New Tax Regime Calculator
Calculate your income tax based on the new tax regime for the financial year. Enter your annual income and we’ll compute your tax liability.
Frequently Asked Questions (FAQs)
What is the new tax regime?
The new tax regime offers lower tax rates but eliminates most exemptions and deductions available under the old tax regime.
How does the new tax regime affect me?
The new tax regime can lower your tax burden if you do not claim exemptions or deductions like HRA, LTA, and others.
Is it mandatory to choose the new tax regime?
No, the new tax regime is optional. You can choose either the new or old tax regime depending on which is more beneficial for you.
What are the tax slabs under the new tax regime?
The new tax regime offers tax slabs ranging from 0% to 30% based on income levels. Please check the latest budget for precise numbers.
Can I switch back to the old tax regime?
You can switch back to the old tax regime if you’re a salaried individual or pensioner, but certain conditions apply.
Is the new tax regime applicable to all income sources?
Yes, the new tax regime applies to income from all sources such as salary, pension, rental income, etc.
How do I file taxes under the new regime?
You can file taxes online by selecting the new tax regime option in the income tax return form while filing your returns.
Can I claim deductions under the new tax regime?
No, you cannot claim most deductions like 80C, 80D, and others under the new tax regime.
What are the benefits of the new tax regime?
The main benefit is lower tax rates, but it might not be beneficial for individuals who claim various deductions.
Is the new tax regime better than the old tax regime?
The new tax regime can be better for individuals who do not have many deductions or exemptions. It depends on your financial situation.