Income tax calculator for AY 2023–2024: On February 1, Finance Minister Nirmala Sitharaman declared the Budget 2023–2024. In the introduction of the Budget 2023, the Finance Minister also disclosed the new Income Tax slabs and tax rates. For individuals making between Rs 3 lakh and Rs 6 lakh, the new income tax slab rate begins at 5%.
Online tax calculators are available to help you determine your income tax obligations. Here’s how to use the official income tax calculator, created Income Tax Department which will help you calculate your taxable income online.
Income Tax Calculator
The official income tax calculator is an important tool that takes into account the most recent income tax rules and regulations and may be used to calculate your tax liability. The income tax calculator provides you with an exact estimate of your yearly tax burden based on your earnings. Check out the precise guidelines for using the income tax calculator below in order to know how much income tax you must pay for the fiscal year ending on March 31, 2023.
New Income Tax Slabs for 2023-2024
| Income tax slabs under new tax regime | Income tax rates under new tax regime |
| O to Rs 3 lakh | 0 |
| Rs 3 lakh to Rs 6 lakh | 5% |
| Rs 6 lakh to Rs 9 lakh | 10% |
| Rs 9 lakh to Rs 12 lakh | 15% |
| Rs 12 lakh to Rs 15 lakh | 20% |
| Income above Rs 15 lakh | 30% |
How to Calculate Income Tax for FY 2023-24
- Visit incometaxindia.gov.in via a laptop, tablet, or mobile device.
- Go to the tab for important links.
- The Income Tax Calculator link can be found in the Tax Tools section.
- Alternately, you can use the Income and Tax Calculator by clicking the link.
*The income tax amount will include 4% cess.
*Taxable incomes beyond Rs. 50 lakh would be subject to a surcharge.
FAQs on Income Tax 2023-2024
Can I pay my income tax in advance online?
The Income Tax Department does indeed provide an online option for paying taxes.
How to electronically file income tax returns?
Through the Income Tax Department’s e-Filing website, you can submit your income tax returns electronically.
Does income tax apply to farmers?
No, agricultural income is not subject to income tax. However, if farmers receive money from sources other than agriculture, that money will be taxed.
