1. How is the income and tax estimator service beneficial to registered e-Filing users?
The income and tax estimator service enables registered e-Filing users to perform the following actions:
- Access their tax estimation in a quick and easy manner after logging into the e-Filing portal.
- Compare their estimated tax as per the old tax regime and new tax regime introduced in the Finance Budget 2020.
2. How is the current income and tax estimator service different from the previous version on the old e-Filing portal?
The latest income and tax estimator provides you pre-filled data (e.g., in the Basic Information tab, TDS/TCS) from verified sources to make it more user friendly.
You can estimate tax as per new tax regime and old tax regime and compare the results.
3. Can I consider the calculation from the income and tax estimator exact, and use it when filing my return?
No. The income and tax estimator enables you to have a quick view of your basic tax calculation and does not necessarily give your final tax estimation in all circumstances. When ﬁling returns, you can get the exact calculation as per the provisions contained in the relevant Acts and Rules related to income tax.