Comparative Income Tax Calculator

Earlier Income tax calculator was provided by Income Tax Department was having drop down menu specifying selection of  Yes or No as option to the assesses.

This Yes or No options is stand for whether assesses want to select new scheme or old scheme for income tax calculation purpose.

In this scenario assesses have calculate taxes twice to get the amount of tax in both new and old scheme. 

Section 115 BAC was earlier implemented as opt out  till FY 2022-23, Now from FY 2023 24 onwards its is by default selection of Section 115 BAC, and if some one will wants to continue with old regime needs to intimate to the Income tax depart at time of filing of return.     

As proposed by Finance Bill, 2023 government is now propose the income tax calculator in comparative manner so that it is easy for assesses to calculate and compare their taxes accordingly.