Income Tax Calculator Live: Old Vs. New Income Tax Regime! How To Determine Your Tax Liability

Income Tax Calculator Live: Old Vs. New Income Tax Regime! How To Determine Your Tax Liability

An online application called an income-tax calculator can be used to estimate taxes depending on a person’s income in light of the Budget 2023 announcement.

The amount of tax that must be paid by taxpayers or salaried people who fit into the taxable income band is determined by their net annual income.

Under the new system, the fundamental exemption cap has been raised to Rs 3 lakh. Income Tax Calculator Live: Old vs. New Income Tax Regime! How to Determine Your Tax Liability

The income tax department has launched a “tax calculator” over a month after Finance Minister Nirmala Sitharaman announced significant modifications relating to income tax bands and the new income tax regime.

An individual can use the calculator to determine which is preferable for them if they are unsure about the differences between the old and new income tax systems.

“The tax calculator is now available! On the IT Department website, a specialised tax calculator may now be used to compare the old and new tax regimes for individuals, HUFs, AOPs, BOIs, and artificial juridical persons (AJPs) under Section 115BAC “On February 20, the tax department tweeted a statement.

An online application called an income-tax calculator aids in calculating taxes depending on an individual’s income in accordance with the Union Budget 2023–24 announcement.

The amount of tax that must be paid by taxpayers or salaried people who fit into the taxable income band is determined by their net annual income.

Here is how to determine the tax liability under the old and new tax regimes:

• Go to incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx for more information.
• The page “TAX CALCULATOR – OLD REGIME VIS-VIS NEW REGIME” will be redirected to for you.
• The taxpayer must complete the form by providing information such as the Assessment Year, Taxpayer Category, Residential Status, Income Other Than Salary and Special Rate Income, Interest on Self Occupied House Property, Deductions Allowed Under Both Regimes, Including Sections 80CCH(2), 80CCD(2), and 80JJAA, Family Pension Deduction Under Section 57(iia), and Deductions/Exemptions (Other Than Those Mentioned Above) Not Eligible Under New

The following information must be entered for both Old Tax Regime and New Tax Regime Tax:

• Apart than salary and special rate income, self-occupied housing property income
• Less than total gross income: Potential Deductions
• Total Income Income Tax, net of 87A relief
• Surcharge
• Secondary and higher education are ending
• Total Duty to Pay Taxes
• Finally, you can check the Tax Savings under the New Regime
• Budget 2023 announcements about taxes

FM Sitharaman had stated on February 1 that, “Moreover, we are designating the new income tax system as the default tax system.

Yet, citizens will still be able to choose to benefit from the previous tax system.” According to the notification, taxpayers who choose the new system will receive a rebate if their annual income is less than Rs 7 lakh.

She mentioned in her budget address that the standard deduction of Rs. 50,000 is already available under the previous tax system. The basic exemption threshold has also been raised from Rs 2.5 lakh to Rs 3 lakh.

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