New Delhi: The Income Tax Department has launched the Income Tax Calculator, providing the nation’s taxpayers with the much-needed clarity.
Income Tax India posted a tweet that stated, “A dedicated tax calculator to check Old Tax Regime vis-à-vis the New Tax Regime for Individual/HUF/AOP/BOI/Artificial Juridical Person(AJP) as per Section 115BAC can now be accessed on the IT Dept website.”
The following is a step-by-step procedure for comparing the Old Tax Regime to the New Tax Regime:
Go to https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx, Select the Assessment Year
Select the Tax Payer Category, and choose Male, Female, or Senior Citizen Feed in your Residential Status
Mention the following amount
If Income is other than Salary and Special Rate Income
Interest Eligible Deductions Total Income In the same comparison table, you could also try the following calculations:
Income Tax after relief under Section 87A Surcharge Secondary and higher education cess Total Tax Liability
Now that you can finally check your tax savings under the new regime, the Income Tax Department states that the above calculator is only meant to provide the public with quick and easy access to basic tax calculation and does not claim to provide accurate tax calculation in all situations. It is recommended that the precise calculation for filing returns be made in accordance with the relevant Acts, Rules, and other regulations.
