Income Tax Calculator is LIVE Now --Here is How to Calculate Old Tax Regime Vs New Tax Regime Tax Liability

New Delhi: Bringing the much needed clarity for income tax payers in the country, the Income Tax department has made the Income Tax Calculator is LIVE now.

"A dedicated tax calculator to check Old Tax Regime vis-à-vis the 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," Income Tax India has tweeted.

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.

Pl check the link below:https://t.co/dy04iY4oj5 pic.twitter.com/JF4VfmXQw4 — Income Tax India (@IncomeTaxIndia) February 20, 2023

Here is the Step by Step Process on How to Calculate Old Tax Regime Vs New Tax Regime Tax Liability

Click the following link

https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx

Select the Assessment Year

Select Tax Payer Category and choose Male / Female / Senior Citizen

Feed in your Residential Status

Mention the following amount 

If Income is other than Salary and Special Rate Income

Interest on Self Occupied House Property

Deductions allowed under both regimes i.e. 80CCH(2), 80CCD(2), 80JJAA, family pension deduction under section 57(iia)

Deductions/exemptions (other than mentioned above) not eligible in new tax regime 

Now compare Old Tax Regime Vs New Tax Regime Tax Liability on the following parameters

Income From Self-Occupied House Property

Income other than Salary and Special Rate Income

Gross Total Income

Less: Eligible Deductions

Total Income

In the same comparison table you could also try the following calculations

Income Tax after relief u/s 87A

Surcharge

Secondary and higher education cess

Total Tax Liability

Now you can finally check Tax Savings in New Regime

The Income Tax Department says that 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.