Income Tax New Slab: New or old, which tax system will be more beneficial for you, know from calculator – old or new which income tax system is good for you know details

What will tax payers have to do

Click on Income Tax website.
Fill in the assessment year, tax payer category, residential status, total income, total investment amount to avail investment exemption. Include the standard deduction in this as well. Also, you have to tick about your age. Age is less than 60. Between 60 to 80 years or you are above 80 years.
As soon as you do all this, it will be written on the right side how much tax is payable under the new tax system and the old tax system.

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First preparation is also necessary

Tax expert Sushil Jain says that this tax calculator is really helpful. But before going on this, tax payers have to prepare. They have to prepare full details of investment exemption along with their income. They have to see how much income they are getting from other sources. How much is the interest income? If the house is given on rent, then how much income is being earned from it. If you have taken a home loan, then how much interest you have to pay. If there is an insurance policy then how much is its premium. By the way, companies providing financial services have started providing such comparative figures. However, this initiative from the Income Tax side is commendable.

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intention of the government

CBDT Chairman Nitin Gupta says that the way the new tax system has been made attractive in the budget, it is expected that 40 to 50 percent of tax payers will adopt the new tax system. Adopting it will prove to be very beneficial for them.