Income tax is the tax paid by individuals on their earnings. In India, tax is calculated based on income slabs under old and new regimes.
1. What is the difference between old and new tax regime?
Old regime allows deductions, new regime has lower tax rates but no deductions.
2. Is this calculator accurate?
It provides an estimate based on current tax slabs.
3. Can I switch regimes?
Yes, individuals can choose the regime each year.
4. What income is taxable?
Salary, business income and other earnings.
5. Do I need to pay tax if income is low?
No tax if income is below exemption limit.