Income Tax Calculator FY 2023-24

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Income from salary

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Income from house property

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In case the individual has opted for new regime,
  1. Interest for a self-occupied property is not allowed as deduction.
  2. Loss from a let-out property is allowed as set off against income of other let-out property.
  3. Loss under the head House Property shall not be allowed to set off from any other head of income.
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The maximum deduction available on interest paid on mortgage loan on self-occupied property is restricted to INR 2,00,000.
+ Add #2 Property Details
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Income from capital gains

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Short term capital gain under section 111A on sale of shares or units of equity oriented fund on which securities transaction tax is paid
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Covered under section 112
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Long term capital gain under section 112A on sale of shares or units of equity oriented fund on which securities transaction tax is paid
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Income from other sources

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Deductions

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INCLUDES: Life insurance premium, provident fund contribution, home loan principal component, children tuition fees etc.
Max deduction ₹1,50,000
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Your contribution to National Pension System ("NPS").
Max deduction ₹50,000
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Employer's contribution to National Pension System ("NPS"). Please restrict the input value to 14% of basic salary and dearness allowance in case the contribution is made by the Central or State Government or 10% of basic salary and dearness allowance in case of any other employer. Also, the deduction is allowed within the overall limit of ₹7,50,000 prescribed for employer's contribution to Provident Fund, NPS and Superannuation fund
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INCLUDES: Deduction for medical insurance premium paid for self, spouse, dependent children up to ₹25,000. Additional deduction of ₹25,000 is allowed in respect of premium paid for parents aged less than 60 years. For senior citizen, (that is 60 years or more the limit) deduction is enhanced to ₹50,000.
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Interest paid on education loan
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Interest on a home loan sanctioned during 01.04.2019 to 31.03.2022 for a residential house property having stamp value up to ₹45,00,000. The individual does not own any residential house property on the date of sanction of loan. If deduction is allowed under this section, deduction of such amount cannot be allowed under any other provision of the Act.
Max deduction: ₹1,50,000
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Interest on loan sanctioned during 01.04.2019 to 31.03.2023 for an electric vehicle.
Max deduction: ₹1,50,000
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Interest on deposits (not being time deposits) in a savings account with a bank or post office - not applicable for Senior Citizens
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Interest on deposits (including time deposits) with a bank or post office - applicable for Senior Citizens
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"This FY 2023-24 tax calculator computes tax as per the old tax regime and the new tax regime, to give you a quick view of savings (if any), under the new tax regime.

New tax regime: The Finance bill 2023, has made some changes to the new tax regime as mentioned below:

Changes to the slab rates under new tax regime
Income up to ₹300,000 - Nil
₹3,00,001 to ₹6,00,000 - 5%
₹6,00,001 to ₹900,000 - 10%
₹9,00,001 to ₹12,00,000 - 15%
₹12,00,001 to ₹15,00,000 - 20%
Above ₹15,00,000 - 30%

The new tax regime is now the default tax regime, however, individuals will have an option to opt for the old tax regime

The limit for rebate has been increased to INR 7,00,000 under the new tax regime

Standard deduction of INR 50,000 is now allowed under the new regime. However, other deductions and exemptions as specified below cannot be claimed under the new regime

- House Rent Allowance, Leave Travel Concession etc.
- Deduction of professional tax
- Loss under the head ""House Property""
- Almost all of the deductions available under Chapter VI-A of the Act [excluding employer's contribution to National Pension System (‘NPS’), which will be allowed as a deduction even under the new regime]. List of such common deductions disallowed under the new regime are:
- 80C (life insurance premium, employee's contribution to Provident Fund, investment in Public Provident Fund etc.) up to INR 150,000
- 80CCD(1B) (your contribution to NPS) up to INR 50,000
- 80D (Medical insurance) up to maximum of INR 100,000
- 80E (interest on education loan)
- 80EEA/ 80EEB (interest on specified loans) up to INR 150,000
- 80G (donation)
- 80TTA/ 80TTB (deduction of specified interest income) up to INR 10,000/ INR 50,000


The highest surcharge of 37% has been brought down to 25% under the new tax regime"



Disclaimer

This tax calculator works under certain assumptions to calculate estimated tax liability; and may not provide accurate results in all circumstances. Thus, your actual tax liability may be different. Readers are advised to seek appropriate professional tax advice and compute their tax based on applicable provisions of the Income-tax Act, 1961 and Income-tax Rules, 1962.

(This calculator is for resident individuals and does not account for loss under the head "Capital Gains".)

Financial Year ("FY"): This means a period of 12 months (April to March) for which income is being taxed/ assessed.

Income Tax Comparison

Pre-Budget 2020-21Post-Budget 2020-21
ParticularsOld RegimeNew RegimeOld RegimeNew Regime
Gross Total Income0000
Deductions0000
Tax Payable0000

1. How to use calculator

The below steps have to be followed in order to calculate the total tax payable using the income-tax calculator:

  1. Select the Financial Year (FY) for which you wish to calculate the tax payable
  2. Select your age bracket as this will determine the income-tax slab you fall in
  3. Choose the appropriate response – if you are a salaried employee or not
  4. If you have selected Yes, enter your salary details such as basic salary, House Rent Allowance (HRA), other allowances and perquisites
  5. Enter the amount of exemptions on salary income (other than HRA) which are not allowed under the new tax regime (e.g., Education allowance, Hostel allowance, Leave travel allowance, etc.)
  6. Enter the amount of exemptions on salary income (other than HRA) which are allowed under the New Regime (e.g., Gratuity, Leave encashment etc.)
  7. For HRA exemption, where applicable, enter the amount of rent paid by you (if any) for the entire FY and select the option for the city you reside in
  8. Enter the amount of professional tax paid, if any, and click on ‘Next’
  9. Fill all the details in the ‘Income from House Property’ section (if applicable).
  10. Click on “+ ADD #2 PROPERTY DETAILS” to add details of the second property (if applicable)
  11. Click on ‘Next’ to proceed further
  12. Enter the details of savings/ time deposit interest received and of any other income in the ‘Income from Other Sources’ section and click on ‘Next’
  13. Enter the details in the ‘Deductions’ section under Section (u/s) 80C, 80CCD(1B),80CCD(2), 80D, 80E, 80EEA, 80EEB, 80TTA and 80TTB , wherever applicable
  14. Click on ‘Calculate Tax’ and your taxable income and tax payable shall be computed...


  1. Tax slabs under old v/s new tax regime for individuals up to 60 years of age for FY 2023-24

    Old tax regime:

    Income range (INR)Tax rates
    Up to 2,50,000NIL
    2,50,001 to 5,00,0005%
    5,00,001 to 10,00,00020%
    Above 10,00,00030%

    Proposed tax rates under new tax regime (to be made effective from FY 2023-24):

    Income range (INR)Tax rates
    Up to 3,00,000NIL
    3,00,001 to 6,00,0005%
    6,00,001 to 9,00,00010%
    9,00,001 to 12,00,00015%
    12,00,001 to 15,00,00020%
    Above 15,00,00030%

    • While calculating the tax payable under new tax regime, as per section 115BAC of the Income-tax Act, 1961 (Act), certain deductions and exemptions shall not be available. Few of the exemptions / deductions not allowed in the new regime are provided below:

      • Leave Travel Allowance (‘LTA’)
      • HRA
      • Interest on housing loan (self-occupied)
      • Chapter VI-A deductions (80C, 80D, 80E etc.) except for employer contribution to National Pension System (NPS) (80CCD(2)) and deduction in respect of employment of new employees (80JJAA)
    • A tax rebate of INR 25,000 for resident individuals with total income up to INR 7,00,000 is available under new tax regime. Under the old tax regime, a rebate of INR 12,500 for resident individuals with total income up to INR 5,00,000 is available.
    • Where the total taxable income of an individual exceeds INR 50,00,000 an additional surcharge on tax liability is levied as below:
      Income (INR)Surcharge rates (Old regime)Surcharge rates ((New regime)
      50,00,001 to 1,00,00,00010%10%
      1,00,00,001 to 2,00,00,00015%15%
      2,00,00,001 to 5,00,00,000 25%25%
      Above 5,00,00,00037%25%
    • Health and education cess of 4% is levied on the amount of income-tax plus surcharge.
  2. Income tax calculation for Sr. Citizens

    The slabs mentioned above applies to senior citizens as well with the only exception being:

    • The maximum income not chargeable to tax (i.e., the basic exemption limit) is INR 3,00,000 in case of resident individuals of the age 60 years and above but less than 80 years and INR 5,00,000 in case of resident individuals of the age 80 years and above. (The increased basic exemption limit will be available to senior and super senior citizens only under the old tax regime and not in the new tax regime)
    1. 4. How is income tax calculated on new slabs?
      An indicative example is shown below.

      Income range (INR)Tax ratesTax amount (INR)
      Up to 3,00,000NILNIL
      3,00,001 to 6,00,0005%15,000
      6,00,001 to 9,00,00010%30,000
      9,00,001 to 12,00,00015%45,000
      12,00,001 to 15,00,00020%60,000
      Total1,50,000
      Above 15,00,00 @ 30%

      In case of an individual with salary income of INR 20,00,000, the taxable income considering INR 50,000 worth of standard deduction will be INR 19,50,000. On this taxable income of INR 19,50,000, the tax on income above INR 15,00,000 will be at 30% (i.e., INR 4,50,000 * 30% = 1,35,000). The total tax (before cess) will therefore be INR 2,85,000 (150,000 as per table above + 1,35,000). The final tax with cess @ 4% will be INR 2,96,400.
    2. 5. How to calculate income tax for 2023-24?
      The taxes will need to be computed as below:

      • Gross total income has to be determined under the below heads of income:
        1. Salary
        2. House property
        3. Business and profession
        4. Capital gains
        5. Other sources
      • The eligible deductions and exemptions are to be reduced from the gross total income to arrive at the net taxable income. In case you opt for the new tax regime, the deductions and exemptions (except for standard deduction and employer contribution to NPS) will not be available.
      • The total tax shall then be calculated on the net taxable income as per the rates prescribed
      • You may use the tax calculator above for calculating your taxes
    3. 6. What is the 80C limit for ay 2023 24?
      Deduction under section 80C of the Act is available only under old tax regime. Further, the limit for the same is INR 1,50,000
    4. 7. What is the tax date for 2023?
      Due date for filing of tax return for FY 2022-23 is on or before July 31 st , 2023. Further, a belated/revised return can also be filed by December 31 st , 2023. Additionally, Finance Act, 2022, also brought in the option to file an updated return whereby an individual may file his updated/ original tax return within 24 months from the end of the relevant Assessment Year (AY) subject to various exceptions and circumstances (provided under section 139 (8A) of the Act).
    5. 8. Is 80C in new tax regime??
      Deduction under section 80C is not available if you opt for new tax regime

    6. 9. Is 50000 standard deductions allowed in new tax regime?
      As per Union budget 2023, standard deduction has been proposed to be allowed under new tax regime. The said changes are to be made effective from FY 2023-24 onwards.

    7. 10. How much tax will I pay if my salary is 25000 per month?
      Taxes on salary of Rs 25000 per month (Rs. 3 lakhs annual) will be Nil.
    8. 11. How to calculate tax as per Budget 2023?
      Please refer Point 5 above.
    9. 12. What is the last date for filing IT returns ay 2022 2023?
      Last date of filing the Income tax return for AY 2022-23 has already passed. However, Finance Act, 2022, brought in the option to file an updated return whereby an individual may file his updated/ original tax return within 24 months from the end of the relevant AY subject to various exceptions and circumstances (provided under section 139 (8A) of the Act).
    10. 13. How do I file a tax extension for 2023?
      Facility to file for a tax extension is not available in India. However, as provided above, for FY 2022-23, the tax return can be filed by July 31 st , 2023. Further, a belated/revised return can also be filed by December 31 st , 2023. Additionally, Finance Act, 2022, also brought in the option to file an updated return whereby an individual may file his updated/ original tax return within 24 months from the end of the relevant AY subject to various exceptions and circumstances. This option is available from FY 2020-21 onwards.
    11. 14. Should I go for old tax regime or new?
      The analysis needs to be done for person by person depending on the income level as well as deduction and exemptions to be claimed. Please use the calculator above, to compare the tax liability under both the regime. At a high level, for a person with income above INR 15,00,000 and upto INR 5,00,00,000, if the total of deductions and exemptions (including standard deduction) is more than INR 4,25,000, the old regime may be more beneficial, however, if it is lower than INR 4,25,000, new regime may be more beneficial. Please note that the analysis will need to be done on a case to case to basis.