So using above income tax calculator FY 2023-24, you can easily decide to choose between Old and new tax regime. Read this article to know various Deduction options to Save Income Tax Provide “ Deductions or Investments” you have made or will be making in selected Financial Year.Provide your yearly Income in “ Income” Section along with Interest earned and other income.Select whether you are a Salaried employee, own Business or a Pensioner for Standard Deduction availability.Select the “ Financial Year” you want to calculate Income Tax for.How to use this Income Tax Calculator FY 2023-24 Also with tax slabs changed, the tax liability is reduced from FY 2023-24 compared to previous financial years.Tax Rebate applicable with new tax regime up to income of Rs.50,000 will be available with new tax regime from FY 2023-24 onwards In Budget 2023, Standard Deduction of Rs.But you will not get any deduction option to be claimed with new tax regime, except some of the below benefits It is important to note that the new tax regime slab rates mentioned above are the reduced tax slab rates for all age groups. Income Tax Slab Rates in India for all age groups (New Tax Regime)ĪLSO READ: Income Tax Brackets for FY 2023-24 for all age groups NEW TAX REGIME DEDUCTIONS AND BENEFITS Let us now see the reduced tax slab rates, that is New Tax Regime for age up to 60 years: Income Income Tax Slab Rates in India for age up to 60 years (Old Tax Regime) If your age is below 60 years in FY 2023-24, below are the Tax slab rates for you based on Old Tax Regime: Income You pay tax on entire amount you earn in FY. But new tax regime does not allow any deductions (except Standard Deduction in FY 2023-24) to be claimed if you make any investments, to save more income tax. This regime was introduced to help you lower the burden of income tax you were paying in previous years using Old tax regime. New Tax Regime – This regime was introduced in Budget 2020 and has slightly reduced tax slab rates.It allows you to some investment options to help you save income tax by deducting the investment amounts under various sections Old Tax Regime – This regime has slab rates that are unchanged from a long time.You can plan and decide which one you should choose to pay less income tax. Now, based on the 2 tax regimes, you will reach 2 figures of income tax using above income tax calculator.During this period, you need to pay income tax on total income you earn in the FY.When you have certain income, you have to pay income tax on your income you generate in a FY (Financial Year), which is between April month to March month of next year.New tax regime has reduced tax slab rates compared to old tax regime, but without any deductions allowed except Standard Deduction.By default, new tax regime will be selected, but you have the option to opt for Old Tax Regime.In FY 2023-24, there are 2 tax regimes – Old and New Tax Regime.You are liable to pay Income Tax to government based on your Income, so this calculator will help you calculate your Income Tax so that you don’t get any surprises and plan accordingly. This Income Tax calculator 2023-24 is a Free Tax Calculator that helps you in calculating Income Tax based on your Income. Share above Income Tax Calculator 2023-24 with your friends and help them know their income tax. UPI ID: that you are “ Paying Abhilash Gupta” before making the transaction so that it reaches me. Found this Helpful? DONATE any amount to see more useful Content.
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