5 lacs in FY, you need not have to pay any income tax, and by making investments, you save for your future as well. Using above trick of getting your Taxable income to below Rs. 0.įind more Income Tax Calculation examples here. 12,500 as Income Tax based on your Net Taxable Income.īut we also have Tax Rebate u/s 87A which provides us a maximum rebate of Rs. 5 Lacs in FY 2022-23īased on Old and New Tax Slab Rates, you are liable to pay Rs. Let’s say your Net Taxable Income equals Rs. Tax Rebate u/s 87A will be allowed in both Old and New Tax Regime.
This is achievable by making investments under various sections. You will be eligible for Tax Rebate u/s 87A when your taxable income is below Rs. Even after making investments with maximum limits in different sections, you’ll still be paying more taxes with old tax regime compared to new tax regime.īelow is the graph showing the comparison of income vs income tax: 12 Lacs, there is not much option to save maximum income tax. 12 Lacs, you can opt for Old Tax Regime, and make some Tax saving investments and Save Income Tax.īut if your income is above Rs. Every individual is having different incomes in a Financial Year. To answer this question, it depends on person to person. In case you want to claim various deductions to save income tax, you might have to check how much income tax can be saved using Old Tax Regime. Tax Slab Rates to calculate Income Tax FY 2022-23Īs seen above, New Tax regime has reduced tax slab rates which means you will be paying less income tax, if you are not opting for any investment deductions. Old Tax Regime vs New Tax Regime Slab Ratesīelow is the table showing Old and New Tax Slab Rates for FY 2022-23: Income In this way, the calculator can help you to compare your tax outgo and by iteratively entering the investment amount, you can decide how much you can invest more to pay less income tax if selecting Old Tax Regime.50,000 is only available in Old Tax Regime, and not in New Tax Regime This means that Standard Deductions of Rs.This is because new tax regime are reduced tax slab rates. New Tax Regime does not allow you to claim any investment deductions to save income tax.It is important to note that investment deductions are available only in Old Tax Regime.You should select tax regime based on which you’ll be paying less income tax. Based on the calculations, you can choose which Tax regime you should choose.This income tax calculator helps you to understand your income tax based on Old and New Tax Regime.How this Income Tax Calculator in Excel helps you?
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