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New Tax Calculator

The document compares the old and new tax regimes for the 2022-23 and 2023-24 financial years. It shows that under the old tax regime, the taxpayer would pay Rs. 505,977 in taxes for the 2022-23 year. Under the new tax regime, their taxable income increases but their tax amount decreases to Rs. 517,797 for 2022-23 and further decreases to Rs. 464,547 for 2023-24 as tax slabs and rates are revised.

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51 views5 pages

New Tax Calculator

The document compares the old and new tax regimes for the 2022-23 and 2023-24 financial years. It shows that under the old tax regime, the taxpayer would pay Rs. 505,977 in taxes for the 2022-23 year. Under the new tax regime, their taxable income increases but their tax amount decreases to Rs. 517,797 for 2022-23 and further decreases to Rs. 464,547 for 2023-24 as tax slabs and rates are revised.

Uploaded by

DJ
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Old Tax Regime NEW(2022-23) NEW(2023-24)

Gross Sal ₹ 2,600,990.00


Stand. Deduction ₹ 50,000.00 ₹ 52,500.00
Professional Tax ₹ 2,400.00
HRA benefit ₹ 77,000.00
80c ₹ 150,000.00
Any other deductions ₹ 10,000.00
Taxable income ₹ 2,311,590.00 ₹ 2,600,990.00 ₹ 2,548,490.00

Tax to be paid ₹ 505,977.00 ₹ 517,797.00 ₹ 464,547.00


Tax with cess ₹ 526,216.08 ₹ 538,508.88 ₹ 483,128.88

* Fill cells in green only


* Works only if taxable income is > 15L
* disclaimer: i cannot guarantee the accuracy
Contact - Suhas Bharadwaj - [email protected]
Slab Old Tax Regime New Tax Regime (2022-23) New Tax Regime (2023-24)
0-2.5L 0 0 0
2.5L -3L 5% 5% 0
3L-5L 5% 5% 5%
5L-6L 20% 10% 5%
6L-7.5L 20% 10% 10%
7.5L-9L 20% 15% 10%
9L-10L 20% 15% 15%
10L-12L 30% 20% 15%
12L-12.5L 30% 20% 20%
12.5L-15L 30% 25% 20%
>15L 30% 30% 30%
250000 ₹ - ₹ - ₹ -
50000 ₹ 2,500.00 ₹ 2,500.00 ₹ -
200000.0 ₹ 10,000.00 ₹ 10,000.00 ₹ 10,000.00
100000 ₹ 20,000.00 ₹ 10,000.00 ₹ 5,000.00
150000 ₹ 30,000.00 ₹ 15,000.00 ₹ 15,000.00
150000 ₹ 30,000.00 ₹ 22,500.00 ₹ 15,000.00
100000 ₹ 20,000.00 ₹ 15,000.00 ₹ 15,000.00
200000 ₹ 60,000.00 ₹ 40,000.00 ₹ 30,000.00
50000 ₹ 15,000.00 ₹ 10,000.00 ₹ 10,000.00
250000 ₹ 75,000.00 ₹ 62,500.00 ₹ 50,000.00

₹ 262,500.00 ₹ 187,500.00 ₹ 150,000.00


Income Tax in new regime 23-24
₹ 600,000.00 ₹ -
₹ 700,000.00 ₹ -
₹ 750,000.00 ₹ 31,200.00
₹ 900,000.00 ₹ 46,800.00
₹ 1,000,000.00 ₹ 62,400.00
₹ 1,200,000.00 ₹ 93,600.00
₹ 1,500,000.00 ₹ 156,000.00
₹ 1,550,000.00 ₹ 171,600.00
₹ 1,600,000.00 ₹ 170,820.00
₹ 1,700,000.00 ₹ 202,020.00
₹ 1,800,000.00 ₹ 233,220.00
₹ 1,900,000.00 ₹ 264,420.00
₹ 2,000,000.00 ₹ 295,620.00
₹ 2,100,000.00 ₹ 326,820.00
₹ 2,200,000.00 ₹ 358,020.00
₹ 2,300,000.00 ₹ 389,220.00
₹ 2,400,000.00 ₹ 420,420.00
₹ 2,500,000.00 ₹ 451,620.00

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