The online income tax calculator is a convenient tool and is free to use. Also, it suggests investment opportunities for the individual based on the tax liability. It gives the total tax payable under the old and new scheme. The calculator uses necessary basic information like annual salary, rent paid, tuition fees, interest on child’s education loan, and any other savings to calculate the tax liability of an individual. With too many tax exemptions and deductions, calculating tax can be complicated.Īn income tax calculator is a tool that will help calculate taxes one is liable to pay under the old and new tax regimes. Income tax is levied on the income earned after considering few deductions. Paying tax is inevitable, be it an individual or a business.
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