How to Calculate Income Tax with Slab Rates 2023-24 | Income Tax Calculation

How to Calculate Income Tax with Slab Rates 2023-24 | Income Tax Calculation with old and new tax regime
In this video by FinCalC TV we will see How to Calculate Income Tax Examples using Income Tax Slab Rates for FY 2023-24 in hindi using simple calculator and excel. We will see old tax regime and new tax regime calculations and which is better to choose between old and new tax regime. Also we will see various deduction options to save income tax in 2023-24
Income Tax Calculator Online:
fincalc-blog.in/income-tax-ca...
Income Tax Slab Rates:
fincalc-blog.in/old-vs-new-ta...
New Tax Regime Deduction Options:
fincalc-blog.in/new-tax-slabs...
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CHAPTERS:
00:00 How to Calculate Income Tax Intro
00:50 Old vs New Tax Regime Calculations
01:52 Old Tax Regime Slab Rates 2023-24
02:35 New Tax Regime Slab Rates 2023-24
03:04 Rs. 10 Lakh Income Tax Calculation
04:56 How to Calculate Taxable Income
05:27 Slab 5% Tax Calculation
06:15 Slab 20% Tax Calculation
07:23 Calculating Sum of All Slabs
07:41 Tax Rebate 87A Eligibility
08:05 Cess 4% Calculation
08:24 Total Income Tax Calculation
08:55 New Tax Calculation with new regime
13:26 Deductions available in new tax regime
13:47 Income Tax Calculator using FinCalC Blog
17:30 Conclusion
Section 80C Deductions List:
• Section 80C Deductions...
Save income tax video:
• How to Save Income Tax...
Tax Rebate 87A Explained:
• Standard Deduction & T...
Income Tax Calculation Examples:
• Income Tax Calculation...
After watching this video following queries will be solved:
How To Calculate Income Tax FY 2023-24 AY 2024-25?
What are the income tax slab rates for FY 2023-24?
What is standard deduction for FY 2023-24?
Old Slab rates vs new slab rates?
Income Tax calculation FY 2023-24 using excel examples?
Tax rebate under section 87A?
What is tax rebate u/s 87a
Eligibility for tax rebate 87a
Old income tax slab rates calculation vs new income tax slab rates calculation
New Budget 2023 income tax
standard deduction new tax regime
NEW TAX REGIME:
- No Income Tax on Income between Rs. 0 to Rs. 3 lacs
- 5% Tax on Income between Rs. 3 lacs to Rs. 6 lacs
- 10% Tax on Income between Rs. 6 lacs to Rs. 9 lacs
- 15% Tax on Income between Rs. 9 lacs to Rs. 12 lacs
- 20% Tax on Income between Rs. 11 lacs to Rs. 15 lacs
- 30% Tax on Income above Rs. 15 lacs
OLD TAX REGIME:
- No Income Tax on Income between Rs. 0 to Rs. 2.5 lacs
- 5% Tax on Income between Rs. 2.5 lacs to Rs. 5 lacs
- 20% Tax on Income between Rs. 5 lacs to Rs. 10 lacs
- 30% Tax on Income above Rs. 10 lacs
EXAMPLES:
Let's say your gross total income as Rs. 6,15,000
Let's say your total investments as Rs. 75,000. So your net taxable income becomes equal to Rs. 6,15,000 minus Rs. 75,000, which is equal to Rs. 5,40,000. These Deductions are applicable only if you are using Old Tax slab rates. Your net taxable income when considering New Tax slab rates remains Rs. 6,15,000, as no deductions are applied on your total income.
Now to calculate your income tax, if you are an employee or pensioner, you get a standard deduction of Rs. 50,000 only if you are using old tax slab rates.
So your net taxable income becomes equal to Rs. 4,90,000 if you are using Old Tax Slab Rates. But it remains as Rs. 6,15,000 based on new Tax Slab rates.
WATCH FULL VIDEO TO KNOW MORE ABOUT NEW INCOME TAX SLAB RATES AND MORE EXAMPLES.
#IncomeTax #Examples #FY2023-24 #IncomeTaxCalculation #FinCalCTV
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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.

[@fincalc]

Income Tax Calculation Video kaisa laga? COMMENT KARO👇👇 More Examples on Income Tax Calculation: kzbin.info/www/bejne/an6xn55qg6uFq9k JOIN Telegram Group: t.me/fincalc_tv_channel

[@shashin5092]

Good n easy to understand

[@KAWARE6391724]

​@@shashin5092❤q N

[@subhashsonawane1433]

Good , Excellent

[@kingrajaneesh276]

@fincalc is Professional Tax 2400 along with standard deduction 50000 applicable in this new regime? Please reply

[@fincalc]

@@kingrajaneesh276 only standard deduction is allowed. professional tax deduction is not allowed in new regime

[@kavalibalaji8602]

Very useful and easy to understand👌👌👌 Thanks Bhai🙏🙏🙏

[@SwarupsEdits5117]

Very useful information Great video tax ke bare mein sabse behtarin video

[@demappashivabasannavar3135]

Thank u sir very useful video

[@aswinirobbi504]

great video, i easily understood how tax is calculated

[@fincalc]

Glad it was helpful! Please share with your friends

[@AmanSaini_811]

Thank you thank you thank you. Just because of u I finally Crack it. Thank you.

[@snehasiktachandra8360]

Thanks a lot for the clear explanation on tax. We have 2 PF components - employee contribution and employer contribution. 1 contribution comes under 80c, is the another contribution taxable or non taxable ??

[@TVSCDN]

Thanks a lot very very educative step by step in detail🎉🎉🎉❤❤❤😊

[@fincalc]

welcome. please share with your fiends!

[@sanjivmool6109]

भाई अपने बहोत बढिया बनाया very Good🎉🎉🎉

[@nitinvjn]

Great Sharing.

[@fincalc]

thanks :)

[@tehsildarramnagar5258]

Lovely calculations

[@mamtamishra4974]

Confusion cleared, thanks bro.

[@fincalc]

welcome

[@manojkumar.7073]

Best video sir

[@YasaswiGomes]

It's easy and very well made. Thank you! I was making a video last time on IT for fun and there is no proper guidelines anywhere.

[@fincalc]

Glad you enjoyed it!

[@aneelkumarverma501]

Very nice information for step by step calculation under both regime

[@fincalc]

Thanks for liking

[@ArunDas-bi4sr]

Very clearly explained. Easy to understand. Excellent video. Could be even better with the mention of sec 80tta and 80ttb. Thank you

[@MohdRizwan-fu3ep]

Pura tax ka concept hi clear kar diya,,,

[@kartikchandrasalui5343]

Veri nice your teaching capacity is veri good

[@mtbwhelievlogsrider]

Thanks for clarify

[@rakeshkukrety1059]

It is a nice Demo for filing ITR, FY.23-24.

[@ManavFoundation-cg6yb]

जो लोग सर के द्वारा बताए गए तरीके से टैक्स फाइल करते है। और अधिक टैक्स बचाना चाहते है तो 80 G ke तहत मानव जन कल्याण फाउंडेशन को डोनेट करके 50% तक टैक्स save kar सकते है।

[@regionaldirectorkashmir1345]

Nice description of calculating the tax... Thanks a lot

[@fincalc]

Glad it was helpful!

[@sangrammoharana8490]

thank you

[@sanatpatnaik2987]

Easy to understand ❤

[@ashokjha3915]

Very good news for all

[@sudershankumar8421]

Thanks very much for your nice and clear explanation of the subject.

[@fincalc]

Glad it was helpful!

[@dheerajsolanki9629]

Thanlu bhai

[@user-lq1cz2ob2t]

VERY FINE

[@SumanKumari-ke3bj]

Very easy to understand Thank you 😊

[@fincalc]

welcome :)

[@ajoydas3353]

Very good demo. I'm senior ctzn. What is the calcn, for new regime. pl post. Thnx

[@Rekha1984]

very well explained, Sir. Thank you!

[@fincalc]

Glad it was helpful!

[@user-vz8qu6mb6g]

nice

[@arun4846]

Thanks sir ❤❤❤

[@debasisdas6726]

Please make a video of ITax calculation in Excel sheet mentioning different section of Income Tax act.

[@jankiraichura2139]

Very helpful …. Thank you

[@fincalc]

Glad it was helpful!

[@nilanjanjana6530]

Very informative video, well explained, thank you

[@fincalc]

Glad it was helpful!

[@Garimachawla-j2v]

Good bahut aache se bataya thanks

[@fincalc]

Welcome 🤗

[@madhavvader18]

Best guidance

[@fincalc]

thanks

[@kiranjm1988]

Nice

[@spaceflight7759]

Thank you so much for saving my time sir ❤❤

[@fincalc]

Always welcome

[@sapnamishra2621]

Thanks for providing calculator 😊

[@fincalc]

Most welcome 😊

[@suvrasen1971]

I want to know whether income from other sources are included with the gross income while calculating in the new tax regime.

[@sushmitadutta2783]

Very good, if we can calculate our income tax at your site .

[@ManavFoundation-cg6yb]

जो लोग सर के द्वारा बताए गए तरीके से टैक्स फाइल करते है। और अधिक टैक्स बचाना चाहते है तो 80 G ke तहत मानव जन कल्याण फाउंडेशन को डोनेट करके 50% तक टैक्स save kar सकते है।

[@rajendrasshirsath00]

Very nice 👍

[@fincalc]

Thank you 👍

[@sushmitadutta2783]

, Thank you.

[@fincalc]

welcome

[@suklaljadhav5492]

Good explanation

[@fincalc]

Thanks for liking

[@hk_build]

Your website is not updated to calculate income tax for FY 2024-25 please update Thanks for making this awesome content which is really helpful

[@DarshanPatel-qp7ix]

Good Video Sir

[@fincalc]

Thanks

[@PawanKumar-tw7qh]

❤

[@premsharma2290]

Intt on ppf will treat as intt income in new regim?

[@sureshchandradash6900]

Old & new IT Calculation will deduction professional tax or not. Please

[@SMshaikh7566]

Nice information

[@fincalc]

Thanks

[@chanchalbepari3151]

Very good explanation

[@fincalc]

thanks

[@pareshkadkiya7182]

Sir Education fees kon se section me or kitni diduction hiti hai bataega

[@user-qm2is7xv4y]

for 80 tta deduction, should we consider the interest of q4 of FY 2022-23 credited in q1 of FY 2023-24 for filing ITR of FY 2023-24 AY 2024-25?

[@ManavFoundation-cg6yb]

जो लोग सर के द्वारा बताए गए तरीके से टैक्स फाइल करते है। और अधिक टैक्स बचाना चाहते है तो 80 G ke तहत मानव जन कल्याण फाउंडेशन को डोनेट करके 50% तक टैक्स save kar सकते है।

[@TinyWonderWorld22]

Agr 11L gross h or HRA(saving) nhi h to kya hum New ke sath ja skte h????

[@mdrizwan693]

good

[@fincalc]

Thanks

[@subhadipmondal4894]

My home loan is running on and I am staying in another state in a rented house so can I claim both as deduction?

[@subhashsonawane1433]

Please suggest Tax slab Rate for Senior citizens for F. Y. 2023-2024 in New Regime Thanks Sirji

[@fincalc]

check this article for tax slab rates of all age groups: fincalc-blog.in/old-vs-new-tax-regime-slab-rates-fy-2023-24/

[@ManavFoundation-cg6yb]

जो लोग सर के द्वारा बताए गए तरीके से टैक्स फाइल करते है। और अधिक टैक्स बचाना चाहते है तो 80 G ke तहत मानव जन कल्याण फाउंडेशन को डोनेट करके 50% तक टैक्स save kar सकते है।

[@i9factx374]

Sir ak senior citizen hai jinki na koi income hai na koi job h, sirf ak post office me fd h aur usme unka tds kata h too refund lene k liye kon sa ITR bhare 1-2-3-4❔❔

[@nayanprajapativlogs]

One help which regime I need to use if my gross salaried income is more than 18 lakh please advise

[@fincalc]

if you make investments than old regime, else new regime use calculator and compare tax with both regimes: fincalc-blog.in/income-tax-calculator/

[@ManavFoundation-cg6yb]

जो लोग सर के द्वारा बताए गए तरीके से टैक्स फाइल करते है। और अधिक टैक्स बचाना चाहते है तो 80 G ke तहत मानव जन कल्याण फाउंडेशन को डोनेट करके 50% तक टैक्स save kar सकते है।

[@sandeepjain4963]

If my income is 3 lac and short term capital gain is 3 lac. So under new tax regime no tax i need to pay?

[@JagwantSingh1973]

New slab mein development tex deduct hovega k nahi

[@afroznadaf7541]

Sir, what will happen if I take 1.5L exemption in 80C when I don't have any PF, LIC, Health insurance etc

[@Dharmnitya]

New tax slab me kya NPS ka benifit nhi milta kya????

[@rcspsg2]

for senior citizen what will change?

[@VikashKumar-wn7zl]

Gross pay pr tax lgta h ya net pay pr confusion h reply kijiye plz

[@arupchatterjee4544]

जैसे अपने 60 साल उमर के IT भरने तरीके दिखाए उसी तरह Senior citizen कै IT भरने का (नए और पुराने) एक Demo दिखाए तो आपका बहुत आभारी रहूंगा।🙏

[@fincalc]

ji video banaya hai senior citizen ke liye. yaha dekho: kzbin.info/www/bejne/pGbGo4NjoN6MZ8U

[@SatStar]

Bro as per new regime for 700000 no tax. So no need submit tax proof for the same. Please help. Thanks!

[@fincalc]

you should file ITR so that you have for record purpose in future

[@vishwanathsuvernkar9007]

Tds ke bare me aap batayi

[@SwatiSamant1965]

Please ye comparison 1450000 ke liye kaisa hoga ?

[@Sarvadnya2018]

House loan kaisey calculation kaise kare

[@bikash1894]

In new tax regime,Employers contribution to NPS under sec 80CCD2 can be deducted.But there is no option in your format.Hence,it is not accurate.

[@AmiT-ym4hw]

80ccd2 can only be deducted when it is added in your gross salary

[@vijaydabade3224]

In both old and new tax options it is clear that you have deducted Rs.50000 std dedn from Gross income of Rs. 10,00,000 but you have not deducted the basic deduction of Rs. 250000 from the gross income of Rs.10,00,000. If this is taken into account there would be substantial reduction in final income tax payable by a salaried individual. Kindly clarify.

[@fincalc]

the first 2.5 lakh is not taxable and that is what is mentioned in the examples. watch this latest video to understand more examples: kzbin.info/www/bejne/jIiTanlod819eKc

[@malasinha3220]

New regime me NPS ki chhut milti hai na?

[@MayurRanemacr]

Can someone please tell me that in gross income , do we have employee and employer PF contribution amount, gratuity and professional tax is also there or not?

[@harshkhatri2211]

yes bro it is included in GTI. Against employee contribution you will get max deduction u/s 80c is 1.5 lakh. for employer contribution you will get exemption upto 12%of salary

[@ManavFoundation-cg6yb]

जो लोग सर के द्वारा बताए गए तरीके से टैक्स फाइल करते है। और अधिक टैक्स बचाना चाहते है तो 80 G ke तहत मानव जन कल्याण फाउंडेशन को डोनेट करके 50% तक टैक्स save kar सकते है।

[@nickysescape6257]

Do my yearly bonus and payout on PTO get added to the gross income?

[@fincalc]

Yes

[@ashwinikumarp496]

Good evening sir Rebate u/s 87 a means

[@ravinakaur7814]

Sir cess 4% lgana jruri hai sbke liye

[@manojsable4230]

what about home loan (Principal and int amnt)

[@mukeshchandramohalik1607]

Groce income..8.5lakh above ..which is the best for income tax old or new and whY

[@ManavFoundation-cg6yb]

जो लोग सर के द्वारा बताए गए तरीके से टैक्स फाइल करते है। और अधिक टैक्स बचाना चाहते है तो 80 G ke तहत मानव जन कल्याण फाउंडेशन को डोनेट करके 50% तक टैक्स save kar सकते है।

[@tandelankit8165]

Sir ccd 2 ke bareme samjayye. Goverment employed. New tax regim pleas reply

[@ManavFoundation-cg6yb]

जो लोग सर के द्वारा बताए गए तरीके से टैक्स फाइल करते है। और अधिक टैक्स बचाना चाहते है तो 80 G ke तहत मानव जन कल्याण फाउंडेशन को डोनेट करके 50% तक टैक्स save kar सकते है।

[@surendrasinghrawat8850]

Pensioner ko konsa tax old ya new theek rahega

[@guljargupta8359]

Mahoday ki jo aadami agent ka karate unka tax kaise hisab hoga 18:10

[@user-fs5jk6zi2w]

Sir kya hra ki hme 3guna slip deni hoti h

[@werindians6938]

सर....100 % गवर्नमेंट ग्रांट पानेवाले प्राइवेट स्कूल में मैं टीचर की जाॅब करता हूँ...मेरी सॅलरी में NPS EMPLOYER CONTRIBUTION 14 % आता है...तो income tax में section 80ccd(2) में बेनिफिट 14 % मिलेगा या 10 % मिलेगा ?

[@ManavFoundation-cg6yb]

जो लोग सर के द्वारा बताए गए तरीके से टैक्स फाइल करते है। और अधिक टैक्स बचाना चाहते है तो 80 G ke तहत मानव जन कल्याण फाउंडेशन को डोनेट करके 50% तक टैक्स save kar सकते है।

[@akbars2207]

I am in new tax regime. My investment is only homeloan. Salary bracket is 9to 12 lac.... Will the new tax regime will benefit me?

[@ManavFoundation-cg6yb]

जो लोग सर के द्वारा बताए गए तरीके से टैक्स फाइल करते है। और अधिक टैक्स बचाना चाहते है तो 80 G ke तहत मानव जन कल्याण फाउंडेशन को डोनेट करके 50% तक टैक्स save kar सकते है।

[@rickybandra5494]

Bro please Bussiness ke liye income tax calculation video banaye

[@ManavFoundation-cg6yb]

जो लोग सर के द्वारा बताए गए तरीके से टैक्स फाइल करते है। और अधिक टैक्स बचाना चाहते है तो 80 G ke तहत मानव जन कल्याण फाउंडेशन को डोनेट करके 50% तक टैक्स save kar सकते है।

[@deekshamahajan1197]

We have to file ITR in both schemes or not???

[@fincalc]

while filing ITR you need to choose between old regime or new regime

[@Abhishek-cw7kb]

Nps employer contribution ka kitna deduction hoga new tax regime m?

[@ajaymeriya4617]

10%

[@dushayantpatel6465]

Thank you, I have been using your calculator for a long time, I wanted to draw your attention that in your calculator for FY 2023-24, the calculation of surcharge on salary income above 50 lac is wrong. Please change it.

[@nssunitprogrambalgangamaha9657]

में एक government employees hu Kya government ka 14 % NPS and 50000 std deduction new tax scheme m hoga

[@Focusonself]

Sir kam income leke ek video banaiye, itna salary to bahut kam logon ka he , kya faida ??

[@deepakdimri7951]

Bhai new mai 14% of govt contribution to nps भी chhut मिलती hai

[@nileshjaiswar3266]

10 minutes video is more than enough

[@sadikmulani7617]

सरकारी एम्प्लॉयी का nps गव्हर्मेंट 14% किस सेकशन मे कट्टींग होगा

[@chhotuprajapati5687]

Bhai,Salaried person house rent pay karta hai usko kis section me deduction claim kr sakte hai???

[@fincalc]

Hra claim kar sakte hai.. hra nahi hai payslip me to section 80Gg me Max 60,000 in a year Ye video dekho kzbin.info/www/bejne/gGauppqqe8uggNksi=klnUkt3cgWuEB-vd

[@dhruvamgamer9780]

Teacher HRA exemption kar sakte hai kya...

[@ManavFoundation-cg6yb]

जो लोग सर के द्वारा बताए गए तरीके से टैक्स फाइल करते है। और अधिक टैक्स बचाना चाहते है तो 80 G ke तहत मानव जन कल्याण फाउंडेशन को डोनेट करके 50% तक टैक्स save kar सकते है।

[@anoopsaroj]

last year aap ne gov employ ke liye total year excel calculator diya tha wo nai mil raha hai

[@shandahariya9438]

Sir mera total income -759634 hai and 80C deduction 150000 hai to old and new regime me kitna payable tax hoga

[@ManavFoundation-cg6yb]

जो लोग सर के द्वारा बताए गए तरीके से टैक्स फाइल करते है। और अधिक टैक्स बचाना चाहते है तो 80 G ke तहत मानव जन कल्याण फाउंडेशन को डोनेट करके 50% तक टैक्स save kar सकते है।