Income tax calculator AY 2023-23 launched: Calculate how much tax you will pay in new tax regime vs old

Income Tax Calculator New Regime, Income Tax Calculator AY 2023-24: The Income Tax Department has released a 'tax calculator' to help taxpayers calculate and compare how much tax they will have to pay in the new tax regime and the old tax regime. The tax calculator can be accessed online by the taxpayers on the department's portal.

"Tax Calculator is now live! A dedicated tax calculator to check Old Tax Regime vis-?-vis 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 department said in a Tweet.

Tax Calculator is now live!

A dedicated tax calculator to check Old Tax Regime vis-à-vis 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.

Pl check the link below:https://t.co/dy04iY4oj5 pic.twitter.com/JF4VfmXQw4

— Income Tax India (@IncomeTaxIndia) February 20, 2023

Also read- Income tax return filing: What is ITR 1 Sahaj form? Check eligibility and steps to file online

Income Tax Slab- Old Regime Vs New Regime 

The new income tax regime was announced by the government in 2019 budget. Union Finance Minister Nirmala Sitharaman while presenting the Budget 2023 announced new tax slabs in the new tax regime and scrapped the old twin-structure system.

Also read- Income tax return filing: What is ITR 1 Sahaj form? Check eligibility and steps to file online

Sitharaman increased the rebate limit for individual taxpayers from Rs 5 lakh to Rs 7 lakh.  "We are also making the new income tax regime as the default tax regime. However, citizens will continue to have the option to avail the benefit of the old tax regime," she had said.

The Finance Minister also allowed a standard deduction of Rs 50,000 under the new regime which is already available in the old tax regime. 

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