Income Tax Calculator Released by CBDT: If there is confusion about whether the old regime is good or the new regime is good for saving income tax, the Income Tax Department has made it easier to choose the option. CBDT has released new income tax calculator based on old regime vs new regime. On the basis of which you can know which regime will be beneficial for you to choose in the new financial year.
Tax calculator will be able to use like this
To use CBDT’s tax calculator, first of all you have to go to the link given below.
https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx
After that, the necessary information related to your income will have to be fed in the calculator. After feeding it, how much tax liability is being created in the old tax regime and the new tax regime on your screen. She will come forward. On the basis of which you will be able to know which tax regime will be beneficial for you.
What is the new tax slab and rate
Finance Minister Nirmala Sitharaman has made major changes in the income tax slab and rate in the budget presented on February 1. Under this, on adopting the new tax regime, no tax will have to be paid on income up to Rs 7 lakh. Apart from this, the Finance Minister had claimed during the budget speech that on adopting the new regime, there would be a benefit of Rs 15,000 on income of Rs 9 lakh, Rs 37,500 lakh on income of Rs 15 lakh and Rs 52,500 on income of more than 15.5 lakh. .
| New Tax Slab | New Tax Rate |
| up to 3 lakh | 0% |
| 3-6 lakhs | 5 % |
| 6-9 lakhs | 10 % |
| 9-12 lakhs | 15% |
| 12-15 lakhs | 20 % |
| more than 15 lakh | 30% |
