Income Tax Calculator - Calculate Income Tax for FY 2022-23 & AY 2023-24
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Income Tax Calculator

  • 1. Income Details
  • 2. Deduction
  • 3. Summary

Income Details

Next: Deduction

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Annual Salary/Pension

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₹ 5 Lac
₹ 1 Cr

Allowances And Exemptions

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₹ 0
₹ 1 Cr

Aggregate Savings Bank interest received

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₹ 0
₹ 1 Cr

Professional Tax

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₹ 0
₹ 2.5 k

Type Of House Property

Annual Rental Income

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₹ 0
₹ 1 Cr

Income from Other Sources

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₹ 0
₹ 1 Cr

Deduction

Next: Summary

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Deductions U/s 80C

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₹ 0
₹ 1.5 Lac

NPS/ Atal PY Contribution U/s 80CCD (1)

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₹ 0
₹ 1 Cr

NPS Contribution U/s 80CCD (1B)

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₹ 0
₹ 1 Cr

NPS Contribution U/s 80CCD (2)

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₹ 0
₹ 1 Cr

Rebate 87A

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₹ 0
₹ 1 Cr

Medical Insurance 80D

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₹ 0
₹ 1 Cr

Interest on home loan (80EEA)

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₹ 0
₹ 1 Cr

Summary

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Your Tax Results Old Regime New Regime
Total Gross Income ₹  ₹ 
Total Deduction ₹  ₹ 
Total Taxable Income ₹  ₹ 
Net Payable Tax ₹ 
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How To Use The Income Tax Calculator??

Plan your taxes accurately by knowing your annual income tax owed.

Step 1

Enter basic details such as age and financial year.

Step 2

Enter correct income details for which income tax is applicable.

Step 3

Fill in the deductions and obtain your result for the income tax you need to plan.

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Income Tax Slab (for salaried individuals under 60 years of age$)

Existing Tax Regime New Tax Regime u/s 115BAC
Income Tax Slab Income Tax Rate Income Tax Slab Income Tax Rate
Up to ₹ 2,50,000 Nil Up to ₹ 2,50,000 Nil
₹ 2,50,001 - ₹ 5,00,000 5% above ₹ 2,50,000 ₹ 2,50,001 - ₹ 5,00,000 5% above ₹ 2,50,000
₹ 5,00,001 - ₹ 10,00,000 ₹ 12,500 + 20% above ₹ 5,00,000 ₹ 5,00,001 - ₹ 7,50,000 ₹ 12,500 + 10% above ₹ 5,00,000
Above ₹ 10,00,000 ₹ 1,12,500 + 30% above ₹ 10,00,000 ₹ 7,50,001 - ₹ 10,00,000 ₹ 37,500 + 15% above ₹ 7,50,000
₹ 10,00,001 - ₹ 12,50,000 ₹ 75,000 + 20% above ₹ 10,00,000
₹ 12,50,001 - ₹ 15,00,000 ₹ 1,25,000 + 25% above ₹ 12,50,000
Above ₹ 15,00,000 ₹ 1,87,500 + 30% above ₹ 15,00,000

Claims on Tax deductions

Section 87A*: Income below ₹5 lakhs after claiming tax deductions is eligible for a tax rebate of up to ₹12,500.

Section 80C$, Section 80CCC$, Section 80CCD (1) $ : Deduction of up to a total of ₹1.5 lakhs in life insurance premium, tuition fees, Public Provident Funds (PPF), National Savings Certificate (NSC), Unit-linked Insurance Plans (ULIP), and Equity-linked Savings Schemes (ELSS) on the Interest Income.

Section 80CCD (1B) $ : An investment of ₹50,000 above ₹1.5L eligible under Section 80C in the National Pension System (NPS).

Section 80D$: Deduction towards payments made to Health Insurance Premium & Preventive Health check up.

Section 80G$: Any donations made towards prescribed Funds, Charitable Institutions, etc. are eligible for deductions.

Section 80E$: Deduction towards interest payments for higher education loan.

Section 8OTTA/80TTB$: Interest income of up to ₹10,000 from savings accounts is eligible for deduction. For senior citizens, interest income up to ₹50,000 Section 8OTTA/80TTB$: Interest income of up to ₹10,000 from savings accounts, under Section 8OTTB.

Frequently Asked Questions

To calculate your taxable income, you need to include income from the below sources:

  • Income from Salary
  • Income from House property (any rental income, or interest paid on home loan)
  • Income from Capital gains (income from sale purchase of shares or house)
  • Income from Business (income from freelancing, a business, or a profession)
  • Income from Other sources (saving account interest income, fixed deposit interest income, or interest income from bonds).

The tax amount you pay as income tax is decided based on your annual income, investments, and deductions. If you invest in health insurance or life insurance, your premiums are accounted for by tax deductions under Section 80C. Similarly, if you invest in Public Provident Fund (PPF), National Savings Certificate (NSC), your investments are eligible for tax deductions under Section 80C. It also depends on the type of tax regime you opt for. The new tax regime has a different set of rules and deductions.

In India, your income is taxed basis the income slab you fall in. This is only your salary income. Other sources of income are also combined and accounted for the right kind of deductions as per the rules. However, there are multiple income sources that are exempt from taxation. For example, income from PPF returns, scholarships and rewards, agricultural income, NRI tax free income, gratuities and so on.

Income tax exemption limit is up to ₹2,50,000 for individuals, HUF below 60 years aged, and NRIs. An additional 4% Health & Education Cess will be applicable on the tax amount calculated as above.

It isn’t necessary for every individual to file an income tax return each year. Usually, if your total income for the year doesn't exceed a certain threshold, then you don't need to file a federal tax return. It is recommended that you file your ITR since you will have a record of your income and you can present it for various reasons as income proof ranging from loans to study abroad. Before you are required to file any tax returns; your age, the type of income, and your filing status are also considered.

All those who are salaried employees and are eligible to pay their income tax can use the Income Tax Calculator.

Income Tax is one of the most popular and straightforward tax. It is a direct tax, that is charged on your income in a financial year. There are a lot of aspects to the income tax, like taxable income, reduction of the taxable income, tax slabs, tax deducted at source (TDS), etc. such tax is relevant to both the companies and individuals.

Disclaimers

You may avail of tax benefits under Section 80C and Section 10(10D)* of Income Tax Act, 1961 subject to conditions as specified in those sections. Tax benefits are subject to change as per tax laws. Customer is advised to take an independent view from tax consultant.
*source- https://incometaxindia.gov.in/Pages/faqs.aspx


$source- https://www.incometax.gov.in/iec/foportal/help/individual/return-applicable-1


The calculation is generated on the basis of information provided and does not constitute an offer or solicitation for the purpose of purchase or sale of any product. Further customer is the advised to go through the sales brochure before conducting any sale. Ref No : KLI/22-23/E-WEB/1813


The tax details provided are for general understanding only and the reader needs to verify the facts as per the prevailing tax laws. After this sentence the tax disclaimer sentence should be added.


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