IT Calculator for FY 2023-24 (New and old regime)

[kushal mukhoti]

Attached find one simple Income tax calculator developed in excel format. 

[Shankar]

As per news reports rebate under Sec 87A is available if the taxpayer opts for the new regime.

It is not available under the old regime.

Please check

On Mon, Feb 6, 2023 at 3:38 PM kushal mukhoti <kush...@gmail.com> wrote:

Attached find one simple Income tax calculator developed in excel format. 

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[Ashok Shrikhande]

Dear Sir

Thanks a lot.

Regards

Ashok S

On Mon, Feb 6, 2023 at 3:38 PM kushal mukhoti <kush...@gmail.com> wrote:

Attached find one simple Income tax calculator developed in excel format. 

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[Ashok Shrikhande]

Dear Sir

It is available under old regime also. If taxable income is less than 5.00 lacs, then entire Tax amount shall be exempt.

Regards

Ashok Shrikhande

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAPAWXcs6Lr2HfZd4wLtN_nhJkUjZ3r0PTNE6Ysb8KEqAhJaAJw%40mail.gmail.com.

[mohan p]

01.It is to be noted that,there is no change under old tax regime and deductions allowed there on.

02. Revision under current budget under the

 new tax regime is as follows:

_Now, income up to 3lakhs will not be taxed. Earlier, the basic tax exemption limit under both regimes were ₹ 2.5 lakh.

_Rebate under section 87A has been hiked from Rs 5 lakh to Rs 7 lakhs.

_Standard deduction introduced for salaried taxpayers, pensioners and family pensioners under the new tax regime.

_Highest surcharge rate reduced from 37 per cent to 25 per cent in the new tax regime.

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAB5i73QwjLOwe3nz8u7oxRKk1bh-_UYyeSLow3yPTKJusRm9tg%40mail.gmail.com.

[RANGARAJAN M R]

The new regime tax rates for FY 23-24 is proposed as under

Budget 2023 New Income Tax Regime

 

Income range	Income tax rate
Up to Rs. 3,00,000	Nil
Rs. 300,000 to Rs. 6,00,000	5% on income which exceeds Rs 3,00,000
Rs. 6,00,000 to Rs. 900,000	Rs 15,000 + 10% on income more than Rs 6,00,000
Rs. 9,00,000 to Rs. 12,00,000	Rs 45,000 + 15% on income more than Rs 9,00,000
Rs. 12,00,000 to Rs. 1500,000	Rs 90,000 + 20% on income more than Rs 12,00,000
Above Rs. 15,00,000	Rs 150,000 + 30% on income more than Rs 15,00,000

As per above table the income tax under new regime for net taxable income after standard deduction of Rs.15 lacs  would be

 Rs. 90,000+60,000 = 1,50,000

Add cess 4%.                    6,000

Total.   1,56,000

But the amount calculated by using the attached excel calculator for new regime is Rs.  3,12,0000 (3 lacs + 0.12)  A screen shot is attached . A website link url of Clear Tax is furnished to calculate I.T under both regimes for FY 2023 - 24 is also furnished hereunder according to which tax for net taxable income of 15,00,000 after standard deduction is Rs1,56,000  

Screenshot attached.

https://cleartax.in/paytax/TaxCalculator

M.R.RANGARAJAN

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[kushal mukhoti]

Mr. Rangarajan,

You are absolutely right. I have inadvertently made a grave mistake while entering data. I have rectified the mistake in my computer. Please ignore the calculator.

Thank you very much for pointing out the error.

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[kushal mukhoti]

I am attaching the corrected calculator. Please ignore my first calculator as some grave errors have crept in. Thank.