Income Tax Calculation Statement Form 2022-23 PDF Free Download, Salaried Individuals for AY 2022-23 | Income Tax Department PDF.
Income Tax Calculation Statement Form 2022-23 PDF
An Individual, Hindu Undivided Family (Huf), Or Firm (Other Than Llp) That Is A Resident With Total Income Up To 50 Lakh And Has Income From Business Or Profession That Is Computed On A Presumptive Basis (U/s 44ad / 44ada / 44ae) And Income From Any Of The Following Sources Is Eligible To File This Return:
Certain Exemptions And Deductions (Such 80c, 80d, 80ttb, And Hra) Available Under The Existing Tax Regime Will Not Be Accessible To The Taxpayer Choosing Concessional Rates Under The New Tax Regime.
A Straightforward Online Tool Known As An Income Tax Calculator Makes It Easy To Figure Out How Much Tax You Owe For A Certain Fiscal Year. An Income Tax Calculator May Assist You In Estimating Your Tax Burden By Taking Into Account A Number Of Factors, Like Your Age, Income, Assets, Deductions, Etc.
What Exactly Is A Tax Calculator?
An Income Tax Calculator Is A Tool You May Use Online To Determine The Taxes You Owe Depending On Your Income After The Release Of The Union Budget. A Certain Percentage Of Your Net Yearly Income Must Be Paid In Income Tax Depending On The Taxable Income Category You Belong Under.
Our Tax Calculator Makes Calculating Income Tax Extremely Simple. Our Income Tax Calculator, Which Has Been Updated In Accordance With The Most Recent Income Tax Rates And Tax Laws, Ensures That You Get An Exact Estimate Of The Amount Of Tax That Is Due.
With The Use Of An Online Income Tax Calculator, Individuals May Accurately Determine Their Total Tax Liability. In Order To Determine Your Tax Due Under The Old Or New Income Tax System, The Income Tax Calculator Takes Into Account Variables Including Your Age, Income, Spending, Allowable Tax Deductions, And Current Assets.
What Is The Income Tax Calculator Used For?
Follow The Instructions Below To Use A Tax Calculator:
A) Decide On Your Age Category. Based On Your Age, The Correct Tax Slab Rate Will Be Imposed.
B) Indicate Your Yearly Income. Your Salary, Bonus, And Other Pertinent Variable Components Make Up Your Yearly Income.
B) Select “Investment Details” From The Field.
D) Enter The Amount Of Your Investment Under Sections 80c, 80ccc, And 80ccd (1)
E) If You Have Health Insurance, Enter The Medical Insurance Premium You Paid Under Section 80d.
F) Fill Out Section 80ccd Additional Nps Self Contribution Up To $50,000. (1b)
G) Submit Employer Contributions For Nps In Accordance With Section 80ccd (2)
After That Is Complete, You May Get A Summary Of Your Yearly Income, Investments, Taxable Income, And The Total Amount Of Tax Due Based On The Most Recent Tax Laws And Computations.
For Every Field That May Not Apply To You, Put “0.”
Getting To Know Income Tax Slabs
Individual Taxpayers Are Taxed Using A Slab System, Which Is The Foundation Of The Indian Income Tax System. Individuals Are Subject To A Range Of Tax Rates Depending On Their Income Levels. In Other Words, The Amount Of Tax You Pay Increases With Your Income.
The Following Three Categories Are Where People Must Pay Taxes:
- Anyone Younger Than 60
- 60 To 80-year-old Senior Citizens Who Live There
- Residents Who Are Super Senior Citizens And Older Than 80
a) Income Tax Slabs & Rates for Individuals below 60 years:
| 1st Option | 2nd Option | ||
|---|---|---|---|
| Old Income Tax Slab Regime | New Income Tax slab Regime | ||
| Taxable Income | Tax Rates | Taxable Income | Tax Rates |
| Up to Rs 2,50,000 | NIL | Up to Rs 2,50,000 | NIL |
| Rs 2,50,001 – Rs 5,00,000 | 5% | ||
| Rs 2,50,001 – Rs 5,00,000 | 5% | Rs 5,00,001 – Rs 7,50,000 | 10% |
| Rs 7,50,001 – Rs 10,00,000 | 15% | ||
| Rs 5,00,001 – Rs 10,00,000 | 20% | Rs 10,00,001 – Rs 12,50,000 | 20% |
| Above Rs 10,00,000 | 30% | Rs 12,50,001 – Rs 15,00,000 | 25% |
| Above Rs 15,00,000 | 30% |
b) Income Tax Slab & Rates for Individuals between 60 years to 80 Years (Senior Citizens)
| 1st Option | 2nd Option | ||
|---|---|---|---|
| Old Income Tax Slab Regime | New Income Tax slab Regime | ||
| Taxable Income | Tax Rates | Taxable Income | Tax Rates |
| Up to Rs 3,00,000 | NIL | Up to Rs 2,50,000 | NIL |
| Rs 2,50,001 – Rs 5,00,000 | 5% | ||
| Rs 3,00,001 – Rs 5,00,000 | 5% | Rs 5,00,001 – Rs 7,50,000 | 10% |
| Rs 7,50,001 – Rs 10,00,000 | 15% | ||
| Rs 5,00,001 – Rs 10,00,000 | 20% | Rs 10,00,001 – Rs 12,50,000 | 20% |
| Above Rs 10,00,000 | 30% | Rs 12,50,001 – Rs 15,00,000 | 25% |
| Above Rs 15,00,000 | 30% |
c) Income Tax Slabs & Rates for Individuals above 80 Years (Super Senior Citizen)
| Income Tax Slab | Old Regime Slab Rates for FY 19-20 and FY20-21 | New Regime Slab Rates for FY 20-21 |
|---|---|---|
| Rs 0.0 – Rs. 2.5 Lakhs | NIL | NIL |
| Rs 2.5 – 3.00 Lakhs | NIL | 5% (tax rebate u/s 87a is available) |
| Rs 3.00 – 5.00 Lakhs | NIL | |
| Rs 5.00 – 7.5 Lakhs | 20% | 10% |
| Rs 7.5 – 10.00 Lakhs | 20% | 15% |
| Rs 10.00 – 12.50 Lakhs | 30% | 20% |
| Rs 12.50 – 15.00 Lakhs | 30% | 25% |
| > Rs 15.00 Lakhs | 30% | 30% |
Available Income Tax Deductions
Employers Often Provide Form 16 To Salaried Workers, Which Includes Information On The Total Pay And Taxes Withheld. While Form 16 May Serve As A Guide For You When You Compute Taxes, Income From Other Sources, Such As Interest On Deposits, Investment Income, And Rental Income, Must All Be Taken Into Account.
Keep In Consideration The Following Tax Law Exemptions, Deductions, And Refunds While Using The Tax Calculator:
- Individuals With Income Under Rs. 5 Lakh Are Eligible For A Tax Credit Of Up To Rs. 12,500 Under Section 87a.
- You May Deduct Up To Rs. 1.5 Lakh From Your Interest Income Under Section 80c By Investing It In A Tax-saving Fixed Deposit, Ppf, Nsc, Ulip, Or Elss.
- For Money Deposited In The Nps, One May Claim A Deduction Of Up To Rs. 50,000 Under Section 80ccd (1b).
- A Deduction Of Up To Rs. 25,000 Is Allowed For Medical Insurance Premium Costs Under Section 80d. The Price For Older Persons Is Rs. 50,000.
- Donations Given To A Charity Organisation Are Deductible From Taxable Income Under Section 80g.
- You May Deduct 100% Of The Interest On A Student Loan For A Maximum Of 8 Years Under Section 80e.
- Savings Account Interest Income Is Exempt From Tax Up To Rs. 10,000 For Individuals Under The Age Of 65 And Up To Rs. 50,000 For Individuals Under The Age Of 65 Under Section 80tta/80ttb.
- The Amount Of Income Used To Cover Housing Expenses (Home Rent Allowance) Is Allowable As A Deduction Under Section 80gg.
Advantages Of Income Tax Calculators
An Income Tax Calculator May Make Your Tax Estimate Simpler And Assist You In Considering All Potential Tax-saving Possibilities. The Greatest Thing Is That You May Modify Your Tax-saving Investments And Tax Obligations At Any Moment Throughout The Fiscal Year By Using Our Online Itr Calculator.
The Advantages Of Using An Income Tax Calculator Are As Follows:
- Simple To Use
- Available Whenever
- Makes Tax Computation Easier And Aids In Identifying Deduction Possibilities
- An Early Estimate Of Potential Tax Liabilities
