Old vs new tax regime calculator

This blog aims to guide you about the New Tax Calculator which was recently launched on the income tax portal. As a taxpayer, it is important for you to calculate your taxes in the right way. A wrong calculation can lead to pain of Income Tax Return Filing once again. It may also lead to failure in claiming refunds or paying more taxes. Thus, the income tax department has come up with the solution. New Tax Slab Rates Announced in Union Budget 2023 In the Union Budget 2023, FM Nirmala Sitharaman announced the increase in rebate limit to Rs. 7 Lakhs in new tax regime. This will be effective from April 1st 2023. As a result of the announcement, taxpayers faced difficulty in understanding which tax regime will be beneficial. New Tax Calculator Launched To help out the taxpayers, the Income Tax Department Launched a Income Tax Calculator on its portal. You can access the calculator at: Income and Tax Calculator Features of Income & Tax Calculator • You can easily enter all your details of income, profits etc. before paying any taxes. • The calculator is online and you will not have to download any software. • It is similar to a simulation and you can use it for calculation of Section 80C tax deductions. Disclaimer from Income Tax Department It is important to note that the Income Department has said the calculation from this new calculator might not be accurate in every case. “The above calculator is only to enable the public to have quick and easy access to basic income tax ca...

The Central Board of Direct Taxes has released the income tax return (ITR) forms and utilities, and many employers have already issued Form 16 to their employees. Now, it is your responsibility to file your income tax returns. However, before you proceed, it is advisable to reassess your tax liability under both tax regimes and determine which is more advantageous for you. This is indeed the final chance to evaluate and choose the preferable tax regime, regardless of what you may have initially declared to your employer at the beginning of the year. Also Read: The ultimate guide that helps you choose between new and old income-tax regime The mandatory declaration At the beginning of each financial year, it is mandatory for every employee to declare their planned investments and expenses that can be claimed as deductions and exemptions to their employer. Additionally, with the implementation of the new tax regime, employees are also required to declare their preference for the tax regime they wish to opt for. “A salaried individual is required to inform his/her employer about the tax regime they want to opt for in the beginning of the financial year, which will help the employer in calculation the tax deduction at source (TDS) on their salaries appropriately,” said Yeeshu Sehgal, head of tax market, AKM Global, a tax and consulting firm. However, it is important to note that these declarations regarding investments, expenses and the chosen tax regime are not binding. Employ...

Filing income tax returns can be a tedious and confusing task, especially with the introduction of a new income tax regime. The new tax regime was introduced in 2020 and offers lower tax rates but without the benefit of certain deductions and exemptions. To help taxpayers make an informed decision, a new and old income tax regime comparison calculator has been developed. This calculator is a useful tool that allows taxpayers to compare the tax liability under the old and new regimes and choose the one that is most beneficial for them. In this article, we will explore the features and benefits of using a new and old income tax regime comparison calculator. New and old income tax regime comparison calculator We will also discuss how this tool can help you make an informed decision and save money on taxes. Whether you’re a salaried individual or a business owner, the new and old income tax regime comparison calculator can simplify your tax planning process. Read on to learn more about how to use this calculator and make the most of the tax benefits available to you. Consider reading – Page Contents • • • • • • • • • What is the New and old income tax regime in India? There are two main income tax regimes in India: the old regime and the new regime. The old regime is the traditional income tax system that has been in place for many years in India, and it is based on the rates and slabs specified in the The new regime, on the other hand, is a more simplified and liberal income ...

1. Summary New Regime Old Regime Net Taxable Income (after Standard Deduction) Total Tax Tax on Net Income Income Tax Rebate u/s 87 Tax After Rebate Surcharge Education Cess Secondary and Higher Education Cess Health & Education Cess * Surcharge applicable when taxable income is Rs. 50L or above. * Standard Deduction of Rs. 50K applicable for New Tax Regime for FY 2023-24 for only salaried / pension employees. Do you know ? EZTax.in is the highest reviewed Online Tax Compliance portal ? Provides Free Self Service IT Filing, 1 yr Free Online GST Invoicing, Accounting Software. Calculate income tax for an individual or HUF based on the given total income and deductions. Applicable for last three years, FY 2023-24, FY 2022-21, FY 2020-21. Use for Tax Computation, IT or Investment Declaration with your employer. Updated with latest tax rates from Budget 2022 Calculator provides comparison between Old and New Tax regimes / laws for FY 2022-23, useful to know income tax amount to be paid, to provide IT declaration to your employer. This Calculator considers financial year, age group such as Normal, Senior, Super Senior citizens, residential status such as Resident or NRI, Tax payer status such as Individual or HUF, and most important factor of net taxable income and the result will give you Net Tax, rebate, cess, and other information. Once calculated, one can take a print of the result for further use. Budget for FY 2020-21 announced on Feb 1st 2020 introduced a new IT Regime w...

• Home • Karnataka Election 2023 • Budget 2023 • Market • Stock Stats • Top Gainers • Top Losers • Indices • Nifty 50 • Sensex • CaFE Invest • Commodities • IPO NEWS • Investing Abroad • IPOs • Economy • Tech • Auto • SME • Mobility • Industry • Banking & Finance • Education • Money • Insurance • Income Tax • Mutual Funds • Blockchain • Infrastructure • Railways • Aviation • Roadways • India • Defence • Lifestyle • Travel & Tourism • Health • Science • Healthcare • Brand Wagon • Entertainment • Events • Jobs • Sports • IPL 2023 • Multimedia • Photos • Videos • Audio • Web Stories • Auto Web Stories • Infographics • ePaper • Today’s Paper • From The Print • International • Edits & Columns • Opinion • FE 360 • Politics • Economy • Personal Finance Print • Front Page • FE Insight • Fe@Campus • archive New Tax Regime Calculator 2023-24 (Online): Finance Minister Nirmala Sitharaman proposed to reduce the number of tax slabs under the clutter-free New Tax Regime from six to five. The revised tax slabs under the new regime will be applicable for Assessment Year (AY) 2024-25 or for the income made in FY 2023-24. For income in FY 2022-23 (AY 2023-24), you will have to file Income Tax Return as per the old tax slabs. As per the latest tax slabs under the New Regime, individuals having an annual income of Rs 5-6 lakh will have to pay 5% tax while those earning Rs 6-9 lakh will have to pay 10% of their income as tax. Further, individuals earning Rs 9-12 lakh per year will pay 15% tax ...

An Income Tax Calculator is a user-friendly online tool, which helps you in calculating your income tax based on the taxable income. You can calculate tax online for FY 2021-2022 (AY 2022-2023) & FY 2022-2023 (AY 2023-2024) using our income tax calculator which is updated as per the Union Budget FY 2022-23. ...Read More Abhishek is a financial writer with over 6 years of experience in the BFSI sector. Prior to his current stint with Max Life Insurance, he has worked with leading fintech startups. He specializes in writing about taxation and various investment products like ULIPs, retirement plans, guaranteed investment plans, mutual funds etc. Sahil Rawal is a digital & brand management specialist with over 10 years of experience in Financial Services Industry. Life insurance professional with expertise in digital marketing strategy, website content marketing and brand communication designed to increase brand awareness, drive engagement & sales. An Income Tax Calculator is an easy to use tool available online that can help you calculate tax online on your taxable income. Using an income tax calculator, you can easily organize and prepare your financial statement for the current financial year while taking steps to maximize your tax savings. The availability of income tax calculator online also makes them both accessible and easy to use while estimating your net taxable income (after deducting various investments and expenses). Let’s check how to calculate income tax online...

Union Budget Highlights 2023 On 1 Feb 2023 , our honourable Finance minister Nirmala Sitharaman presented her last full year budget of the Modi government. Major highlights for a taxpayer from the presentation are listed below- Major Highlights Of The Budget 2023 1). The 75th year of Independence has recognised India as a bright star. 2). The new slab rate for the Fy 2023-24 is as follows Annual Income Rate Of Tax 0 to 3,00,000 Nil 3,00,000 to 6,00,000 5% 6,00,000 to 9,00,000 10% 9,00,000 to 12,00,000 15% 12,00,000 to 15,00,000 20% Above 15,00,000 30% 3). The Government has enhanced income tax exemption limit up to Rs. 7 lakh under the new tax regime 4). Individuals with an annual income of Rs.9 lakh will only pay tax of Rs. 45 thousand only earlier it was Rs. 60 thousand. 5). Standard deduction under the New Tax regime for individuals with income up to Rs.15 lakh will be Rs. 52,400. 6). The tax exemption limit is Rs.25 lakh on leave encashment on retirement for non-government salaried employees. Calculate Your Tax Return FY 23-24 Under New Tax Regime and Old Tax Regime Anyone who has an income that crosses a specific threshold is required to pay taxes. Income Tax is the tax that is levied by the Central Government on the income earned during the financial year by individuals and businesses. The most confused any intelligent man becomes when asked to calculate taxes. But technology has made life convenient for all of us. The introduction of an Income Tax Calculator Fy23-24...