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You are here: Home / INCOME TAX / Old Regime Vs New Regime Tax Calculator 2023-24 from Income Tax Department

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Old Regime Vs New Regime Tax Calculator 2023-24 from Income Tax Department

March 9, 2023 Ekanathan Leave a Comment

Income Tax India has provided a Tax Calculator to compare the tax system in the Old Regime with the New Regime, as stated in the Finance Bill of 2023.

Old Regime Vs New Regime Tax Online Calculator 2023-24

According to Finance Minister Nirmala Sitharaman, changes have been made in the income tax slabs under the new tax regime. During the February 1, 2023 announcement, some of the notable changes were an introduction of a standard deduction for salaried individuals and pensioners, an increase in the basic exemption limit to Rs 3 lakh, and a reduction in the highest surcharge rate to 25%. Additionally, the rebate under Section 87A has also been increased, enabling individuals with taxable incomes up to Rs 7 lakh to effectively pay no taxes if opting for the new tax regime. Although the default option for taxpayers will be the new tax regime, individuals can choose to stay in the old tax regime.

The new tax regime has revised income tax slabs and rates, with no tax on income up to Rs 3 lakh, and rates ranging from 5% to 30% on different income brackets. A 4% cess will be added to the income tax payable, and surcharge will apply on taxable incomes exceeding Rs 50 lakh. These changes take effect from April 1, 2023, for FY 2023-24, and employers will assume that employees have opted for the new regime unless otherwise specified.

For the current year (FY 2022-23), taxpayers may choose the existing new or old tax regime when filing returns, with different slabs and rates applicable. Cess at 4% and a rebate under Section 87A are available in both tax regimes.

The online Income Tax calculator is available for easy access to Individual/HUF/AOP/BOI/Artificial Juridical Person (AJP) as per the proposed section 115BAC under Finance Bill, 2023. You can find the direct link below for your convenience.

Income Tax Calculator India

Important Links:
  • Income Tax on GPF Accumulation Beyond Threshold Limit – CGDA
  • Clarification on Provisions Under Income Tax Pertaining to NPS
  • Standard Deduction for Salaried Employees
  • Rationalization of Income Tax Slabs
  • One-time Relaxation for Verification of Income Tax-Return E-Filed AY 2020-21
  • Income Tax Circular 2021-22 CPWD PDF Download
  • Income Tax Deduction from Salaries in 2020-21 Under Section 192 of Income Tax Act 1961
  • Reduction in rate of tax deduction at source (TDS) for the period from May 2020 to March 2021
  • Income-Tax Exemption for LTC Cash Voucher Scheme
  • Extension of due date of furnishing of Income Tax Returns and Audit Reports

Also Check: Central Government Pay Matrix Table 2022 PDF
Related updates:

    New Income Tax Slab Budget 2023 for Government Employees
    New Income Tax Regime Declaration Form 2020-21 PDF Download for Government Employees
    Income Tax Circular 2021-22 CPWD PDF Download
    Income Tax Circular 2019 – Income Tax Rates AY 2019-20
    Rationalization of Income Tax Slabs
    Income Tax 2020 Calculator for Salaried (Government) Employees
    Budget 2017 : Income tax reduced by 5% for Income upto Rs. 5 lakh

Filed Under: INCOME TAX, Latest News

Cabinet Approves 4% Dearness Allowance to Central Government employees

Cabinet Approves 4% DA to Central Government employees

March 25, 2023 By Ekanathan Leave a Comment

The Union Cabinet Committee has approved an increase in the Dearness Allowance by 4%, which will be effective from the 1st of … [Read More...]

42% DA for Central Government Employees from 1.1.2023

42% Dearness Allowance for Central Govt Employees from 1st Jan 2023

March 25, 2023 By Ekanathan 7 Comments

DA for January 2023 is Concluded! 4% Additional DA Hike! 42% DA from January 2023 for CG Employees The Union Cabinet Committee … [Read More...]

Any proposal to raise the Child Education Allowance from 27000 to 60000 for Central Government employees

Any proposal to raise the Children Education Allowance from 27000 to 60000 for Central Government employees?

March 25, 2023 By Ekanathan Leave a Comment

Is the Government planning to enhance the children education allowance from Rs. 27,000 to Rs. 60,000 per year per child for … [Read More...]

Retirement Date Calculator of Central Govt Employees

Retirement Date Calculator for Central Government Employees

March 25, 2023 By admin 5 Comments

Retirement Date and Retirement Benefits Calculator How to calculate 60 years from the date of birth online?: There is an online … [Read More...]

Latest News on Civil Dress Code for RPF in Railways

Latest Amendments on Civil Dress Code for RPF in Railways

March 24, 2023 By Ekanathan Leave a Comment

Railway Board Orders on Civil Dress Code for RPF/RPSF The Railway Protection Force (RPF) and Railway Protection Special Force … [Read More...]

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