Income Tax Calculation on Salary Payslip | How to Calculate Income Tax [Calculator]
In this video by FinCalC TV we will see Income Tax Calculation on Salary using salary payslip in hindi. We will check old tax regime and new tax regime calculations with the help of income tax calculator and tax slab rates 2023-24. This will help you in income tax return filing as a salaried employee.
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Income Tax Slabs 2023-24:
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New Tax Regime Deductions Allowed:
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CHAPTERS:
00:00 Income Tax Calculation on Salary Intro
00:57 Salary Payslip Structure Example
03:19 Applying Deductions to Save Income Tax
05:20 Professional Tax in Salary
06:20 Taxable Income Calculation
07:31 Income Tax Slabs [Old Regime]
07:49 Calculating Tax based on Slab Rates
09:02 Tax Rebate 87A Eligibility
10:19 Income Tax Slabs [New Regime]
12:02 Example 2 for Income Tax Calculation on Salary
17:26 Using FinCalC Income Tax Calculator
20:32 Conclusion
HRA Calculation Video:
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Tax Saving options with Old Tax Regime:
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Section 80C Deductions List:
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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.
