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Income Tax Calculator 2023-24 online: Know how much tax you will have to pay in FY 2023-24? Calculate your tax under new tax regime for this financial year step by step and also find out your take home salary after tax deduction at Hindustan Times

[FAQs]

Finance minister Nirmala Sitharaman on February 1 announced a new income tax regime, stating that the income tax rebate limit had been raised from 5 lakh to 7 lakh. During her budget speech, she announced that the new income tax regime will be the default regime.

According to the Central Board of Direct Taxes chairman Nitin Gupta, at least 50-60 per cent of the taxpayers are expected to switch over to the new tax regime in the upcoming financial year itself.

With the announcement on the new tax regime, several taxpayers would have had innumerable questions in their minds.

Income tax slab Income tax rates

0- 3 lakh

Nil

3 lakh- 6 lakh

5%

6 lakh- 9 lakh

10%

9 lakh- 12 lakh

15%

12 lakh- 15 lakh

20%

Above 15 lakh

30%

Under the new tax regime, the new exemption limit has been hiked from 2.5 lakh to 3 lakh.

There have been no changes made to the old income tax regime for the Financial Year 2023-24. For the new financial year, the income tax rates and slabs remain in effect. The deductions and exemptions under the old tax regime remain unchanged.

To effectively use the income tax calculator, enter your age, income, investments in various tax saving instruments.

NO, there is no need to pay anything to use the income tax calculator.

Yes, the new income tax regime will be default from FY 2023-24. An individual or a Hindu Undivided Family need to select between old and the new tax regime. They are eligible to choose the new regime, but will get only one opportunity to return to the old tax regime.

As per the old tax structure, a maximum of 12,500 rebate was given if the income did not exceed 5 lakh. From April 1, 2023, a rebate of 25,000 will be given if the taxable income does not exceed 7 lakh.

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Wednesday, January 03, 2024
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