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Finmin puts income tax calculator live on income tax dept portal
February 21, 2023
The tax calculator is live on the income tax department’s portal.
“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.
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.
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