax Act permits you to claim, this income tax calculator also provides the most recent income tax rates based on your income. Income tax returns must be filed by anyone who earns more than Rs 2.5 lakh in a given assessment year. You need to have your company’s Form 16 on hand in order to file your income tax returns. There are online tax forms accessible.