The federal government has changed the income tax limit in the latest budget. It announced that people could either adopt the new tax system or continue with the previous tax system. In this context, the central government has introduced e-calculator facility to check the availability of new and previous tax forms.
Accordingly, the e-call collector will be able to know which tax system will benefit them. The e-calculator can compare the amount of tax they have to pay in the new tax bracket and the tax they pay in the previous tax bracket.
Termination of tax benefits
Those who opt for the new tariff will not be able to take advantage of the tax paid under 8C. There is confusion as to which tax system to choose.
This e-calculator facility has been introduced to help them find out what tax benefits they have. You can use the e-calculator at www.incometaxindiaefiling.gov.in