Quick Summary
The Income Tax Department has released a tax calculator that can be used by taxpayers to calculate their tax liability as per the revised Section 115BAC proposed in Finance Bill 2023. Under Section 115BAC, the basic exemption limit has been raised from Rs 2.5 lakh to Rs 3 lakh. Moreover, this section was earlier applicable to individuals and HUFs only. As per Finance Bill 2023, this section will now be applicable to Individuals, HUF, the Association of Persons (AOP, other than cooperative soc
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1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
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FAQ :
The new Income Tax Calculator, released by the CBDT, allows taxpayers to compare their tax liability under both the old and the new tax regimes as proposed by the Finance Bill 2023.
The calculator enables a comparison of tax liability under the Old Regime and the New Regime (revised Section 115BAC) applicable from Assessment Year 2024-25.
As per Finance Bill 2023, Section 115BAC is now applicable to Individuals, HUF, AOP (other than cooperative societies), BOI, and AJP.
To use the calculator, you need to provide details such as taxpayer category, age/gender, resident status, gross salary, income other than salary, and specific deductions and exemptions.
No, the new tax regime does not allow certain deductions and exemptions that are available in the old regime, apart from specific ones like standard deduction and others mentioned.
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