New Tax Regime vs Old Tax Regime Calculator: Check which is better

Use this comparison table to enter your salary details and find out if the new or old tax regime announced in budget 2020 will be beneficial for you?

Published on / By M. Pattabiraman Twitter: @pattufreefincal / 6 Comments

Published: February 2, 2020 at 1:10 pm

Last Updated on March 28, 2023 at 12:07 pm

This is a New Tax Regime vs Old Tax Regime Calculator where you can enter your salary and deduction details to find out which is beneficial. This comparison table prepared by Vinay Vittal allows gives you a detailed chart of when the new tax regime will be beneficial and when the old regime will be beneficial.

Update! The tool has now been updated to the revised new tax regime announced in budget 2023 applicable from 1st April 2023

As you may know, the new tax regime is applicable with none of the tax deductions in 80C, 80D etc. (see full list above) eligible. Under certain circumstances, the new regime may be beneficial. You will have to compute for yourself and check. Thanks to Vinay, this is now possible.

I append below Vinay’s email that will explain the context and details on how to use the sheet.

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Dear Pattu Sir, I read your blog regularly and it has been a great privilege to have come across your website (i subscribed to your FB course as well).

I just did a quick calculation this morning to see the difference b/w the old and the new tax slabs. I saw your post/video on the Budget speech, so wondering if you need the excel with the calc showing the differences for your viewers.
 
Thanks & Regards, Vinay

New Tax Regime vs Old Tax Regime

This is the screenshot of the input page where the user can modify the black cells.

Screenshot of new tax regime vs old tax regime comparison table
Screenshot of new tax regime vs old tax regime comparison table

Note: Standard deviation of Rs. 52,500 is applicable in the new tax regime for salaried taxpayers.

A tax rebate is applicable on income up to Rs. 5 Lakhs in the old regime and up to 7 lakhs in the new regime from 1st April 2023. This has not been included.

Latest (after Budget amendment March 2023):  Old tax regime vs new tax regime (up to march 31st, 2023) vs new tax regime (from 1st April 2023) calculator. (please let me know if there are any bugs).

After Budget 2023:  Old tax regime vs new tax regime (up to march 31st, 2023) vs new tax regime (from 1st April 2023) calculator. (please let me know if there are any bugs).

Update: Reader Balasubrahmanyan has modified the old tax regime vs the new tax regime tool “to include a few deductions, especially employer contribution to NPS.
Also, sections to calculate surcharge and marginal relief are added”.

Use if your income is higher than 50L only:  Old tax regime vs new tax regime (up to march 31st, 2023) vs new tax regime (from 1st April 2023) calculator (please let me know if there are any bugs).