Income tax calculator fy 2023-24

New Tax Regime Calculator FY 2023-24 (AY 2024-25): 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. 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 Income Tax Calculator given below. With this calculator, you can also make a comparison of your tax liability under old and new regimes. Calculator 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 6,00,0...

A quick review (Limited Information) of the applicable provisions under the Income Tax Act, 1961 for the F. Y. 2023-24 (A. Y. 2024-25), after incorporating amendments (only key and selective amendments) proposed by the Union Budget of 2023, are given below for ready reference and information.:- (NOTE: The Budget of 2023 has made the New Tax Regime u/s 115BAC a "Default Regime" and the Old Tax Regime has become "Tax Inefficient" for Assessees (other than having brought forward and carried forward losses) and therefore the provisions of Old Tax Regime are given as an Annexure) SLAB TOTAL INCOME Rate of Tax TAX CALCULATOR I Upto Rs. 3,00,000/- 0 % NIL II Rs. 3,00,001/- to Rs. 6,00,000/- 5% (Total Income - 3,00,000)*5% III Rs. 6,00,001/- to Rs. 9,00,000/- 10 % 15000 + (T.I. - 600000)*10% IV Rs. 9,00,001/- to Rs. 12,00,000/- 15 % 45000+(T.I.- 9,00,000)*15% V Rs. 12,00,001/- to Rs. 15,00,000/- 20 % 90000 + (T.I. - 12,00,000) * 20% VII Above Rs. 15,00,000/- 30 % 1,50,000/- + (T.I. - 15,00,000) * 30% ALLOWABLE DEDUCTIONS/ INCENTIVES IN THE NEW TAX REGIME Section Nature Allowable Deduction Limit 16 (ia) Standard Deduction to Salaried Employees Upto Rs. 50,000/- 57 (iia) Family Pension paid to the Family Member after the death of the Employee by the Employer Lower of (i) Rs. 15000/- or (ii) 33 1/3 % of such Family Pension Received 80 CCD (2) Employer Contribution to National Pension Scheme (NPS) For Central & State Govt Employees - Limit is 14% off of Salary; For Other Employees - L...

Income Tax Calculator AY 2023-24: You can calculate your income tax liability for the Assessment Year 2023-24 under Old and New tax regimes by using the following Income Tax Calculator. This will also help you find out which regime is more suitable for you. Finance Minister Nirmala Sitharaman on February 1 2023 proposed a change in Income Tax slabs under Tax Regime. This calculator has been updated as per FM’s announcements. Note: For Assessment Year 2023-24, you will be filing an Income Tax Return for expenses/income/investments/savings made in FY 2022-23. The tax rates and slabs applicable for AY 2023-24 would be the current tax slab rates. ( Also Check: Can you change tax regime while filing Income Tax Return (ITR)? Why should you use Income Tax Calculator? The income Tax New Regime Income Tax Slab Rates Following are the currently applicable Income Tax Slabs and Rates 2023 (New Regime) Following are the new tax slabs in the New Tax Regime as per FM Nirmala Sitharaman’s Budget Speech 2023 Income Tax Rates For AY 2023-24 (New Regime) • 0 to Rs 2.5 lakh: NIL • Rs 2.5 to Rs 5 lakh: 5% above Rs 2.5 lakh • Rs 5 lakh to Rs 7.5 lakh: Rs 12,500 + 10% above Rs 5 lakh • Rs 7.5 lakh to Rs 10 lakh: Rs 37,500 + 15% above Rs 7.5 lakh • Rs 10 lakh to Rs 12.5 lakh: Rs 75,00- + 20% above Rs 10 lakh • Rs 12.5 lakh to Rs 15 lakh: Rs 1,25,000 + 25% above Rs 12.5 lakh • Above Rs 15 lakh: Rs 1,87,500 + 30% above Rs 15 lakh Income Tax Slabs and Rates 2023 (Old Regime) There was no change in T...

New Tax Regime Calculator FY 2023-24 (AY 2024-25): 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. 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 Income Tax Calculator given below. With this calculator, you can also make a comparison of your tax liability under old and new regimes. Calculator 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 6,00,0...

Income Tax Calculator AY 2023-24: You can calculate your income tax liability for the Assessment Year 2023-24 under Old and New tax regimes by using the following Income Tax Calculator. This will also help you find out which regime is more suitable for you. Finance Minister Nirmala Sitharaman on February 1 2023 proposed a change in Income Tax slabs under Tax Regime. This calculator has been updated as per FM’s announcements. Note: For Assessment Year 2023-24, you will be filing an Income Tax Return for expenses/income/investments/savings made in FY 2022-23. The tax rates and slabs applicable for AY 2023-24 would be the current tax slab rates. ( Also Check: ITR filing Last Date 2023: Due date to file Income Tax Return Online for AY 2023-24 Why should you use Income Tax Calculator? The income Tax New Regime Income Tax Slab Rates Following are the currently applicable Income Tax Slabs and Rates 2023 (New Regime) Following are the new tax slabs in the New Tax Regime as per FM Nirmala Sitharaman’s Budget Speech 2023 Income Tax Rates For AY 2023-24 (New Regime) • 0 to Rs 2.5 lakh: NIL • Rs 2.5 to Rs 5 lakh: 5% above Rs 2.5 lakh • Rs 5 lakh to Rs 7.5 lakh: Rs 12,500 + 10% above Rs 5 lakh • Rs 7.5 lakh to Rs 10 lakh: Rs 37,500 + 15% above Rs 7.5 lakh • Rs 10 lakh to Rs 12.5 lakh: Rs 75,00- + 20% above Rs 10 lakh • Rs 12.5 lakh to Rs 15 lakh: Rs 1,25,000 + 25% above Rs 12.5 lakh • Above Rs 15 lakh: Rs 1,87,500 + 30% above Rs 15 lakh Income Tax Slabs and Rates 2023 (Old Regime) Ther...

A quick review (Limited Information) of the applicable provisions under the Income Tax Act, 1961 for the F. Y. 2023-24 (A. Y. 2024-25), after incorporating amendments (only key and selective amendments) proposed by the Union Budget of 2023, are given below for ready reference and information.:- (NOTE: The Budget of 2023 has made the New Tax Regime u/s 115BAC a "Default Regime" and the Old Tax Regime has become "Tax Inefficient" for Assessees (other than having brought forward and carried forward losses) and therefore the provisions of Old Tax Regime are given as an Annexure) SLAB TOTAL INCOME Rate of Tax TAX CALCULATOR I Upto Rs. 3,00,000/- 0 % NIL II Rs. 3,00,001/- to Rs. 6,00,000/- 5% (Total Income - 3,00,000)*5% III Rs. 6,00,001/- to Rs. 9,00,000/- 10 % 15000 + (T.I. - 600000)*10% IV Rs. 9,00,001/- to Rs. 12,00,000/- 15 % 45000+(T.I.- 9,00,000)*15% V Rs. 12,00,001/- to Rs. 15,00,000/- 20 % 90000 + (T.I. - 12,00,000) * 20% VII Above Rs. 15,00,000/- 30 % 1,50,000/- + (T.I. - 15,00,000) * 30% ALLOWABLE DEDUCTIONS/ INCENTIVES IN THE NEW TAX REGIME Section Nature Allowable Deduction Limit 16 (ia) Standard Deduction to Salaried Employees Upto Rs. 50,000/- 57 (iia) Family Pension paid to the Family Member after the death of the Employee by the Employer Lower of (i) Rs. 15000/- or (ii) 33 1/3 % of such Family Pension Received 80 CCD (2) Employer Contribution to National Pension Scheme (NPS) For Central & State Govt Employees - Limit is 14% off of Salary; For Other Employees - L...