{"id":9256,"date":"2024-10-14T11:16:22","date_gmt":"2024-10-14T11:16:22","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=9256"},"modified":"2024-10-14T11:16:23","modified_gmt":"2024-10-14T11:16:23","slug":"income-tax-calculator","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/income-tax-calculator\/","title":{"rendered":"Income Tax Calculator | Know Your Taxes for FY 2024-2025 in Advance"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_87 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/income-tax-calculator\/#Income_Tax_Calculation_and_Tax_Slabs\" >Income Tax Calculation and Tax Slabs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/income-tax-calculator\/#Key_Differences\" >Key Differences:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/income-tax-calculator\/#What_is_the_Income_Tax_Calculator\" >What is the Income Tax Calculator?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/shoonya.com\/blog\/income-tax-calculator\/#Using_Income_Tax_Calculator_for_FY_2024-25_AY_2025-26_and_FY_2023-24_AY_2024-25\" >Using Income Tax Calculator for FY 2024-25 (AY 2025-26) and FY 2023-24 (AY 2024-25)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/shoonya.com\/blog\/income-tax-calculator\/#How_to_Calculate_Income_Tax_on_Salary\" >How to Calculate Income Tax on Salary<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/shoonya.com\/blog\/income-tax-calculator\/#Benefits_of_Using_an_Income_Tax_Calculator\" >Benefits of Using an Income Tax Calculator<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/shoonya.com\/blog\/income-tax-calculator\/#FAQs_Income_Tax_Calculator\" >FAQs| Income Tax Calculator<\/a><\/li><\/ul><\/nav><\/div>\n<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/shoonya.com\/blog\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/shoonya.com\/blog\/tutorials\/\">Tutorials<\/a><\/span> \u00bb <span><a href=\"https:\/\/shoonya.com\/blog\/tutorials\/calculators\/\">Calculators<\/a><\/span> \u00bb <span class=\"breadcrumb_last\" aria-current=\"page\"><strong>Income Tax Calculator | Know Your Taxes for FY 2024-2025 in Advance<\/strong><\/span><\/span><\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Every year, as March approaches, most of us start worrying about our income tax returns. From saving bills for deductions to wondering, \u201cHave I saved enough under 80C?\u201d or \u201cHow will this bonus affect my tax slab?.\u201d Every rupee saved matters\u2014whether it\u2019s for rent for an apartment, school fees, home loans, car loans or our daily expenses. With constantly changing tax laws and varying income levels, it\u2019s hard to predict the impact accurately. At one point or another, we often think, \u201cCould I do the income tax calculation myself?\u201d This is where you should use an income tax calculator.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, how can you do income tax calculations with an IT calculator?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let us see!<\/p>\n\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"0-income-tax-calculation-and-tax-slabs\"><span class=\"ez-toc-section\" id=\"Income_Tax_Calculation_and_Tax_Slabs\"><\/span>Income Tax Calculation and Tax Slabs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Indian tax system offers two regimes \u2013 old and new \u2013 allowing taxpayers to choose the structure that best suits their financial goals.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Filing<strong> income tax returns<\/strong> on time enables you to claim income tax refunds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s a table comparing the income tax slabs for the old and new regimes as per the Budget 2024:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Income Range<\/strong><\/td><td><strong>Old Regime (FY 2024-25)<\/strong><\/td><td><strong>New Regime (FY 2024-25)<\/strong><\/td><\/tr><tr><td>Up to \u20b92.5 lakh<\/td><td>Nil<\/td><td>Nil<\/td><\/tr><tr><td>\u20b92.5 lakh &#8211; \u20b93 lakh<\/td><td>5%<\/td><td>Nil<\/td><\/tr><tr><td>\u20b93 lakh &#8211; \u20b95 lakh<\/td><td>5%<\/td><td>5%<\/td><\/tr><tr><td>\u20b95 lakh &#8211; \u20b97.5 lakh<\/td><td>10%<\/td><td>5%<\/td><\/tr><tr><td>\u20b97.5 lakh &#8211; \u20b910 lakh<\/td><td>15%<\/td><td>10%<\/td><\/tr><tr><td>\u20b910 lakh &#8211; \u20b912.5 lakh<\/td><td>20%<\/td><td>15%<\/td><\/tr><tr><td>\u20b912.5 lakh &#8211; \u20b915 lakh<\/td><td>25%<\/td><td>20%<\/td><\/tr><tr><td>Above \u20b915 lakh<\/td><td>30%<\/td><td>30%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"1-key-differences-\"><span class=\"ez-toc-section\" id=\"Key_Differences\"><\/span><strong>Key Differences:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>New Regime<\/strong>: Offers lower tax rates but does not allow most exemptions and deductions.<\/li>\n\n\n\n<li><strong>Old Regime<\/strong>: Allows various exemptions and deductions, which can reduce taxable income.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Additional Benefits under New Regime:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Rebate<\/strong>: Up to \u20b925,000 (if income \u2264 \u20b97,00,000).<\/li>\n\n\n\n<li><strong>Standard Deduction<\/strong>: Raised to \u20b975,000.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Now, how to calculate income tax?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here is the step-by-step process that is usually followed:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Determine Your Gross Income<\/strong>: Your gross income includes your salary, bonuses, and any other taxable income.<\/li>\n\n\n\n<li><strong>Identify Exemptions<\/strong>: Certain components of your salary, like House Rent Allowance (HRA) and Leave Travel Allowance (LTA), may be exempt from tax.&nbsp;<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Also, a standard deduction of \u20b975,000 is available under the new tax regime. You must identity and use them while filling for income tax return.<\/p>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li><strong>Calculate Taxable Income<\/strong>: Now, you must subtract the exemptions and deductions from your gross income to get your taxable income.<\/li>\n\n\n\n<li><strong>Apply Tax Rates<\/strong>: The tax rates for the new regime are:\n<ul class=\"wp-block-list\">\n<li>Up to \u20b93 lakh: NIL<\/li>\n\n\n\n<li>\u20b93 lakh to \u20b97 lakh: 5%<\/li>\n\n\n\n<li>\u20b97 lakh to \u20b910 lakh: 10%<\/li>\n\n\n\n<li>\u20b910 lakh to \u20b912 lakh: 15%<\/li>\n\n\n\n<li>\u20b912 lakh to \u20b915 lakh: 20%<\/li>\n\n\n\n<li>Above \u20b915 lakh: 30%<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Add Surcharge and Cess<\/strong>: If applicable, add any surcharge and health and education cess (4% of the income tax).<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">However, to avoid all of the above processes of manually income tax calculation, you must use an (Income Tax) IT calculator!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"2-what-is-the-income-tax-calculator\"><span class=\"ez-toc-section\" id=\"What_is_the_Income_Tax_Calculator\"><\/span>What is the Income Tax Calculator?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">An income tax calculator is an online tool that helps you figure out how much tax you owe based on your income. It can also show you a comparison between the old and new tax systems, helping you choose the one that suits you better. You can also use the income tax calculator new regime to reflect the changes proposed in the Union Budget 2024-25.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"3-using-income-tax-calculator-for-fy-2024-25-ay-2025-26-and-fy-2023-24-ay-2024-25\"><span class=\"ez-toc-section\" id=\"Using_Income_Tax_Calculator_for_FY_2024-25_AY_2025-26_and_FY_2023-24_AY_2024-25\"><\/span>Using Income Tax Calculator for FY 2024-25 (AY 2025-26) and FY 2023-24 (AY 2024-25)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">You have to follow these steps for income tax calculation:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Pick the financial year for which you need to calculate taxes.<\/li>\n\n\n\n<li>Select your age group, as tax rules differ for various age categories under the old system.<\/li>\n\n\n\n<li>Now, you must fill in your taxable salary.<\/li>\n\n\n\n<li>Next, add other income details like interest, rental income, and home loan interest.<\/li>\n\n\n\n<li>The next thing is to enter the exemptions like HRA and LTA if you want to use the old tax slabs.&nbsp;<\/li>\n\n\n\n<li>The last step is to click on calculate.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">This is a simple process you can follow while using income tax rate calculator.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"4-how-to-calculate-income-tax-on-salary-\"><span class=\"ez-toc-section\" id=\"How_to_Calculate_Income_Tax_on_Salary\"><\/span><strong>How to Calculate Income Tax on Salary<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">To calculate your income tax, you must include all sources of income like:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Salary<\/li>\n\n\n\n<li>House Property<\/li>\n\n\n\n<li>Capital Gains<\/li>\n\n\n\n<li>Business\/Profession<\/li>\n\n\n\n<li>Other Sources<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">For salaried individuals, income from salary includes basic salary, House Rent Allowance (HRA), special allowances, and other benefits. Some parts of your salary, like reimbursements or Leave Travel Allowance (LTA), may be tax-exempt. If you live in rented accommodation, you can claim HRA exemption, and there&#8217;s a standard deduction of \u20b950,000 (\u20b975,000 under the new regime from the latest budget).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Old vs New Tax Regime<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s assume Manisha earns \u20b990,000 per month as her basic salary, \u20b940,000 as HRA, \u20b915,000 as a special allowance, and \u20b912,000 annually as LTA. She lives in Mumbai and pays \u20b935,000 as rent each month.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s how his taxable income would look under both regimes:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Income Source<\/strong><\/td><td><strong>Amount<\/strong><\/td><td><strong>Exemption (Old)<\/strong><\/td><td><strong>Taxable Income (Old)<\/strong><\/td><td><strong>Taxable Income (New)<\/strong><\/td><\/tr><tr><td><strong>Basic Salary<\/strong><\/td><td>\u20b910,80,000<\/td><td>&#8211;<\/td><td>\u20b910,80,000<\/td><td>\u20b910,80,000<\/td><\/tr><tr><td><strong>HRA<\/strong><\/td><td>\u20b94,80,000<\/td><td>\u20b92,88,000<\/td><td>\u20b91,92,000<\/td><td>\u20b94,80,000<\/td><\/tr><tr><td><strong>Special Allowance<\/strong><\/td><td>\u20b91,80,000<\/td><td>&#8211;<\/td><td>\u20b91,80,000<\/td><td>\u20b91,80,000<\/td><\/tr><tr><td><strong>LTA<\/strong><\/td><td>\u20b912,000<\/td><td>\u20b98,000<\/td><td>\u20b94,000<\/td><td>\u20b912,000<\/td><\/tr><tr><td><strong>Standard Deduction<\/strong><\/td><td>&#8211;<\/td><td>\u20b950,000<\/td><td>\u20b950,000<\/td><td>\u20b975,000<\/td><\/tr><tr><td><strong>Total Income<\/strong><\/td><td>&#8211;<\/td><td>&#8211;<\/td><td>\u20b914,06,000<\/td><td>\u20b917,47,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Step 1: Calculate Other Income<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Manisha also earns \u20b910,000 in interest from her savings account and \u20b915,000 from fixed deposit interest. She also makes investments under the old tax regime, such as \u20b975,000 in <strong>PPF<\/strong>, \u20b925,000 in ELSS, and \u20b910,000 in life insurance premiums, along with medical insurance of \u20b915,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em><a href=\"https:\/\/shoonya.com\/open-an-account\/\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">Invest in mutual funds, ETFs, bonds; all at zero brokerage!<\/mark><\/a><\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Step 2: Old Tax Regime Deductions<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Section<\/strong><\/td><td><strong>Maximum Deduction<\/strong><\/td><td><strong>Investment Made<\/strong><\/td><td><strong>Amount Claimed<\/strong><\/td><\/tr><tr><td><strong>Section 80C<\/strong><\/td><td>\u20b91,50,000<\/td><td>PPF, ELSS, Life Insurance<\/td><td>\u20b91,10,000<\/td><\/tr><tr><td><strong>Section 80D<\/strong><\/td><td>\u20b925,000<\/td><td>Medical Insurance<\/td><td>\u20b915,000<\/td><\/tr><tr><td><strong>Section 80TTA<\/strong><\/td><td>\u20b910,000<\/td><td>Savings Interest<\/td><td>\u20b910,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Step 3: Gross Taxable Income Calculation (Old Regime)<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Income Source<\/strong><\/td><td><strong>Amount<\/strong><\/td><\/tr><tr><td>Salary<\/td><td>\u20b914,06,000<\/td><\/tr><tr><td>Less: Deduction<\/td><td>\u20b950,000<\/td><\/tr><tr><td>Other Income<\/td><td>\u20b925,000<\/td><\/tr><tr><td>Gross Income<\/td><td>\u20b914,31,000<\/td><\/tr><tr><td>Less: Deductions<\/td><td>\u20b91,35,000<\/td><\/tr><tr><td>Taxable Income<\/td><td>\u20b912,96,000<\/td><\/tr><tr><td>Total Tax<\/td><td>\u20b91,79,280<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Step 4: Gross Taxable Income Calculation (New Regime)<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Income Source<\/strong><\/td><td><strong>Amount<\/strong><\/td><\/tr><tr><td>Salary<\/td><td>\u20b917,47,000<\/td><\/tr><tr><td>Less: Deduction<\/td><td>\u20b975,000<\/td><\/tr><tr><td>Other Income<\/td><td>\u20b925,000<\/td><\/tr><tr><td>Gross Income<\/td><td>\u20b916,97,000<\/td><\/tr><tr><td>Total Tax<\/td><td>\u20b92,53,640<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"5-benefits-of-using-an-income-tax-calculator\"><span class=\"ez-toc-section\" id=\"Benefits_of_Using_an_Income_Tax_Calculator\"><\/span>Benefits of Using an Income Tax Calculator<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Using an income tax calculator online offers several advantages:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>An income tax calculator gives you precise results without the errors that can happen with manual calculations. It helps you avoid mistakes.<\/li>\n\n\n\n<li>You can calculate your income taxe quickly, anytime, and from anywhere. There&#8217;s no need to schedule time for complicated tax calculations.<\/li>\n\n\n\n<li>An income tax return calculator is easy to use and free. You just enter your income and personal details to get a quick estimate of your tax liability.<\/li>\n\n\n\n<li>Once you know your tax amount, you can plan the finances the year in a better manner.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">By comparing the old and new tax regimes, this tool makes tax planning easier and more effective.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Start using an income tax calculator today to manage your taxes and savings better!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong><a href=\"https:\/\/shoonya.com\/blog\/nsc-calculator\/\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">You may also want to know the NSC Calculator<\/mark><\/a><\/strong><\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"6-faqs-income-tax-calculator\"><span class=\"ez-toc-section\" id=\"FAQs_Income_Tax_Calculator\"><\/span>FAQs| Income Tax Calculator<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1728901005812\"><strong class=\"schema-faq-question\"><strong>Which tax regime is better, old or new?<\/strong><\/strong> <p class=\"schema-faq-answer\">The better regime depends on individual circumstances, such as income level and available deductions. The new regime offers lower rates but fewer deductions. However, it offers a deduction of \u20b975000.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1728901006629\"><strong class=\"schema-faq-question\"><strong>How do you calculate the difference between old and new tax regimes?<\/strong><\/strong> <p class=\"schema-faq-answer\">You can calculate taxable income under both regimes, apply respective tax rates, and compare the total tax payable to see which is more beneficial.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1728901007171\"><strong class=\"schema-faq-question\"><strong>Is there any change in the old income tax slab?<\/strong><\/strong> <p class=\"schema-faq-answer\">No significant changes were made to the old income tax slabs in the 2024 budget; they remain the same as the previous year.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1728901054885\"><strong class=\"schema-faq-question\"><strong>What are the disadvantages of the new tax regime?<\/strong><\/strong> <p class=\"schema-faq-answer\">The new tax regime does not allow most exemptions and deductions, which can be a disadvantage. However, it allows a standard deduction of \u20b975000.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1728901055492\"><strong class=\"schema-faq-question\"><strong>How can I calculate my tax payable?<\/strong><\/strong> <p class=\"schema-faq-answer\">To do income tax calculations, you can use the income tax calculator online, fill in your income and deductions to get your income tax amount in advance.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1728901073046\"><strong class=\"schema-faq-question\"><strong>Is filing tax returns mandatory for everyone?<\/strong><\/strong> <p class=\"schema-faq-answer\">If your income is below the exemption limit, you don&#8217;t have to file income tax return. But if you want to claim a refund, you must file.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1728901084846\"><strong class=\"schema-faq-question\"><strong>Does the income tax calculator consider TDS?<\/strong><\/strong> <p class=\"schema-faq-answer\">No, the IT calculator only calculates your total tax liability.<\/p> <\/div> <\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">______________________________________________________________________________________<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/shoonya.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">Disclaimer<\/mark><\/a>: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\r\n<script>function 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