NEW DELHI: The Income Tax Department on Thursday launched an e-calculator for individuals to estimate and compare their tax liability under the new tax slabs as compared to the existing regime, officials said on Thursday.
The calculator, launched earlier in the day, was updated by the department in the evening to make it more “user friendly”. It largely gives the user three broad results based on the kind of individual financial data fed into it, a senior official said.
It will either tell the user about the tax benefit as per the new regime (as proposed in the budget), tax benefit as per the existing or old system and lastly if tax outflow for the user is same in both old and new regime.
This will help an individual take an informed decision of opting either the tax slab while filing their income tax return (ITR) next year, the official said. (AGENCIES)
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