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Income Tax Calculator APPLY ONLINE

Income Tax Calculator

Financial Year:2022-23

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Annual income (Rs.) " 0

Interest paid on Home Loan 0

Principal repaid on Home Loan 0

What is an income tax calculator?

An Income Tax Calculator is an online tool you can use to

assess your tax liability as per the relevant tax laws.  The
Income Tax Calculator considers factors like your income,
age, interest paid towards your home loan, expenses, and
investments to indicate the total tax payable on your
income under the new or old tax regime.

Depending on the tax regime, the tax slabs and factors

considered will vary. The online tax calculator is free,
easy-to-use, and generates error-free results instantly.

How to use an income tax calculator for FY

2022-23? (AY 2023-24)?

To know your tax liability with an income tax calculator,

simply enter relevant details in the fields:

Select your age bracket

Enter your annual income
Disclose investments and eligible deductions under
Sections like:

80C (ELSS funds, PPF, house loan principal

repayment, etc.)
80CCD(1B) (National Pension System)
24B (Home loan interest repayment)
80E (Education loan interest repayment)
80G (donations to charitable institutions)
Enter HRA, LTA exemptions

You can enter ‘0’ for fields that are not applicable. Once
you go through the steps, you will see your tax payable
under the old and new regimes for AY 2023-24 (FY 2022-
23).

How is income tax calculated?

Income tax is calculated on your taxable income based on

the tax slab applicable. Your taxable income is derived by
adding income from all sources (salary, rent, capital gains,
etc.) to get your gross total income and subtracting from
this the deductions and exemptions you are eligible for.
Taxes already paid in the form of TDS or advance tax will
be considered when calculating income tax.

Calculate income tax for the old regime:

In the old tax regime, you benefit from standard

deduction and can claim special allowances and tax
exemptions on HRA and LTA to arrive at your income from
salary. To this, add income from other sources, such as
house property, capital gains, and business/ profession to
get your gross total income. Next, you can claim
deductions under Sections 80C, 80D, 80TTA, etc., to get
your taxable Income.

Your taxable income is taxed at the relevant tax slab rate

and cess is added to give you your total tax payment.

Calculate income tax for the new regime:

In the new tax regime, you forgo most exemptions and

deductions, for instance, LTC, HRA, standard deduction,
deductions under Sections 80C, 80D, 80E, 80G, and so
on. Add income from other sources to your income from
salary to get your Gross Total Income.

This is taxed at the concessional tax slab rates and cess is

added to give you your total income tax payment.

Income tax slabs for new and old regime

New income tax slab for FY 2020-21 & AY 2023-24

Taxable income Tax rates

Up to Rs. 2,50,000 NIL

Rs. 2,50,001 – Rs. 5% of income above Rs.

5,00,000 2.5 lakh + 4% cess on
income tax

Rs. 5,00,001 – Rs. Rs. 12,500 + 10% of total

7,50,000 income above Rs. 5 lakh
+ 4% cess

Rs. 7,50,001 – Rs. Rs. 37,500 + 15% of total

10,00,000 income above Rs. 7.5
lakh + 4% cess

Rs. 10,00,001 – Rs. Rs. 75,000 + 20% of

12,50,000 total income above Rs.
10 lakh + 4% cess

Rs. 12,50,001 – Rs. Rs. 1,25,000 + 25% of

15,00,000 total income above Rs.
12.5 lakh + 4% cess

Above Rs. 15,00,000 Rs. 1,87,500 + 30% of

total income above Rs.
15 lakh + 4% cess

The old regime tax slabs for AY 2023-24 are as follows.

1. For individuals below age 60

Taxable income Tax rates

Up to Rs. 2.5 lakhs NIL

Rs. 2,50,001 – Rs. 5 lakhs 5% of income above Rs.

2.5 lakh + 4% cess on
income tax

Rs. 5,00,001 – Rs. 10 Rs. 12,500 + 20% of

lakhs income above Rs. 5 lakh
+ 4% cess

Above Rs. 10 lakhs Rs. 1,12,500 + 30% of

income above Rs. 10 lakh
+ 4% cess

2. For individuals between 60 and 80 years (senior

citizens)

Taxable income Tax rates

Up to Rs. 3 lakhs NIL

Rs. 3,00,001 – Rs. 5 lakhs 5% of income above Rs.

3 lakh + 4% cess on
income tax

Rs. 5,00,001 – Rs. 10 Rs. 10,500 + 20% of

lakhs income above Rs. 5 lakh
+ 4% cess

Above Rs. 10 lakhs Rs. 1,10,000 + 30% of

income above Rs. 10 lakh
+ 4% cess

3. For individuals aged 80 and above (super-senior

citizens)

Taxable income Tax rates

Up to Rs. 5 lakhs NIL

Rs. 5,00,001 – Rs. 10 20% of income above Rs.

lakhs 5 lakh + 4% cess on
income tax

Above Rs. 10 lakhs Rs. 1,00,000 + 30% of

income above Rs. 10 lakh
+ 4% cessnt

What are the benefits of filing income tax

online?

Filing income tax returns online:

Is quick and convenient

Allows for faster and electronic tax refunds
Facilitates a prompt confirmation receipt and real-
time status updates
Is confidential and secure
Is error-free and saves professional costs
Helps with VISA processing, getting insurance, and
loan applications
Serves as an income and address proof
Makes it easy to avoid the late penalty
Helps you carry forward losses

Does everyone have to file income tax?

You must file income tax returns if your gross total

income for the financial year exceeds the basic exemption
limit. For the old regime, the basic exemption limit is:

Rs. 2.5 lakh for residents below age 60

Rs. 3 lakh for senior citizens (between 60 and 80
years)
Rs. 5 lakh for super-senior citizens (80 years and
above)

In the new tax regime, the basic exemption is Rs. 2.5 lakh
across all age categories.

Additionally, you must file ITR if you have:

Deposited more than Rs. 1 crore in current

account(s)
Spent more than Rs. 2 lakh on foreign travel
Incurred more than Rs. 1 lakh on electricity
Income in/ assets from/ signing authority in an
account in a foreign country
Gross total income more than the exemption limit
before claiming relevant capital gains exemptions

As per Union Budget 2021, senior citizens above age 75

are exempt from filing ITR for FY 2021-22 if they have only
pension and interest income and the two are deposited/
earned in the same bank.

What are the eligibility criteria to file

income tax?

Any resident citizen with gross total income above the

basic exemption limit must file income tax returns.
However, if your total income is less than the taxable limit,
you can file a NIL return.

Other entities that file ITR in India are:

Hindu Undivided Family (HUF)

Associations of Persons (AoPs)
Local authorities
Corporate firms
Charitable/ religious trusts
Companies
Artificial juridical persons
Body of Individuals (BOI)

Depending on the taxpayer, the correct ITR form must be

used.

What are the details required for e-filing an

income tax return?

For e-filing of income tax return keep the following details

and documents ready:

PAN, Aadhaar, permanent address

Bank account details relevant to the financial year
(indicate which account any income tax refund
should go to)
Form 16 and proofs of interest income, for instance,
from FDs
Deduction details, pertaining to Section 80C, 80D,
and others under Chapter VI-A
Proof of tax paid (advance tax, TDS, etc.)

What are the tax exemptions available for

salaried individuals?

Standard deduction (Rs. 50,000)

House Rent Allowance (partial or total)
Leave Travel Allowance (for domestic travel)
Work-related expenses (telephone bills, meal
coupons, etc.)
Deductions under Section
80C, 80CCC, 80CCD(1) (NPS, PPF, ELSS,
tuition fees, tax-saver FD)
80D (health insurance premiums)
80C, 24B, and 80EE/ 80EEA (home loan
repayment)
80E (education loan interest)
80G (contributions to approved charitable
organisations)
80TTA (savings account interest)
Other deductions

These exemptions/ deductions apply to the old regime.

Under the new regime only very few allowances and
deductions are available.

Frequently asked questions about the

income tax calculator

How much income tax should I pay on my

salary?

How much income tax you pay on your salary depends

on your taxable income and the income tax slab you fall
under. Your taxable income is what you get when you
subtract the exemptions and deductions from your
Gross Total Income, which includes your salary (less
HRA, standard deduction, etc., for the old regime) and
income from other sources.

The tax slab depends on your taxable income and age

and is different for the old and new regime.

What is the limit of 80C deduction?

How much tax rebate can I avail on a home

loan?

Read More

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