Income Tax Calculation Examples between ₹4 Lacs to ₹20 Lacs [SOLVED]

Income Tax Calculation Examples between ₹4 Lacs to ₹20 Lacs [SOLVED]
In this video by FinCalC TV we will see Income Tax Calculation examples for FY 2023-24 AY 2024-25 with comparison of old and new tax regime. Standard deduction is applicable in new tax regime now from FY 2023-24 and also 7 lakh income will not attract any tax under new tax regime due to tax rebate.

Income Tax Calculator

Income Tax Slab Rates

JOIN Telegram Group

Tax Saving options

CHAPTERS:
00:00 Income Tax Calculation Examples Intro
00:21 Income Tax FY 2023-24 Changes
01:10 Income Tax Slab Rates for FY 2023-24
01:30 Old Tax Regime Slab Rates
02:01 New Tax Regime Slab Rates
03:36 Income Tax Calculation on Rs. 4 Lakh to 20 Lakh
08:49 Calculating Savings with New Tax Regime
11:43 Income Tax Calculation Examples Conclusion

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

============================
LIKE | SHARE | COMMENT | SUBSCRIBE

Mujhe Social Media par FOLLOW kare:

============================
MORE VIDEOS:

============================
DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown. It is advised to seek professional help before taking any financial decisions. The owner of this channel shall not be liable in any way.

[fincalc]

Income Tax Calculation video kaisa laga? COMMENT karo
JOIN Telegram Group:

[sanjaykumar-ucfu]

U explained far better than news channel, News Anchor it's self getting confused... What will they explain... Requesting to u make video on this calculations...

[girish.r]

This is fantastic.. instead of watching news channel and getting confused.. share it with all your friends

[witneywilliam]

This have been my reliable ally in building a secure financial future. You don't need to have much before you can invest. I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made

[saandiipbhange]

Thanks for your excellent presentation.

[pankajkumar-wlvo]

HRA is game changer... when I am putting HRA in deduction along with 80C, 80D, NPS... old tax regime is beneficial.

[vijaydias]

You have explained in very simple and understandable manner. Thank you and best wishes Sir

[rajendrabhatia]

Looks good homework done and now it's quite easy for one to understand which tax regime to select and why. Thanks.

[kirtimohanjain]

Thankyou verymuch giving clearcut differences in New and Old Income tax regime.

[guptas]

While comparing old Vs new regime, please consider all deductions rebates available in old regime like eg 80C, 80ccc, 80ccd, 80ccd(1), 80ccd(1B), NPS, 80D, 80G, 80TTA, 80TTB, deduction under chapter VII etc . Then compare. FM GOI spoke clearly if you do not wish to do savings for tax reduction or homeloan then you can opt for new regime.

[harishkumar-pofh]

Very Helpful, thanks a lot for providing Video and calculator together.

[subhajitghosh]

i really dont know why people are so much excited। People with 15 + lpa still have more benifits under old regime । Income till 7 lpa new regime can be selected only to get rid of the proof submission of different exemptions. Otherwise in old regime if we utilize all the exemption then there will be Zero tax till 10 lpa

[mahalaxmiagnihotri]

Very simple method... You explained... Thanks

[margamsahitya]

Nicely explained. Can you clarify for Sr.citizens exemption limit in old regime (earlier it was 3.oo lakh)
Second one is we used to get TDS refund in old regime, if taxableincome is not there. May be this year also it will continue. My question, is it possible to claim in new regime ? (7.00 slab rate regime)

[mahalaxmiagnihotri]

Very simple methotd.. You explained thanks

[Teamstech]

A point worth noting, employees whose salary>15.5 lakh can avail Standard deduction of 52000/- in New Tax regime.
This is being introduced in budget(2023-24) session.

[adityapatra]

Appricite your efforts but your calculation doesn't include deduction under section 80CCD (1b) which given deduction of Rs 50000 in the old tax regime. Also deduction u/s 80 D of rs 25000

[asharanic]

Hi you are given the information information is very helpful for us. Thanks
I am requesting you could please explain about the how to save the Tax

[krishnachaitanyagorantla]

HRA component plays a vital role....
Thanks for the calculator

[aryanmaheshwari]

This time I would be choosing new regime because I only use 1.5lakh in 80C and 50k in 80ccd as exemptions and availing then on 12lpa salary means 1.06 lakhs tax but with new regime I have to pay 85k, so 21k saving.