Income tax department releases a calculator

Current Context: The Income Tax Department has launched a tax calculator on its website to help tax payers determine which of the two tax regimes, old or new, is most beneficial.The calculator will enable millions of taxpayers to calculate their tax, making it easier for them to decide which system of tax is better for them.

Here are some simple steps:

1. Choose the financial year for which you want to calculate your taxes.
2. Choose your age group and whether you are a salaried employee, a business owner or a pensioner.
3. Provide your yearly income in various categories such as salary, interest, rental income, etc.
4. Provide your deductions and exemptions such as 80C, 80D, HRA, etc.
5. Choose whether you want to opt for the old or new tax regime.