Income Tax Relief for Middle Class
The latest budget announcement brings good news for middle-class taxpayers in India. Finance Minister Nirmala Sitharaman announced a significant income tax relief. Those earning up to Rs 12 lakh will no longer have to pay income tax. This relief effectively extends up to Rs 12.75 lakh when standard deductions under the new tax regime are considered.
Understanding the Tax Changes
It’s important to understand how these changes impact your tax liability. While this news is exciting, the changes are applicable for the next fiscal year. For the current fiscal year (2024-25), you’ll still file your income tax returns based on the Budget 2024 regulations. So, remember to calculate your taxes based on the existing rules for this year’s filing, due by July 31, 2025.
Tools to Calculate Your Taxes
Several useful income tax calculators can help you determine your tax obligations. These are available on various apps, providing a simple way to navigate the complexities of tax calculations.
Taxmann
[[Taxmann’s]] income tax calculator offers comprehensive financial management and tax planning. Its user-friendly design helps you estimate your taxes based on your income, exemptions, and deductions. The calculator provides a detailed breakdown of your tax burden, keeping you informed about your tax liability’s various components. Importantly, it stays updated with the latest tax laws and rates.
MyTax India
MyTax India simplifies income tax planning and calculation with its user-friendly interface. This is particularly helpful for those who find tax calculations daunting. The app helps you forecast your tax liability and understand available tax-saving options. Its advanced features guide you through the income tax calculation process and provide insights into potential tax savings.
Aaykar Setu
Developed by the Income Tax Department, [[Aaykar Setu]] helps taxpayers understand various aspects of income tax, direct tax, and PAN. Its built-in income tax calculator lets you estimate your tax liability based on income and deductions.
Other Tax Calculators
Other apps like “Income Tax Calculator” and [[Vakilsearch]] offer similar functionalities. They provide simple platforms to calculate your tax liability based on current tax rates, considering rebates and deductions. These are handy tools, especially for salaried individuals and pensioners preparing their income tax returns.
Key Takeaway
The announced income tax relief is a welcome change for the middle class. Use the available online tools and calculators to understand how this change will affect your taxes in the coming fiscal year. Remember to comply with the current regulations for the ongoing fiscal year’s filing.
