The Income Tax Department has released the tax comparison tool based on the Finance Bill 2025, which aims to help taxpayers understand potential changes in their tax liabilities. It details the tax computation for residents and non-residents, comparing the total tax payable under the existing rates for the financial year 2024-25 with the proposed rates for 2025-26. This includes surcharges and cess.
The tool calculates net tax savings for individuals. However, it includes an advisory note emphasizing that the information is based on the prevailing law at the time of publication and advises users to verify the current legal position before relying on it. Additionally, a disclaimer clarifies that the calculator is intended for a quick and easy understanding of basic tax calculations and may not cover all scenarios. For accurate tax filing, users are advised to refer to the specific provisions in relevant Acts and Rules.
The Tax Tool can be accessed at: https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2025.aspx
