Income Tax Calculator 2023-24: Here's how to calculate your personal income tax for next financial year

The last complete Budget before the next election will be presented by the Union finance minister Nirmala Sitharaman on February 1. While all the sectors have high expectations, taxpayers are also looking forward to the budget. 

Often benefits offered to taxpayers come with various terms and conditions, making it difficult to calculate the percentage of income that is taxed. It is difficult to calculate how we might save money as tax regulations are constantly changing and there are various jargons to understand, such as-- tax exemption, tax rebate, tax deduction, tax saving, etc. 

Here are simple steps to help you an easy way to calculate income tax to determine how much income tax you must file when you file your income tax returns for the current assessment year.

Read: Financial planning: Do’s and don'ts of managing your finances

Income Tax Calculator 2023-24: Steps to calculate Income Tax

• Open the Income Tax Calculator
• Fill in the financial year you want to calculate taxes for
• Select your age
• Fill in all your Income details
• Fill in all the deduction details if any
• Submit, and you will get all the details about your Income tax. 

This calculator also provides the latest income tax rates based on your income and accounts of the numerous incomes and deductions that the Income Tax Act allows you to claim.  Every person who earns more than Rs 2.5 lakh in an assessment year is required to file income tax. To file your income tax returns, you must have your company's Form 16 on hand. Online income tax forms are available.