Login to the Tax Planner. Follow these steps to plan and save taxes:
- Fill in basic details.
- Go to income heads and enter all sources of income.
- Click on deductions and enter all amounts on the tab.
- Click on tax credits and add any amount of tax paid through the financial year.
When you are adding all these details, you will be seeing tax computation simultaneously on the same screen from the perspectives of the old and new regimes. These computations are accounting for all the rules/logic defined under both these regimes.
- Allowance (HRA)/ Standard deduction is not accounted for under the new regime but is accounted for while computing the old regime
- Deductions (80C, 80D, 80G) are not accounted for under the new regime but is being considered while computing the old regime (exception: NPS (considered under both regimes))
- Tax slabs are different (lower under the new regime) while computing as per income situation
On the dashboard you will be able to switch between regimes as per the income situation entered. You can toggle between Old and New Regime.
Your tax liability will be computed as per both the regimes and the dashboard shows how to optimise tax saving through the appropriate regime.