Income Tax 2023-24: Easy Steps to Calculate Your Personal Income Tax for Next Financial Year

On February 1, Union Finance Minister Nirmala Sitharaman is set to deliver the Union Budget for the fiscal year 2023–24. High expectations for the budget persist across all industries.

Additionally, more populism is predicted because this is the finished Budget before the next election. The budget will also be under examination by taxpayers. Past budgets have featured a variety of advantages, such as exemptions and deductions, which are frequently accompanied by several limitations and restrictions. Taxpayers found it challenging to understand the complex provisions and take benefit of them due to this approach.

Taxes on income are frequently seen as a necessary evil. Because tax rules are continuously changing and there are several jargons to comprehend, such as tax exemption, tax rebate, tax deduction, tax saving, etc., most of the time we are not even aware of what proportion of our income is being taxed and how we can save some money.

Easy steps to calculate your Income Tax

Step 1: Go to Income Tax Department's official website via this link: incometaxindia.gov.in

Step2: Select the assessment year for which you want to calculate your income tax

Step 3: Fill in all the required details including

Step 4: Fill in the details of the tax paid

Step 5: Click on Calculate

Your total tax liability will be displayed instantly on the screen.

A person must file income tax if they earn more than Rs 2.5 lakh in a given assessment year. You need to have your company's Form 16 on hand in order to file your income tax returns. There are online tax forms accessible.