Income Tax Calculator under old and New Regime

(1) Calculate Tax FY 2023-24 (AY 2024-25) as Proposed In Budget dt. 01.02.23

(2) Click to Calculate Tax & FY 2022-23 (AY 2023-24)

Calculates online Income Tax after the benefit of standard deduction of Rs. 50000/- and eligible deductions (under old Regime) and without Exemptions (under New Regime) of tax rates / slabs)

Income Tax Rates / Slabs FY 19-20, FY 18-19, FY 2017-18 & FY 2016-17

Change / Select Calculator
Calculate Income Tax for FY 2023-24 / Tax Impact in FY 2023-24 compare to FY 2022-23 (As per Budget dt. 01-02-23)
Calculate Income Tax for FY 2023-24

Step 1 - Select Age & Enter Details ↓ ↑

1	Select Age (from Drop Down)

2	Income From Salary / Pension

3	Exemptions & Deductions from Salary (u/s 10)

4	Income from Other Sources

5	Income from Rented out House Property (Of not self Occupied)

5 (a)	Rent Received or Receivable or Annual Lettable Value

5 (b)	Taxes paid to Local Authorities

5 (c)	Annual Value of Property

5 (d)	Standard Deduction 30% of 6(c)

5 (e)	Interest Paid on Home Loan (rented/let out property) (Max Rs. 2.00 Lac)

5 (f)	Income / Loss (-ve) from House Property

Next - Step 2 Enter Eligible Deductions / Click button "Calculate Tax"

Step 2 (Enter Eligible Deductions)↓ ↑

6	Interest Paid on Home Loan (self Occupied)

7	Deduction u/s 80C, 80CCC (max. Rs. 1.50 Lac)

8	Interest from SB u/s 80TTA

9	Medical Insurance u/s 80D
	Self / Spouse / D.Children (max. Rs. 25000/-)(Max. limit Rs 50,000/-) For Parents Below 60 (No Change Max. Rs. 25000/-)
	For Parents Above 60 (Max. Rs. 50,000/-)
	Less: Section 80DDB (Max. limit Rs 1 lac) Less: Section 80DDB (Max Rs. 1 lac)
10	Additional contribution to NPS - u/s 80CCD (max 50000)

11	Serving of Intt.on Education Loan (u/s 80E)

12	Deductionn under Section 80EE Interest on loan for acquiring residential house property, sanctioned during FY 2016-17 (Max Rs. 50000)

13	Deduction under Section 80EEA Interest on loan for acquiring residential house property, sanctioned during FY 2019-20 (Max Rs. 150000)

14	Deduction under Section 80EEB Interest Deduction in respect of purchase of electric vehicle, during FY 2019-20 to 2022-23 (Max Rs. 150000)

Step 3 - Your Tax calculations are displayed here "Show Tax Calculations FY 2023-24"

Show Tax Calculation FY 2023-24↓ ↑

	Old Regime	New Regime
Gross Taxable Income
Standard Deduction
Total of Deductions
Net Taxable Income
Less: Relief u/s 87A (For Individuals having taxable income upto Rs. 5.00 lacs)
Income Tax
Surcharge
Health and Education Cess
Total Tax Liability

Surcharge Rates

10% of Income Tax, in case taxable income is above Rs. 50 lacs.

15% of Income Tax, in case taxable income is above Rs. 1 crore.

25% of Income Tax, in case taxable income is above Rs. 2 crore.

Health and Education Cess is 4% of (Income Tax + Surcharge)

Budget 2023 Highlishts

No changes in the old tax regime

New tax regime to become the default tax regime. However, citizens can opt for the old tax regime.

No tax on income up to Rs 7.5 lakh a year in new tax regime (with inclusion of standard deduction)

Govt proposed to reduce highest surcharge rate from 37% to 25% in new tax regime

New Income Tax Slabs Under New Tax Regimes:

Rs 0-3 lakh: Nil

Rs 3-6 lakhs: 5%

Rs 6-9 lakhs: 10%

Rs 9-12 lakhs: 15%

Rs 12-15 lakhs: 20%

Rs Over 15 lakhs: 30%

Tax exemption removed in insurance policies with premium over Rs 5 lakh

Tax exemption on leave encashment on retirement of non-government salaried employees hiked to Rs 25 lakh from Rs 3 lakh.

A higher limit of Rs 3 crore for TDS on cash withdrawal to be provided to co-operative societies.

Next-generation Common IT Return Form to be rolled out for tax payer convenience

TDS rate to be reduced from 30 per cent to 20 per cent on taxable portion of EPF withdrawal in non-PAN cases.

Maximum deposit limit for Senior Citizen Savings Scheme to be enhanced to Rs 30 lakh from Rs 15 lakh

Monthly Income Scheme limit doubled to Rs 9 lakh and Rs 15 lakh for joint accounts

One-time new saving scheme Mahila Samman Saving Certificate for women to be made available for 2 years up to March 2025.It will offer deposit facility of up to Rs 2 lakh in the name of women or girls for tenure of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option.

Disclaimer : This website do not claim that tax calculation is correct. The users are requested to please do inform in case he/she has noticed any error in calculation.

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Modified : 04 Feb 2023