To calculate your taxes for the financial year 2023-2024 in India, especially in Mumbai, under both the new and old tax regimes, you can use the following steps:
Calculating Taxes for 2023-2024:
🔍 Step 1: Gather all your income details including salary, investments, savings, and deductions applicable to you.
🔍 Step 2: Understand the differences between the new and old tax regimes. The new regime has lower tax rates but fewer deductions and exemptions compared to the old regime.
🔍 Step 3: Use an online tax calculator specifically designed for the financial year 2023-2024 in India. You can find reliable tax calculators on government websites or reputable financial portals.
🔍 Step 4: Input your income details, deductions, and exemptions into the tax calculator according to the specific requirements of the new and old tax regimes.
🔍 Step 5: The tax calculator will generate your tax liability under both regimes, allowing you to compare and choose the one that is more beneficial for you based on your financial situation.
🔍 Step 6: Review the results carefully to ensure accuracy and consult with a tax professional if needed for further clarification or guidance.
Using a tax calculator tailored to the 2023-2024 financial year will help you accurately determine your tax liability under both the new and old tax regimes, enabling you to make informed decisions regarding your tax planning.