Old vs New Tax Regime? decide what works for you

I am sure, you are still confused about how to choose between the old and new tax regimes, then the Income Tax Department has launched a tax calculator to help you make the right decision. You just need to fill in relevant details such as gross income, deductions and exemptions out tax liability and the calculator will determine which option works better for you.

Here, the steps to calculate and compare tax liability under new and old tax regimes:

Step 1: Click on the following link:

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

Step 2: Fill in relevant details such as taxpayers and residential status

Step 3: Enter gross salary (after deducting allowances exempted under both regimes such as tour and conveyance allowance).

Step 4: Give details of salary amount which is exempted (which is not allowed in the new regime) such as HRA under section 10 (13A); income other than salary