New Delhi, Jan. 31 -- Income tax calculator: As we are aware that thenew tax regime will become a default regime in FY2023-24, taxpayers are meant to calculate their income tax as per the lower slab rates sansmajor deductions and exemptions that are no longer allowed in this regime.

Although the new tax regime does not offer most exemptions anddeductions given under section 80C, 80 D, 80 G and 80CCD (1), among others, what it offers instead is the lower slab rates.

For instance, if your income is Rs.11 lakh per annum, it will be taxed at 15 percent in the new tax regime unlike 30 percent in the old tax regime. Likewise, an income of Rs.9 lakh is taxed at 10 percent in the new tax regime unlike 20 percent in the old tax regime. Check the...