How to Calculate Income Tax with Slab Rates 2023-24 | Income Tax Calculation

How to Calculate Income Tax with Slab Rates 2023-24 | Income Tax Calculation with old and new tax regime
In this video by FinCalC TV we will see How to Calculate Income Tax Examples using Income Tax Slab Rates for FY 2023-24 in hindi using simple calculator and excel. We will see old tax regime and new tax regime calculations and which is better to choose between old and new tax regime. Also we will see various deduction options to save income tax in 2023-24

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Income Tax Slab Rates:
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New Tax Regime Deduction Options:
https://fincalc-blog.in/new-tax-slabs...

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CHAPTERS:
00:00 How to Calculate Income Tax Intro
00:50 Old vs New Tax Regime Calculations
01:52 Old Tax Regime Slab Rates 2023-24
02:35 New Tax Regime Slab Rates 2023-24
03:04 Rs. 10 Lakh Income Tax Calculation
04:56 How to Calculate Taxable Income
05:27 Slab 5% Tax Calculation
06:15 Slab 20% Tax Calculation
07:23 Calculating Sum of All Slabs
07:41 Tax Rebate 87A Eligibility
08:05 Cess 4% Calculation
08:24 Total Income Tax Calculation
08:55 New Tax Calculation with new regime
13:26 Deductions available in new tax regime
13:47 Income Tax Calculator using FinCalC Blog
17:30 Conclusion

Section 80C Deductions List:
   • Section 80C Deductions List | Save In...  

Save income tax video:
   • How to Save Income Tax on Salary abov...  

Tax Rebate 87A Explained:
   • Standard Deduction & Tax Rebate EXPLA...  

Income Tax Calculation Examples:
   • Income Tax Calculation Examples betwe...  

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

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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.