Hi Team, Does anyone have Tax calculator for 2023-2024 according to new and old regime?
From India, Mumbai
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From India, Mumbai
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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.
From India, Gurugram
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54Calculating 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.
From India, Gurugram
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Income Tax Calculator.xls