Income tax slab for ay 2023-24 calculator

• Union Finance Minister Nirmala Sitharaman presents the Union Budget 2023-24 on Wednesday. • The Finance Minister reduced the new income tax slab from six to five, beginning at Rs 3 lakh. • In the Budget Presentation 2023-24, Finance Minister extends the Income Tax rebate up to Rs 7 lakh. New Delhi: Union Finance Minister Nirmala Sitharaman on Wednesday announced the Union Budget for the fiscal year 2023-24. She announced several changes in taxation. Keeping salaried employees in mind, the finance minister announced a rebate in the income tax. Now people with an annual income of Rs 7 lakh will not have to pay tax under the new tax regime. Her announcement during the budget presentation brought smiles to the faces of citizens across the nation. The Finance Minister also announced changes in the Income Tax slabs. Here, is how you can calculate your income tax liability for the Assessment Year 2023-24 by using the following Income Tax calculator: Importance of Tax Calculator The Income Tax Calculator is an easy-to-use online tool for estimating your tax bill based on your income and investments. This tool can assist you in properly planning your tax-saving investments so that you can maximise your taxes. How to use the Income tax calculator ? Given below are the steps to calculate tax First of all, choose the financial year for which you want to calculate taxes. Then select your age accordingly, as tax liability in India is based on age groups. Select ‘Go to Next Step.’ Then...

Union Budget Highlights 2023 On 1 Feb 2023 , our honourable Finance minister Nirmala Sitharaman presented her last full year budget of the Modi government. Major highlights for a taxpayer from the presentation are listed below- Major Highlights Of The Budget 2023 1). The 75th year of Independence has recognised India as a bright star. 2). The new slab rate for the Fy 2023-24 is as follows Annual Income Rate Of Tax 0 to 3,00,000 Nil 3,00,000 to 6,00,000 5% 6,00,000 to 9,00,000 10% 9,00,000 to 12,00,000 15% 12,00,000 to 15,00,000 20% Above 15,00,000 30% 3). The Government has enhanced income tax exemption limit up to Rs. 7 lakh under the new tax regime 4). Individuals with an annual income of Rs.9 lakh will only pay tax of Rs. 45 thousand only earlier it was Rs. 60 thousand. 5). Standard deduction under the New Tax regime for individuals with income up to Rs.15 lakh will be Rs. 52,400. 6). The tax exemption limit is Rs.25 lakh on leave encashment on retirement for non-government salaried employees. Calculate Your Tax Return FY 23-24 Under New Tax Regime and Old Tax Regime Anyone who has an income that crosses a specific threshold is required to pay taxes. Income Tax is the tax that is levied by the Central Government on the income earned during the financial year by individuals and businesses. The most confused any intelligent man becomes when asked to calculate taxes. But technology has made life convenient for all of us. The introduction of an Income Tax Calculator Fy23-24...

Revised tax rates for the salaried class are: For income below Rs600,000 per year or Rs50,000 per month Zero tax For income between Rs0.6 to Rs1.2 million per year or Rs50,000 to Rs100,000 per month 2.5 percent of the amount exceeding Rs0.6 million For income between Rs1.2 to Rs2.4 million per year or Rs100,000 to Rs200,000 per month Rs15,000 and 12.5 percent of the amount exceeding Rs1.2 million For income between Rs2.4 to Rs3.6 million per year or Rs200,000 to Rs300,000 per month Rs165,000 and 20 percent of the amount exceeding Rs2.4 million For income between Rs3.6 to Rs6 million per year or Rs300,000 to Rs500,000 per month Rs405,000 and 25 percent of the amount exceeding Rs3.6 million For income between Rs6 to Rs12 million per year or Rs500,000 to Rs0.1 million per month Rs1.005 million and 32.5 percent of the amount exceeding Rs6 million For income over Rs12 per year or Rs 1million per month Rs2.955 million and 35 percent of the amount exceeding Rs12 million

This income tax calculator is very easy to use to instantly figure out tax on your income. Here are the steps: Step 1: Choose financial year In the first step, you need to select the financial year from dropdown menu for which you want to calclate the income tax. Step 2: Basic details In the second step, enter your basic details such as your age, earnings, the type of house you are living in, rent that you pay if you are living in a rented house. Step 3: Income details Now, add your income details, such as your basic, gross salary, and income from other sources, such as interest on deposits and rental income. Step 4: Add your exemptions Next, you need to add the exemptions such as HRA, special allowance, and EPF contribution. Step 5: List down your capital gains In this part, you can list down all the capital gains you have earned in the year through the sale of equity investments, unlisted shares, or debt investments. Step 6: Add the deductions In this step, you need to include the expenses and investments available for deductions such as ELSS, term insurance premiums, NPS, donations to charities etc. Step 7: Get the results After hitting "Continue", you will see your total taxable income and the total tax that you need to pay under the tax regime, you have chosen. • You can use our income tax calculator to estimate your total tax on income to figure out which tax regime you should choose. Here are the steps for the Step 1: Calculate your gross taxable income To calculate...

This income tax calculator is very easy to use to instantly figure out tax on your income. Here are the steps: Step 1: Choose financial year In the first step, you need to select the financial year from dropdown menu for which you want to calclate the income tax. Step 2: Basic details In the second step, enter your basic details such as your age, earnings, the type of house you are living in, rent that you pay if you are living in a rented house. Step 3: Income details Now, add your income details, such as your basic, gross salary, and income from other sources, such as interest on deposits and rental income. Step 4: Add your exemptions Next, you need to add the exemptions such as HRA, special allowance, and EPF contribution. Step 5: List down your capital gains In this part, you can list down all the capital gains you have earned in the year through the sale of equity investments, unlisted shares, or debt investments. Step 6: Add the deductions In this step, you need to include the expenses and investments available for deductions such as ELSS, term insurance premiums, NPS, donations to charities etc. Step 7: Get the results After hitting "Continue", you will see your total taxable income and the total tax that you need to pay under the tax regime, you have chosen. • You can use our income tax calculator to estimate your total tax on income to figure out which tax regime you should choose. Here are the steps for the Step 1: Calculate your gross taxable income To calculate...

• Union Finance Minister Nirmala Sitharaman presents the Union Budget 2023-24 on Wednesday. • The Finance Minister reduced the new income tax slab from six to five, beginning at Rs 3 lakh. • In the Budget Presentation 2023-24, Finance Minister extends the Income Tax rebate up to Rs 7 lakh. New Delhi: Union Finance Minister Nirmala Sitharaman on Wednesday announced the Union Budget for the fiscal year 2023-24. She announced several changes in taxation. Keeping salaried employees in mind, the finance minister announced a rebate in the income tax. Now people with an annual income of Rs 7 lakh will not have to pay tax under the new tax regime. Her announcement during the budget presentation brought smiles to the faces of citizens across the nation. The Finance Minister also announced changes in the Income Tax slabs. Here, is how you can calculate your income tax liability for the Assessment Year 2023-24 by using the following Income Tax calculator: Importance of Tax Calculator The Income Tax Calculator is an easy-to-use online tool for estimating your tax bill based on your income and investments. This tool can assist you in properly planning your tax-saving investments so that you can maximise your taxes. How to use the Income tax calculator ? Given below are the steps to calculate tax First of all, choose the financial year for which you want to calculate taxes. Then select your age accordingly, as tax liability in India is based on age groups. Select ‘Go to Next Step.’ Then...

Union Budget Highlights 2023 On 1 Feb 2023 , our honourable Finance minister Nirmala Sitharaman presented her last full year budget of the Modi government. Major highlights for a taxpayer from the presentation are listed below- Major Highlights Of The Budget 2023 1). The 75th year of Independence has recognised India as a bright star. 2). The new slab rate for the Fy 2023-24 is as follows Annual Income Rate Of Tax 0 to 3,00,000 Nil 3,00,000 to 6,00,000 5% 6,00,000 to 9,00,000 10% 9,00,000 to 12,00,000 15% 12,00,000 to 15,00,000 20% Above 15,00,000 30% 3). The Government has enhanced income tax exemption limit up to Rs. 7 lakh under the new tax regime 4). Individuals with an annual income of Rs.9 lakh will only pay tax of Rs. 45 thousand only earlier it was Rs. 60 thousand. 5). Standard deduction under the New Tax regime for individuals with income up to Rs.15 lakh will be Rs. 52,400. 6). The tax exemption limit is Rs.25 lakh on leave encashment on retirement for non-government salaried employees. Calculate Your Tax Return FY 23-24 Under New Tax Regime and Old Tax Regime Anyone who has an income that crosses a specific threshold is required to pay taxes. Income Tax is the tax that is levied by the Central Government on the income earned during the financial year by individuals and businesses. The most confused any intelligent man becomes when asked to calculate taxes. But technology has made life convenient for all of us. The introduction of an Income Tax Calculator Fy23-24...

Revised tax rates for the salaried class are: For income below Rs600,000 per year or Rs50,000 per month Zero tax For income between Rs0.6 to Rs1.2 million per year or Rs50,000 to Rs100,000 per month 2.5 percent of the amount exceeding Rs0.6 million For income between Rs1.2 to Rs2.4 million per year or Rs100,000 to Rs200,000 per month Rs15,000 and 12.5 percent of the amount exceeding Rs1.2 million For income between Rs2.4 to Rs3.6 million per year or Rs200,000 to Rs300,000 per month Rs165,000 and 20 percent of the amount exceeding Rs2.4 million For income between Rs3.6 to Rs6 million per year or Rs300,000 to Rs500,000 per month Rs405,000 and 25 percent of the amount exceeding Rs3.6 million For income between Rs6 to Rs12 million per year or Rs500,000 to Rs0.1 million per month Rs1.005 million and 32.5 percent of the amount exceeding Rs6 million For income over Rs12 per year or Rs 1million per month Rs2.955 million and 35 percent of the amount exceeding Rs12 million