If you are a salaried employee, you can add your income under salary head. Income from Salary: Under this you need to add monthly income that you are earning by working for an employer. Let’s understand these categories in detail below. However, the number of income tax slabs has been reduced for the new tax regime for FY 23-24 as compared to FY 22-23. In the Union Budget 2023, the tax slabs of the Old Tax Regime for FY 2023-24 have remained the same as FY 2022-23.
50,000 is available under both the new tax regime and the old tax regime as per Budget 2023 announcement. However, from FY 2023-24 onwards, standard deduction of Rs. 50,000 from your annual income for the financial year 2021-22 and FY 2022-23 under the old tax regime but not under the new regime. Gross income is classified into 5 categories while filing ITR online:Īlso, you can claim a Standard Deduction of Rs. To calculate tax online using Income tax calculator 2023, you need to compute your gross income. If you didn’t exhaust the upper limit on Section 80C (Rs.1.5 lakh), you can save tax online under Section 80C by clicking on the “Views Plans” button. Step 5:Once you enter all the details mentioned above, the income tax calculator will calculate tax online on the basis of old and new tax regime both. After entering all the tax-saving investments amount, click on “Next” to proceed. Step 4:In the next step, enter your tax-saving investment details to claim Deductions under Section 80C, HRA u/s 10 (13A), Medical Insurance u/s 80D, NPS u/s 80CCD, Interest on Housing Loan, Bank Interest (80TTA), Donation u/s 80G or any other deductions that you want to claim. Step 3:Enter your Gross Income from Salary, Income from Interest, Rental Income and Income from Other Sources and click on “Next”. Also, select your age if you are regular individual (0-60 years), senior citizen (60-80 years) or super senior citizen (80 and above) and click on “Next” button. Step 2: Select the financial year for which you want to calculate taxes for from the dropdown – 2023-24, 2022-23 or 2021-22. You should follow the steps mentioned below to use the income tax calculator online: Step 1:Visit Income Tax Calculator online on Max Life Insurance.
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