Filing an Income Tax Return may seem like a boring task. At the same time, due to calculation errors, the tax return can also be wrong. Also, should you choose the new tax regime or select the old tax regime? There can be confusion in this also. These problems may arise especially for those who are filing income tax returns (ITR Filing) for the first time. To solve all these problems, the tax department has introduced a facility. 

In February 2023, the tax calculator facility was provided by the tax department. This facility helps taxpayers to decide which old or new tax regime is better for them. The online tax calculator is designed to provide an estimated tax liability figure. It works as a tool. 

What Information It Provides 
The Online Taxpayers Facility is a tool that helps estimate the amount of tax owed or potential refund by calculating a taxpayer's income, deductions, and tax credits. In such a situation, it becomes easier for you to file tax and you know in advance how much amount will be refunded or how much tax will have to be paid.

How to calculate income tax? 
First of all you have to log in to the official website of Income Tax. After this you will have to go to the income tax calculator and give information. In this information, everything from deductions to salary, income from property, interest income and other information will have to be filled. It is worth noting that the purpose of the tax calculator is to provide the public with easy access to fundamental tax calculations. 

It is noteworthy that income tax return can be filed by visiting the online, portal. Taxpayers can file income tax returns for assessment years 20,24-25 by July 31, 2024. After this, you will have to pay penalty on filing ITR.