Fincalc Income Tax Calculator: A Game-Changer for Your Finances

When it comes to managing your finances, understanding how much income tax you need to pay can be overwhelming. With the introduction of new tax regimes, making informed decisions about investments and deductions becomes even more crucial. In this article, we'll explore the benefits of using a fincalc income tax calculator and how it can help you make the most of your hard-earned money.

Old vs New Tax Regimes: What's the Difference?

The graph below illustrates the comparison between income and income tax under both old and new tax regimes. As you can see, the green line represents the income tax paid under the new regime, which is significantly lower once your income exceeds 12 Lacs.

While the new tax regime offers reduced tax slab rates, it comes with a catch – you're not allowed to claim any investment deductions to save income tax. On the other hand, the old tax regime still allows for standard deductions of up to Rs. 50,000 and various investment options to reduce your taxable income.

How Can You Use Fincalc Income Tax Calculator?

Our fincalc income tax calculator is designed to help you compare your tax outgo under both regimes. By iteratively entering the amount of investments you want to make, you can determine how much more you can invest to pay less income tax if selecting the old regime.

Old and New Tax Slab Rates for FY 2021-22: What You Need to Know

Here's a breakdown of the tax slab rates for both regimes:

As you can see, the new tax regime has reduced tax slab rates, making it more beneficial if you're not opting for investment deductions. However, the old regime still offers options to save income tax through investments.

Why Choose Fincalc Income Tax Calculator?

Our calculator is designed to help you make informed decisions about your taxes. By providing a comprehensive overview of both regimes, you can choose which one will help you pay less income tax. With our fincalc income tax calculator, you'll be able to:

* Understand your income tax based on old and new tax regimes

* Compare your tax outgo under both regimes

* Make informed decisions about investments and deductions

Get Started with Fincalc Income Tax Calculator Today

Don't let taxes get in the way of your financial goals. Try our fincalc income tax calculator today and take control of your finances. Click here to access the instant calculator.

By using our fincalc income tax calculator, you'll be well-equipped to make the most of your hard-earned money and achieve your financial objectives.

Fincalc income tax calculator