IT Department launches User Friendly Income Tax Calculator for AY 2024-25:

IT Department launches User Friendly Income Tax Calculator for AY 2024-25 The Income Tax Department has introduced a user-friendly income tax calculator for taxpayers for the Financial Year 2023-24 (Assessment Year 2024-25). The tool compares tax liabilities under the Old Regime with the New Regime in an efficient manner. It also shows possible tax savings based on the chosen regime, providing taxpayers with a quick and easy experience. Income tax is levied on people using a slab system in which various tax rates are applied to different income groups. As a person's income rises, so do the tax rates. This sort of taxation provides for a more equitable and progressive tax structure in the country. Currently in direct tax system, there are two tax regimes i.e Old tax regime and New tax regime. Both the regimes have their own advantages and disadvantages. Taxpayers who are in Old tax regime have different tax liability then those who are in New tax regime. To Check the Tax Calculator - Click Here