Use below link to download Senior Citizen Income Tax Calculator for FY 2022-23 (AY 2023-24) in Excel for age between 60 years to 79 years. Also, read the instructions to use this Income Tax Excel Calculator. This excel calculator helps you to calculate income tax if you are salaried employee or business man.
Download Senior Citizen Income Tax Calculator FY 2022-23 Excel
For age below 60 years, Download Income Tax Calculator from here.
Note: In the above google drive path, choose the option to Download the excel calculator on your computer or mobile phone, so that you can edit the file as a local copy. This calculator is applicable for AY 2023-24. There were no changes made in Budget 2022, so the income tax slab rates remain same for Old and New Tax Regime.
Instructions to use Senior Citizen Income Tax Excel Calculator FY 2022-23:
- Download the Senior Citizen Income Tax Calculator FY 2022-23 Excel on your device
- Provide Income as Gross Income for FY 2022-23
- Provide Investments including Standard Deduction, Section 80C investments, Section 80CCD(1B) investments and other tax saving options you are eligible for. Total amount of investments need to be entered. Standard Deduction of Rs. 50,000 is applicable for Employees.
- Enter TDS amount that is already deducted from your salary in financial year
- After providing all these parameters, income tax will be calculated based on Old and New Tax Regime
You can find more income tax calculation examples here
Now since you got the idea about how this excel calculator works, let’s see How to calculate Income Tax FY 2022-23 with the help of a video.
Also in case you want to use Online income tax calculator use below link instead of using excel calculator:
How this Income Tax Calculator in Excel helps you?
- This income tax calculator helps you to understand your income tax based on Old and New Tax Regime.
- Based on the calculations, you can choose which Tax regime you should choose. You should select tax regime based on which you’ll be paying less income tax.
- It is important to note that investment deductions are available only in Old Tax Regime.
- New Tax Regime does not allow you to claim any investment deductions to save income tax. This is because new tax regime are reduced tax slab rates.
- This means that Standard Deductions of Rs. 50,000 is only available in Old Tax Regime, and not in New Tax Regime
- In this way, the calculator can help you to compare your tax outgo and by iteratively entering the investment amount, you can decide how much you can invest more to pay less income tax if selecting Old Tax Regime.
Old Tax Regime vs New Tax Regime Slab Rates
Below is the table showing Old and New Tax Slab Rates for FY 2022-23:
|Old Regime Slabs||Tax Rate||New Regime Slabs||Tax Rate|
|Rs. 0 to Rs. 3 Lacs||0%||Rs. 0 to Rs. 2.5 Lacs||0%|
|Rs. 3 Lacs to Rs. 5 Lacs||5%||Rs. 2.5 Lacs to Rs. 5 Lacs||5%|
|Rs. 5 Lacs to Rs. 7.5 Lacs||20%||Rs. 5 Lacs to Rs. 7.5 Lacs||10%|
|Rs. 7.5 Lacs to Rs. 10 Lacs||20%||Rs. 7.5 Lacs to Rs. 10 Lacs||15%|
|Rs. 10 Lacs to Rs. 12.5 Lacs||30%||Rs. 10 Lacs to Rs. 12.5 Lacs||20%|
|Rs. 12.5 Lacs to Rs. 15 Lacs||30%||Rs. 12.5 Lacs to Rs. 15 Lacs||25%|
|more than Rs. 15 Lacs||30%||more than Rs. 15 Lacs||30%|
As seen above, New Tax regime has reduced tax slab rates which means you will be paying less income tax, if you are not opting for any investment deductions.
In case you want to claim various deductions to save income tax, you might have to check how much income tax can be saved using Old Tax Regime.
Which Tax Regime you should choose?
To answer this question, it depends on person to person. Every individual is having different incomes in a Financial Year.
If your income is in the range of Rs. 5 Lacs to Rs. 12 Lacs, you can opt for Old Tax Regime, and make some Tax saving investments and Save Income Tax.
But if your income is above Rs. 12 Lacs, there is not much option to save maximum income tax. Even after making investments with maximum limits in different sections, you’ll still be paying more taxes with old tax regime compared to new tax regime.
Below is the graph showing the comparison of income vs income tax:
As seen above, green line depicts income tax with new tax regime, which is low when your income moves greater than 12 Lacs. Blue line (old regime with investments) is still above green line which shows that even after investments you’ll more more income tax with old slab rates compared to new slab rates.
So you should make your investments according to your total income and based on the calculations of income tax in both regimes. Choose the one that helps you pay less income tax.
ALSO READ: Senior Citizen Income Tax Calculation FY 2022-23 in Excel
Are you eligible for Tax Rebate u/s 87A?
You will be eligible for Tax Rebate u/s 87A when your taxable income is below Rs. 5 lacs in FY 2022-23. This is achievable by making investments under various sections.
Tax Rebate u/s 87A will be allowed in both Old and New Tax Regime.
Let’s say your Net Taxable Income equals Rs. 5 Lacs in FY 2022-23
Based on Old and New Tax Slab Rates, you are liable to pay Rs. 12,500 as Income Tax based on your Net Taxable Income.
But we also have Tax Rebate u/s 87A which provides us a maximum rebate of Rs. 12,500, thus making our Income Tax = Rs. 0.
How to pay ZERO Income Tax?
Using above trick of getting your Taxable income to below Rs. 5 lacs in FY, you need not have to pay any income tax, and by making investments, you save for your future as well. So it’s a win-win situation.
This is possible only when your total income is up to 10-12 lacs in a financial year and you are able to use all available investment options present. If your income goes above this figure in FY, it becomes difficult to save maximum income tax. Again, you can check by yourself using the Income Tax Calculator in Excel I have provided.
Watch below video to know various tax saving options:
That’s it in this article about income tax calculator FY 2022-23 in excel. Comment your queries in case you have any. Make sure that you Subscribe to YouTube Channel for more Personal Finance Videos and Download Income Tax Calculator App “FinCalC” on your mobile.
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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 2022-23 and previous FY 2021-22
- 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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