Calculate Income Tax for FY 2023-24 / Tax Impact in FY 2023-24 compare to FY 2022-23(As per Budget dt. 01-02-23)
Calculate Income Tax for FY 2023-24
10% of Income Tax, in case taxable income is above Rs. 50 lacs.
15% of Income Tax, in case taxable income is above Rs. 1 crore.
25% of Income Tax, in case taxable income is above Rs. 2 crore.
Health and Education Cess is 4% of (Income Tax + Surcharge)
Budget 2023 Highlishts
No changes in the old tax regime
New tax regime to become the default tax regime. However, citizens can opt for the old tax regime.
No tax on income up to Rs 7.5 lakh a year in new tax regime (with inclusion of standard deduction)
Govt proposed to reduce highest surcharge rate from 37% to 25% in new tax regime
New Income Tax Slabs Under New Tax Regimes:
Rs 0-3 lakh: Nil
Rs 3-6 lakhs: 5%
Rs 6-9 lakhs: 10%
Rs 9-12 lakhs: 15%
Rs 12-15 lakhs: 20%
Rs Over 15 lakhs: 30%
Tax exemption removed in insurance policies with premium over Rs 5 lakh
Tax exemption on leave encashment on retirement of non-government salaried employees hiked to Rs 25 lakh from Rs 3 lakh.
A higher limit of Rs 3 crore for TDS on cash withdrawal to be provided to co-operative societies.
Next-generation Common IT Return Form to be rolled out for tax payer convenience
TDS rate to be reduced from 30 per cent to 20 per cent on taxable portion of EPF withdrawal in non-PAN cases.
Maximum deposit limit for Senior Citizen Savings Scheme to be enhanced to Rs 30 lakh from Rs 15 lakh
Monthly Income Scheme limit doubled to Rs 9 lakh and Rs 15 lakh for joint accounts
One-time new saving scheme Mahila Samman Saving Certificate for women to be made available for 2 years up to March 2025.It will offer deposit facility of up to Rs 2 lakh in the name of women or girls for tenure of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option.
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Calulate and compare tax under new regime and old remime,
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