Finmin puts income tax calculator live on income tax dept portal | Tech News

Finmin puts income tax calculator live on income tax dept portal

Income tax department on Monday released a 'tax calculator'.

By:PTI
| Updated on: Feb 22 2023, 00:50 IST
 tax calculator
The tax calculator is live on the income tax department's portal. (Pixabay)

Income tax department on Monday released a 'tax calculator' which will help an assesses decide if the new income tax regime announced in the Budget is good for him/her or if the old one is better.

The tax calculator is live on the income tax department's portal.

You may be interested in

MobilesTablets Laptops
Apple iPhone 15 Pro Max
  • Black Titanium
  • 8 GB RAM
  • 256 GB Storage
28% OFF
Samsung Galaxy S23 Ultra 5G
  • Green
  • 12 GB RAM
  • 256 GB Storage
Google Pixel 8 Pro
  • Obsidian
  • 12 GB RAM
  • 128 GB Storage
Apple iPhone 15 Plus
  • Black
  • 6 GB RAM
  • 128 GB Storage

"Tax Calculator is now live! A dedicated tax calculator to check Old Tax Regime vis-à-vis New Tax Regime for Individual/HUF/AOP/BOI/Artificial Juridical Person(AJP) as per Section 115BAC can now be accessed on the IT Dept website," according to a tweet by the tax department.

Also read
Looking for a smartphone? To check mobile finder click here.

An Income-tax calculator is an online tool that helps to evaluate taxes based on a person's income based on Union Budget 2023-24 announcement. Individuals falling under the taxable income bracket are liable to pay a specific portion of their net annual income as tax.

While announcing the Budget for the financial year beginning April 1, 2023, Finance Minister Nirmala Sitharaman said, "We are also making the new income tax regime as the default tax regime. However, citizens will continue to have the option to avail the benefit of the old tax regime."

As per the announcement, taxpayers opting for the new regime will get a rebate if their income does not exceed 7 lakh per annum.

The finance minister also allowed a standard deduction of 50,000 under the new regime which is already available in the old tax regime. The basic exemption limit has been raised to 3 lakh from 2.5 lakh. A 2.5 lakh basic exemption limit is prescribed in the old tax regime.

The move will lead to a saving of 33,800 for those earning up to 7 lakh annually and opting for the new tax regime. Those with income up to 10 lakh would save 23,400 and 49,400 savings would accrue to those earning up to 15 lakh.

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 22 Feb, 00:50 IST
NEXT ARTICLE BEGINS