Income Tax Calculator for AY 2023-24

Curious about your tax obligations for financial year 2022-23? Look no further than Tax Ninja's income tax calculator for accurate and hassle-free calculations.

Following the introduction of the New Tax Regime under Sections 115BAC and 115BAD of the Income Tax Act, 1961, the Budget 2020 brought about a significant change in how individuals are taxed.

This has led to taxpayers facing a unique dilemma, i.e., whether to select the traditional old tax regime of claiming tax deductions or to give away the tax deductions and claim lower tax rates provided under the new optional tax regime introduced in Finance Act 2020.

So, to remove such hurdles and assist our Readers, we have prepared  "Income Tax Calculator" which will assist you in determining Tax Liability under both Options viz. New Tax Regime and Old Tax Regime and making an informed decision about which scheme to opt for, based on your specific circumstances.

How to use the Income tax calculator?

Following are the steps to use the tax calculator:

• Enter your date of birth in the "Calculator - Old Tax Regime" sheet. Tax liability in India differs based on age groups.
• Enter your income from salaries and allowances.
• Also, enter other details such as interest income, rental income, interest paid on home loans for rented properties, and interest paid on loans for self-occupied properties.
• For income from virtual digital assets, enter the net income (sale consideration minus the cost of acquisition).
• Enter your tax-saving investments under sections 80C, 80D, 80G, 80E, and 80TTA, etc.
• Results and suggestions populate under "Comparison" sheet.

Note: If a field is not applicable, you can enter "0".

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