Guide on TeamNest Income Tax Calculator

The TeamNest Income Tax Calculator will help employees analyze and decide which of the two Tax Regimes i.e., Old or New is more beneficial to them. The New Tax Regime was introduced in Budget 2023. While the New Tax Regime offers lower tax slab rates, but the employee will have to forgo many of the deductions and exemptions. 

Based on the CTC and investment information provided by the employee, this utility will provide detailed Tax Workings along with the estimated Tax Liability under each Regime.

In order to use the Calculator, you need to go to the Employee Section >Tax Calculator.

Clicking on this, the employee will be redirected to the Income Tax Calculator page.

1.  On the first step of the Income Tax Calculator page, the employee needs to add the Basic Information which will help calculate the applicable taxes for the selected Financial Year as per the applicable Age range.
   
   
   
   
2. On the second step, the employee will be able to add the Income Details where all the applicable values should be entered as annual amounts.
   
   

3. On the third step, details towards Housing Loan Interest and/or Loss from House Property can be added.

4. On the fourth step, the employee will be required to provide details of applicable Deductions i.e., Investments under 80C, Contribution to NPS - 80CCD(1b), Healt Insurance Premium - 80D etc.

5. On the final step, the Calculator will provide a detailed comparison of the tax workings under the Old Regime and the New Regime with the tax liability under each regime.