![]() Below are some of the options you can use to save income tax: Section 80C Do we have any other options to save more Income Tax? Yes, we do.īut remember that these options are applicable only when you choose old tax regime to calculate and save income tax. Income Tax Calculation FY 2023-24 in Excelĭownload Income Tax Calculator FY 2023-24 in Excelįill below form to Download Income Tax Calculator in excel:Īs seen above, standard deduction helps you save income tax based on old tax regime. ![]() 50,000 in our example, which will be applicable in New tax regime as well from FY 2023-24 if you are salaried employee or pensioner. We have not considered standard deduction of Rs. In this case, you pay less income tax with new tax regime. Income Tax Calculation using New Tax Regime 1,400, which makes your total income tax based on New Tax Regime = Rs. Now an additional 4% cess is applicable on this amount which is Rs. 8 Lacs, based on new slab rates – you pay 0% tax on income between Rs. Let us now see income tax calculation using New Tax Regime Tax Calculation with New Tax Regime 50,000 which must be applied if you are Salaried employee or pensioner. In above calculation, we have not considered Standard Deduction of Rs. Income Tax Calculation using Old Tax Regime 2,900, which makes your total income tax based on Old Tax Regime = Rs. 8 Lacs, based on old slab rates – you pay 0% tax on income between Rs. 8 Lacs in FY (April 2023-March 2024) Tax Calculation with Old Tax Regime You pay tax on entire amount you earn in FY. ![]() But new tax regime does not allow any deductions (except Standard Deduction in FY 2023-24) to be claimed if you make any investments, to save more income tax. This regime was introduced to help you lower the burden of income tax you were paying in previous years using Old tax regime.
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