The Budget 2023-24 has been announced by Finance Minister Nirmala Sitharaman in the Parliament on 1 Feb 2023.
A new Tax Regime has been presented which will be applicable for income earned in Financial Year 23-24 (FY 23-24). This means that the new tax regime will be applicable for income earned from 1 April 2023 to 31 March 2024.
New Income Tax Regime Calculator India
The Tax Slabs under the new regime are as follows –
| Slab | Rate |
| Upto 3 Lacs | NIL |
| 3 Lacs - 6 Lacs | 5 % |
| 6 Lacs - 9 Lacs | 10 % |
| 9 Lacs - 12 Lacs | 15 % |
| 12 Lacs - 15 Lacs | 20 % |
| Above 15 Lacs | 30 % |
Important Points to Consider in the New Tax Regime –
- Rebate under section 87A has been increased from 5 Lacs to 7 Lacs. This means that no income tax is applicable for an annual income less than or equal to 7 Lacs.
- Standard Deductions have been increased to Rs 52,500.
What is Income Tax Calculator?
The Income tax calculator is an online tool that helps you estimate your taxes based on your income. However, it calculates your tax liability for the assessment year.
How to use the Income tax calculator to calculcate estimated income tax for Financial Year 2023-24 ( for the income generated from 1 April 2023 - 31 March 2024)?
These are the steps to use the tax calculator -:
- Enter Income from Salary. (Example if the salary is 5 Lacs enter 500000 )
- Enter Income from Other Sources.
- Click on Calculate Income Tax button below.
- Your estimated income tax for FY 23-24 will be calculated.
- Note - Exemptions under 80-C (Term Insurance policies, Public provident fund, Pension fund), 80-D (Medical Insurance), 80-E (Education loan), 80-CCD (National Pension Scheme), 80-TTA (Interest on Saving Account Deposit), 80-G (Donations), 80-EEA (Interest on Housing Loan) are not applicable as per the new tax regime FY 2023-24.
Disclaimer:The above calculator is only to enable public to have a quick and an easy access to basic tax calculation and does not purport to give correct tax calculation in all circumstances. It is advised that for filing of returns the exact calculation may be made as per the provisions contained in the relevant Acts, Rules etc. For more information visit income tax portal.