Below Income Tax Calculator FY 2023-24 helps you to calculate Income tax for financial year 2023-24, AY 2024-25. From FY 2023-24, standard deduction of Rs. 50,000 will be applicable to both old and new tax regimes if you are salaried employee or pensioner.
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What is Income Tax Calculator?
This Income Tax calculator 2023-24 is a Free Tax Calculator that helps you in calculating Income Tax based on your Income. You are liable to pay Income Tax to government based on your Income, so this calculator will help you calculate your Income Tax so that you don’t get any surprises and plan accordingly.
Income Tax Calculation FY 2023-24
- In FY 2023-24, there are 2 tax regimes – Old and New Tax Regime
- By default, new tax regime will be selected, but you have the option to opt for Old Tax Regime
- New tax regime has reduced tax slab rates compared to old tax regime, but without any deductions allowed except Standard Deduction
- When you have certain income, you have to pay income tax on your income you generate in a FY (Financial Year), which is between April month to March month of next year. April 2023 to March 2024 in this case
- During this period, you need to pay income tax on total income you earn in the FY
- Now, based on the 2 tax regimes, you will reach 2 figures of income tax using above income tax calculator. You can plan and decide which one you should choose to pay less income tax.
- Old Tax Regime – This regime has slab rates that are unchanged from a long time. It allows you to some investment options to help you save income tax by deducting the investment amounts under various sections
- New Tax Regime – This regime was introduced in Budget 2020 and has slightly reduced tax slab rates. This regime was introduced to help you lower the burden of income tax you were paying in previous years using Old tax regime. But new tax regime does not allow any deductions (except Standard Deduction in FY 2023-24) to be claimed if you make any investments, to save more income tax. You pay tax on entire amount you earn in FY.
Income Tax Slab Rates FY 2023-24
If your age is below 60 years in FY 2023-24, below are the Tax slab rates for you based on Old Tax Regime:
| Income | Tax Slab Rates (Old Tax Regime) |
|---|---|
| Rs. 0 – Rs. 2.5 Lakh | 0% |
| Rs. 2.5 Lakh – Rs. 5 Lakh | 5% |
| Rs. 5 Lakh – Rs. 10 Lakh | 20% |
| Rs. 10 Lakh or above | 30% |
Let us now see the reduced tax slab rates, that is New Tax Regime for age up to 60 years:
| Income | Tax Slab Rates (New Tax Regime) |
|---|---|
| Rs. 0 – Rs. 3 Lakh | 0% |
| Rs. 3 Lakh – Rs. 6 Lakh | 5% |
| Rs. 6 Lakh – Rs. 9 Lakh | 10% |
| Rs. 9 Lakh – Rs. 12 Lakh | 15% |
| Rs. 12 Lakh – Rs. 15 Lakh | 20% |
| Rs. 15 Lakh or above | 30% |
ALSO READ: Income Tax Brackets for FY 2023-24 for all age groups
NEW TAX REGIME DEDUCTIONS AND BENEFITS
It is important to note that the new tax regime slab rates mentioned above are the reduced tax slab rates for all age groups. But you will not get any deduction option to be claimed with new tax regime, except some of the below benefits
- In Budget 2023, Standard Deduction of Rs. 50,000 will be available with new tax regime from FY 2023-24 onwards
- Tax Rebate applicable with new tax regime up to income of Rs. 7 Lakh from FY 2023-24. So no tax on income up to Rs. 7 Lakh with new tax regime.
- Also with tax slabs changed, the tax liability is reduced from FY 2023-24 compared to previous financial years
How to use this Income Tax Calculator FY 2023-24
- Select the “Financial Year” you want to calculate Income Tax for
- Choose your “Age“
- Select whether you are a Salaried employee, own Business or a Pensioner for Standard Deduction availability
- Provide your yearly Income in “Income” Section along with Interest earned and other income
- Provide “Deductions or Investments” you have made or will be making in selected Financial Year. Read this article to know various Deduction options to Save Income Tax
How Income Tax is Calculated for Salaried Employees?
Below video explains how you can calculate Income Tax if you are a Salaried Employee and how to calculate your Taxable Income which will be taxed based on slabs you belong to
Watch more Videos on YouTube Channel
Conclusion
So using above income tax calculator FY 2023-24, you can easily decide to choose between Old and new tax regime. Note that standard deduction is automatically applied in both regimes based on your option selection for salaried or pensioner.
Comment below which tax regime you have chosen for FY 2023-24.
Some more Reading:
- Income Tax Calculation Examples 2023-24
- No Income Tax up to Rs. 7.5 Lakh with New Tax Regime
- Old vs New Tax Regime Which is Better?
- Tax Rebate 87A Explained
Frequently Asked Questions
How to calculate income tax for 2023-24?
You can easily use the FinCalC Income Tax Calculator above to know what is your income tax with Old and new Tax regimes. This will also help you to choose between the old tax regime and new tax regime for 2023-24.
What is the tax exemption limit for 2023-24?
For Old Tax Regime, the tax exemption limit is Rs. 2.5 lakh, up to which the tax bracket is 0%. But using Tax Rebate 87A, you get tax rebate of Rs. 12,500, due to which, even if your taxable income is up to 5 lakh in 2023-24, you pay Rs. 0 income tax.
With new tax regime, tax exemption limit is Rs. 3 lakh for 2023-24, but using tax rebate 87A, you get maximum Rs. 25,000 as tax rebate due to which, even if your taxable income is up to Rs. 7 lakh in 2023-24, you pay Rs. 0 income tax.
What is the income tax rebate for assessment year 2023-24?
For AY 2023-24 (FY 2022-23), tax rebate of Rs. 12,500 is available under section 87a if your taxable income is below Rs. 5 lakh in old and new tax regimes.
What is the income tax slab for 2023?
Old tax regime has different tax slab rates for various age groups. And for new tax regime, the slab rates have been reduced for 2023-24.
Below are the income tax slabs with old regime for 2023:
| Income | Tax Slab Rates (Old Tax Regime) |
|---|---|
| Rs. 0 – Rs. 2.5 Lakh | 0% |
| Rs. 2.5 Lakh – Rs. 5 Lakh | 5% |
| Rs. 5 Lakh – Rs. 10 Lakh | 20% |
| Rs. 10 Lakh or above | 30% |
Below are the income tax slabs with new regime for 2023:
| Income | Tax Slab Rates (New Tax Regime) |
|---|---|
| Rs. 0 – Rs. 3 Lakh | 0% |
| Rs. 3 Lakh – Rs. 6 Lakh | 5% |
| Rs. 6 Lakh – Rs. 9 Lakh | 10% |
| Rs. 9 Lakh – Rs. 12 Lakh | 15% |
| Rs. 12 Lakh – Rs. 15 Lakh | 20% |
| Rs. 15 Lakh or above | 30% |
What is the ITR date of 2023 24?
Last date to file ITR for AY 2023-24 (FY 2022-23) is 31st July 2023.
What is senior citizen tax slab 2023 24?
Senior citizen tax slab 2023-24 with old tax regime is as follows:
| Income | Tax Slab Rates (Old Tax Regime) |
|---|---|
| Rs. 0 – Rs. 3 Lakh | 0% |
| Rs. 3 Lakh – Rs. 5 Lakh | 5% |
| Rs. 5 Lakh – Rs. 10 Lakh | 20% |
| Rs. 10 Lakh or above | 30% |
Senior citizen tax slab 2023-24 with new tax regime is as follows:
| Income | Tax Slab Rates (New Tax Regime) |
|---|---|
| Rs. 0 – Rs. 3 Lakh | 0% |
| Rs. 3 Lakh – Rs. 6 Lakh | 5% |
| Rs. 6 Lakh – Rs. 9 Lakh | 10% |
| Rs. 9 Lakh – Rs. 12 Lakh | 15% |
| Rs. 12 Lakh – Rs. 15 Lakh | 20% |
| Rs. 15 Lakh or above | 30% |
What is 80c limit 2023?
Section 80C limit for 2023 is Rs. 1,50,000. There are multiple options to save income tax with Section 80C Deductions list, which is only applicable with old tax regime.
Note that New tax regime will not allow deductions with Section 80C.
What is tax exemption on 24?
Section 24 helps you to save income tax if you have taken home loan. The home loan interest amount you pay back is eligible to be claimed under Section 24 and limit is Rs. 2 lakh for 2023-24 with old tax regime.
Note that New tax regime will not allow deductions with Section 24.
What is the all exemption limit for income tax?
There are multiple exemptions and deductions allowed for tax payers to save income tax including Section 80c, Section 80D, Section 80CCD(1B), HRA, Section 24 etc.
Find all the list of Exemptions with limits here.
How much time it takes to get income tax refund in India 2023?
Usually the tax refund will be made within 2-3 weeks after you file ITR (Income tax return) in India. It also depends on the number of applications to be processed.
If you have filed ITR very early, you might get the refund within a week if you are eligible for a tax refund.
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Income Tax Calculator App – FinCalC
For Income Tax Calculation on your mobile device, you can Download my Android App “FinCalC” which I have developed for you to make your income tax calculation easy.
What you can do with this mobile App?
- Calculate Income Tax for new FY 2024-25 and previous FY 2023-24
- Enter estimated Investments to check income tax with Old and New Tax Regime
- Save income tax details and track regularly
- Know how much to invest more to save income tax
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