Income tax calculator ay 2023-24

A representational image. — Canva The coalition government, in the federal budget for 2023-24, has proposed to keep the tax rates and income tax slabs unchanged for the next fiscal year. Shehbaz Sharif-led government avoided putting an extra burden on the salaried class and made no change in the tax slabs, which remained the same as approved last year in the Finance Bill 2022. Tax slabs • For income below Rs600,000 per year (Rs50,000 per month) — no tax will be deducted • Those earning Rs600,000 to Rs1.2 million per year (Rs50,000 to Rs100,000 per month) will pay a tax of 2.5% of the amount exceeding Rs600,000 • On the income within a range of Rs1.2 million to Rs2.4 million (Rs100,000 to Rs200,000 per month) will pay Rs15,000 plus 12.5% of the amount exceeding Rs1.2 million • Individuals earning Rs2.4 million to Rs3.6 million a year (Rs200,000 to Rs300,000 per month) will be charged at Rs165,000 plus 20% of the amount exceeding Rs2.4 million • Those earning Rs3.6 million to Rs6 million a year (Rs300,000 to Rs500,000 per month) will be charged at Rs405,000 plus 25% of the amount exceeding Rs3.6 million • People with an annual income of Rs6m to Rs12 million (Rs500,000 to 1,000,000 per month) will be charged at Rs1.005 million plus 32.5% of the amount exceeding Rs6 million • In the last slab, individuals earning more than Rs12 million (more than Rs1,000,000 per month) a year will be charged at Rs2.955 million plus 35% of the amount exceeding Rs12 million Here are the new inco...

New Tax Regime Calculator 2023-24 (Online): Finance Minister Nirmala Sitharaman proposed to reduce the number of tax slabs under the clutter-free New Tax Regime from six to five. The revised tax slabs under the new regime will be applicable for Assessment Year (AY) 2024-25 or for the income made in FY 2023-24. For income in FY 2022-23 (AY 2023-24), you will have to file Income Tax Return as per the old tax slabs. As per the latest tax slabs under the New Regime, individuals having an annual income of Rs 5-6 lakh will have to pay 5% tax while those earning Rs 6-9 lakh will have to pay 10% of their income as tax. Further, individuals earning Rs 9-12 lakh per year will pay 15% tax while those earning Rs 12-15 lakh annually will pay 20% tax. The tax rate for individuals earning more than Rs 15 lakh will pay 30% tax. Can you change tax regime while filing Income Tax Return (ITR)? Interestingly, the Finance Minister has made annual income up to Rs 7 lakh tax-free by increasing the rebate limit. But what about those earning Rs 7.5 lakh or Rs 8.5 lakh per year? You can calculate your tax liability in the New Tax Regime Calculator FY 2023-24 (AY 2024-25) The following chart prepared by Dr Suresh Surana, Founder of RSM India, will also help: Individual Tax on Income under New Tax Regime for FY 2023-24 (AY 2024-25) Income Level Basic Surcharge Cess Tax Liability 2,50,000 3,00,000 5,00,000 6,00,000 – – – 7,00,000 – – – – 7,50,000 30,000 – 1,200 31,200 9,00,000 45,000 – 1,800 46,800 10...

A major change introduced in the finance bill 2023 is making the New Income-Tax regime as the default option for all salaried taxpayers, though, with the option to select the old tax regime. The change is an indication of the government's intention to cease the complicated taxation process with the exemptions and deductions by introducing a simple tax calculation with lower tax rates, in other words, the State wants to tell the taxpayers that, " Give to Caesar the things that are Caesar's and to God the things that are God's." (Mark 12:17). As our tax payments are supposed to be used by the government for conducting various development projects of the country through welfare schemes including funding of public infrastructure, expansion& welfare projects, and employment programs. Hence it is the responsibility of every individual to remit the due taxes to the Govt, as in return these taxes are expected for the growth of every individual. As Aristotle said, "When the society /organization grows all those who connected it also grow equally, however, if the individuals are growing beyond the society/organization, the entire setup of the State/Society may fail. The Golden Rule mosaic says," Do Unto Others as You Would Have Them Do Unto You", every individual is expected to follow this rule to get rewarded as they expect. Remit the due taxes for the development of the State/society and which in turn for growth the benefit of the nation and everyone. Tax savings are legal, but ta...

A major change introduced in the finance bill 2023 is making the New Income-Tax regime as the default option for all salaried taxpayers, though, with the option to select the old tax regime. The change is an indication of the government’s intention to cease the complicated taxation process with the exemptions and deductions by introducing a simple tax calculation with lower tax rates, in other words, the State wants to tell the taxpayers that, “ Give to Caesar the things that are Caesar’s and to God the things that are God’s.” (Mark 12:17). As our tax payments are supposed to be used by the government for conducting various development projects of the country through welfare schemes including funding of public infrastructure, expansion & welfare projects, and employment programs. Hence it is the responsibility of every individual to remit the due taxes to the Govt, as in return these taxes are expected for the growth of every individual. As Aristotle said, “When the society /organization grows all those who connected it also grow equally, however, if the individuals are growing beyond the society/organization, the entire setup of the State/Society may fail. The Golden Rule mosaic says, “ Do Unto Others as You Would Have Them Do Unto You”, every individual is expected to follow this rule to get rewarded as they expect. Remit the due taxes for the development of the State/society and which in turn for growth the benefit of the nation and everyone. Tax savings are legal, but ...

Curious about your tax obligations forfinancial year 2022-23? Look no further than Tax Ninja's income tax calculator for accurate and hassle-free calculations. Following the introduction of the New Tax Regime under Sections 115BAC and 115BAD of the Income Tax Act, 1961, the Budget 2020 brought about a significant change in how individuals are taxed. Thishas led to taxpayersfacing a unique dilemma, i.e., whether to select the traditional old tax regime of claiming tax deductions or to give away the tax deductions and claim lower tax rates provided under the new optional tax regime introduced in Finance Act 2020. So, to remove such hurdles and assist our Readers, we have prepared "Income Tax Calculator" which will assist you in determining Tax Liability under both Options viz. New Tax Regime and Old Tax Regime andmaking an informed decision about which scheme to opt for, based on your specific circumstances. How to use the Income tax calculator? Following are the steps to use the tax calculator: • Enter your date of birth in the "Calculator - Old Tax Regime" sheet. Tax liability in India differs based on age groups. • Enter your income from salaries and allowances. • Also, enter other details such as interest income, rental income, interest paid on home loans for rented properties, and interest paid on loans for self-occupied properties. • For income from virtual digital assets, enter the net income (sale consideration minus the cost of acquisition). • Enter your tax-saving ...

A major change introduced in the finance bill 2023 is making the New Income-Tax regime as the default option for all salaried taxpayers, though, with the option to select the old tax regime. The change is an indication of the government's intention to cease the complicated taxation process with the exemptions and deductions by introducing a simple tax calculation with lower tax rates, in other words, the State wants to tell the taxpayers that, " Give to Caesar the things that are Caesar's and to God the things that are God's." (Mark 12:17). As our tax payments are supposed to be used by the government for conducting various development projects of the country through welfare schemes including funding of public infrastructure, expansion& welfare projects, and employment programs. Hence it is the responsibility of every individual to remit the due taxes to the Govt, as in return these taxes are expected for the growth of every individual. As Aristotle said, "When the society /organization grows all those who connected it also grow equally, however, if the individuals are growing beyond the society/organization, the entire setup of the State/Society may fail. The Golden Rule mosaic says," Do Unto Others as You Would Have Them Do Unto You", every individual is expected to follow this rule to get rewarded as they expect. Remit the due taxes for the development of the State/society and which in turn for growth the benefit of the nation and everyone. Tax savings are legal, but ta...

Curious about your tax obligations forfinancial year 2022-23? Look no further than Tax Ninja's income tax calculator for accurate and hassle-free calculations. Following the introduction of the New Tax Regime under Sections 115BAC and 115BAD of the Income Tax Act, 1961, the Budget 2020 brought about a significant change in how individuals are taxed. Thishas led to taxpayersfacing a unique dilemma, i.e., whether to select the traditional old tax regime of claiming tax deductions or to give away the tax deductions and claim lower tax rates provided under the new optional tax regime introduced in Finance Act 2020. So, to remove such hurdles and assist our Readers, we have prepared "Income Tax Calculator" which will assist you in determining Tax Liability under both Options viz. New Tax Regime and Old Tax Regime andmaking an informed decision about which scheme to opt for, based on your specific circumstances. How to use the Income tax calculator? Following are the steps to use the tax calculator: • Enter your date of birth in the "Calculator - Old Tax Regime" sheet. Tax liability in India differs based on age groups. • Enter your income from salaries and allowances. • Also, enter other details such as interest income, rental income, interest paid on home loans for rented properties, and interest paid on loans for self-occupied properties. • For income from virtual digital assets, enter the net income (sale consideration minus the cost of acquisition). • Enter your tax-saving ...

A major change introduced in the finance bill 2023 is making the New Income-Tax regime as the default option for all salaried taxpayers, though, with the option to select the old tax regime. The change is an indication of the government’s intention to cease the complicated taxation process with the exemptions and deductions by introducing a simple tax calculation with lower tax rates, in other words, the State wants to tell the taxpayers that, “ Give to Caesar the things that are Caesar’s and to God the things that are God’s.” (Mark 12:17). As our tax payments are supposed to be used by the government for conducting various development projects of the country through welfare schemes including funding of public infrastructure, expansion & welfare projects, and employment programs. Hence it is the responsibility of every individual to remit the due taxes to the Govt, as in return these taxes are expected for the growth of every individual. As Aristotle said, “When the society /organization grows all those who connected it also grow equally, however, if the individuals are growing beyond the society/organization, the entire setup of the State/Society may fail. The Golden Rule mosaic says, “ Do Unto Others as You Would Have Them Do Unto You”, every individual is expected to follow this rule to get rewarded as they expect. Remit the due taxes for the development of the State/society and which in turn for growth the benefit of the nation and everyone. Tax savings are legal, but ...

A representational image. — Canva The coalition government, in the federal budget for 2023-24, has proposed to keep the tax rates and income tax slabs unchanged for the next fiscal year. Shehbaz Sharif-led government avoided putting an extra burden on the salaried class and made no change in the tax slabs, which remained the same as approved last year in the Finance Bill 2022. Tax slabs • For income below Rs600,000 per year (Rs50,000 per month) — no tax will be deducted • Those earning Rs600,000 to Rs1.2 million per year (Rs50,000 to Rs100,000 per month) will pay a tax of 2.5% of the amount exceeding Rs600,000 • On the income within a range of Rs1.2 million to Rs2.4 million (Rs100,000 to Rs200,000 per month) will pay Rs15,000 plus 12.5% of the amount exceeding Rs1.2 million • Individuals earning Rs2.4 million to Rs3.6 million a year (Rs200,000 to Rs300,000 per month) will be charged at Rs165,000 plus 20% of the amount exceeding Rs2.4 million • Those earning Rs3.6 million to Rs6 million a year (Rs300,000 to Rs500,000 per month) will be charged at Rs405,000 plus 25% of the amount exceeding Rs3.6 million • People with an annual income of Rs6m to Rs12 million (Rs500,000 to 1,000,000 per month) will be charged at Rs1.005 million plus 32.5% of the amount exceeding Rs6 million • In the last slab, individuals earning more than Rs12 million (more than Rs1,000,000 per month) a year will be charged at Rs2.955 million plus 35% of the amount exceeding Rs12 million Here are the new inco...