Income tax department on Monday released a 'tax calculator' which will help an assessee decide if the new income tax regime announced in the Budget is good for him/her or if the old one is better.

The tax calculator is live on the income tax department's portal.

"Tax Calculator is now live! A dedicated tax calculator to check Old Tax Regime vis-à-vis New Tax Regime for Individual/HUF/AOP/BOI/Artificial Juridical Person(AJP) as per Section 115BAC can now be accessed on the IT Dept website," according to a tweet by the tax department.