Income Tax Calculator Salary New Regime 2023 24

New Tax Regime (2023-24):

\[ \text{Tax} = \begin{cases} 0\% & \text{Up to ₹3,00,000} \\ 5\% & \text{₹3,00,001 to ₹6,00,000} \\ 10\% & \text{₹6,00,001 to ₹9,00,000} \\ 15\% & \text{₹9,00,001 to ₹12,00,000} \\ 20\% & \text{₹12,00,001 to ₹15,00,000} \\ 30\% & \text{Above ₹15,00,000} \end{cases} \]

Income Tax (New Regime):

Professional Tax:

Total Tax:

Unit Converter ▲

Unit Converter ▼

From:	To:

1. What is the New Tax Regime?

The new tax regime (effective from 2023-24) offers lower tax rates but without most deductions and exemptions. It's optional - taxpayers can choose between old and new regimes each year.

2. How Does the Calculator Work?

The calculator uses the following tax slabs:

Professional Tax: Varies by state, typically deducted monthly with annual limits (e.g., ₹2,500 in Maharashtra, ₹2,400 in Karnataka).

3. Importance of Tax Calculation

Details: Accurate tax calculation helps in financial planning, understanding take-home salary, and ensuring compliance with tax laws.

4. Using the Calculator

Tips: Enter your gross annual income and select your state of employment. The calculator will show income tax under new regime and professional tax.

5. Frequently Asked Questions (FAQ)

Q1: Should I choose old or new regime?
A: New regime benefits those with fewer deductions. Compare both options before deciding.

Q2: Are there any rebates in new regime?
A: Yes, full rebate up to ₹25,000 tax if income ≤ ₹7 lakh (no tax payable).

Q3: What's not allowed in new regime?
A: Most common deductions (80C, 80D, HRA, LTA) and standard deduction are not available.

Q4: Is professional tax deductible?
A: Yes, it's deductible from gross income before tax calculation in both regimes.

Q5: When is professional tax deducted?
A: Typically deducted monthly by employer, with annual reconciliation.