Income Tax Calculator 2023: Salaried & senior citizens can save more with new tax regime? Here's how

Income Tax Calculator for 2023: On February 1, 2023, Finance Minister Nirmala Sitharaman proposed an amendment in the Income Tax rates. During her Union Budget 2023 speech, the FM proposed different Income Tax rates for the various slabs of the latest tax regime. Citizens will have to calculate taxes differently. Thus, the new tax rates and slabs are applicable for the assessment year 2023-24. An income tax calculator is essential for salaried citizens, pensioners, and businesspersons. The income tax calculator provides an idea about the tax liability depending on the income and investments of a person. It helps you optimise your taxes in the new tax regime announced during the presentation of the Indian Union Budget 2023-24.

Here's how you can calculate the taxes according to the newest tax regime announced by Nirmala Sitharaman on February 1, 2023.

Income Tax Calculator 2023: Direct Link

The new tax scheme introduced in the Union Budget 2023 has created confusion. Often, people look at taxes as a 'necessary evil.' They have various lingoes to comprehend, such as tax exemption, tax rebate, tax deduction, and tax savings.

The income tax calculator makes it easy for people to calculate taxes and save more money.

https://cleartax.in/paytax/TaxCalculator

Income Tax Calculator 2023: How to calculate your taxes?

This income tax calculator not only accounts for the various earnings and deductions that the Income Tax Act allows you to claim, but it also provides the most recent income tax rates based on your income. Anyone earning more than Rs 2.5 lakh in a given assessment year is required to file an income tax return. To file your income tax returns, you must have your company's Form 16 on hand. Tax forms are available online.

1. Open the Income Tax Calculator.
2. Fill in the financial year you want to calculate taxes.
3. Select your age.
4. Fill in all your Income details.
5. Fill in all the deduction details, if any.

Income Tax Slabs and Rates 2023 (New Regime)

0-Rs 3 lakh: Nil;
Rs 3-6 lakh: 5% Income tax
Rs 6-9 lakh: 10% Income tax;
Rs 9-12 lakh: 15% Income tax;
Rs 12-15 lakh: 20% Income tax;
Above Rs 15 lakh: 30%