10. Old vs New Tax Regime (Updated for Budget 2023) - Simplest Calculator For Your India Taxes 💰📆🧮🔎

🎯 Link for the simplest calculator - 👉👉 calculate taxes.

Note - This is not a comprehensive calculator for all possible tax situations. But it provides a good general guideline as to which regime is best for an individual in the fastest way possible with least number of inputs!! Check instructions below. There’s a Video Demo as well.

Which Tax regime to choose is one of the most asked questions in the first quarter as we close on March 31.

And Since budget 2023 introduced some new slabs and other changes, many of us want to know how will these changes affect taxes even through these changes are not applicable till FY 2023-24.

Few months back I had created a calculator to find out which tax regime is best for someone - just by providing the Income and Deductions. It was just updated for changes introduced in budget 2023.


DEMO | Simplest Old Vs New Tax Regime Calculator (with 2023 Budget update)

Please watch in full screen or on youtube directly



Instructions

  1. Access the calculator by clicking 👉👉 here
  2. Enter Income in Total Income (INR) field
  3. Enter Deductions you generally claim in Old Regime field. Please do not consider the standard deduction. The tool will consider it based on various factors automatically.
  4. Enter Deductions you generally claim in New Regime field. Please do not consider the standard deduction. The tool will consider it based on various factors automatically.
  5. Select Age Bracket
  6. Select whether you want to check liability for FY 2022-23 or after the Budget 2023 (which is applicable for FY 2023-24)
  7. Press Calculate
  8. You can clear with Clear button and calculate again.

💡 Please use Ctrl+C to copy and Ctrl + P to paste

💡 Following examples are also covered in the Video above

Examples

Example 1 (When Old Regime is the better option)

Total Income : 15.5 lakh
Old Regime Deductions : 3.9 lakh (1.5 lakh for 80C and 1.8 lakh for rent and 60,000 for Employer NPS contribution)
New Regime Deductions : 60,000 for Employer NPS contribution (Cannot claim 80C and Rent)
FY - 2022-23 (Budget 2023 is not applicable)
Outcome - Old Regime is the best option

1. Data Input and Press Calculate

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2. Summary and which is the best option

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3. Calculations with Old Tax Regime slabs

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4. Calculations with New Tax Regime slabs

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Example 2 (After Budget 2023 New Regime is the better option - applicable for FY 2023-24 onwards) - Shows the newly introduced Standard Deduction for new regime

Same Example As Above
Total Income : 15.5 lakh
Old Regime Deductions : 3.9 lakh (1.5 lakh for 80C and 1.8 lakh for rent and 60,000 for Employer NPS contribution)
New Regime Deductions : 60,000 for Employer NPS contribution (Cannot claim 80C and Rent)
FY - 2023 onwards (Budget 2023 is applicable)
Outcome - New Regime is the best option

1. Data Input and Press Calculate

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2. Summary and which is the best option

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3. Calculations with Old Tax Regime slabs

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4. Calculations with New Tax Regime slabs

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Example 3 (7 lakh income, Before Budget 2023 is applicable)

Same Example As Above - Total Income : 7.0 lakh
Old Regime Deductions : 1.5 lakh for 80C
New Regime Deductions : 0
FY - 2022-23 (Budget 2023 is not applicable)
Outcome - Old Regime is the best option

1. Data Input and Press Calculate

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Example 4 (After Budget 2023 with 7 lakh income) - Shows new 87A provision for 0 tax

Same Example As Above - Total Income : 7.0 lakh
Old Regime Deductions : 1.5 lakh for 80C
New Regime Deductions : 0
FY - 2023 onwards (Budget 2023 is applicable)
Outcome - New Regime is the best option

1. Data Input and Press Calculate

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Disclaimers

  1. Please input the deductions correctly. For new tax regime very few deductions are allowed, here is the list of allowed deductions.
  2. This calculator is for reference purpose only. It does NOT provide any financial advice or recommendation. It gives a good general guideline to compare tax regimes
  3. We do NOT store or share any data entered on this application.

Please share if you think it’s useful! And please comment if you find any issues with the calculations!

Thank you for reading through.

-Nikhil

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