Comparison IT Calculator Financial Year 2023 - 24
Union Budget Highlights 2023
On 1 Feb 2023 , our honourable Finance minister Nirmala Sitharaman presented her last full year budget of the Modi government. Major highlights for a taxpayer from the presentation are listed below-
Major Highlights Of The Budget 2023
1). The 75th year of Independence has recognised India as a bright star.
2). The new slab rate for the Fy 2023-24 is as follows
| Annual Income | Rate Of Tax | |
| 0 to 3,00,000 | Nil | |
| 3,00,000 to 6,00,000 | 5% | |
| 6,00,000 to 9,00,000 | 10% | |
| 9,00,000 to 12,00,000 | 15% | |
| 12,00,000 to 15,00,000 | 20% | |
| Above 15,00,000 | 30% | |
3). The Government has enhanced income tax exemption limit up to Rs. 7 lakh under the new tax regime
4). Individuals with an annual income of Rs.9 lakh will only pay tax of Rs. 45 thousand only earlier it was Rs. 60 thousand.
5). Standard deduction under the New Tax regime for individuals with income up to Rs.15 lakh will be Rs. 52,400.
6). The tax exemption limit is Rs.25 lakh on leave encashment on retirement for non-government salaried employees.
Calculate Your Tax Return FY 23-24 Under New Tax Regime and Old Tax Regime
Anyone who has an income that crosses a specific threshold is required to pay taxes. Income Tax is the tax that is levied by the Central Government on the income earned during the financial year by individuals and businesses. The most confused any intelligent man becomes when asked to calculate taxes. But technology has made life convenient for all of us. The introduction of an Income Tax Calculator FY 2023-24 is a great help for a taxpayer to calculate the Income Tax online that they are liable to pay in a financial year. It is a great online tool to help you plan your investments too as every year. This is a great tool for an assessee to analyse well in advance their tax liability. This article will help you understand how to use this online tool to calculate income tax liability according to the new tax regime.
Income Tax Calculator Fy23-24?
Every year this tool is updated according to the changes given in the budget. The Income-tax slab for FY 2023-24 has been updated on our Income Tax Calculator Fy23-24 for your convenience. Let's check out the steps to use it furthermore-
The first step is to select the assessment year for which you are calculating the tax liability.
Now we select ourselves as the respective head we are filing tax under such as Individual, HUF, AOP/BOI, Domestic Company, Foreign Company, Firms, LLP, Co-operative society.
The third step is to check in our gender or if you fall under senior citizen, needs to be categorised separately.
We need to fill in our taxable income after deducting HRA, LTA and Standard deduction.
A few other details need to be checked like interest income, rental income, and interest paid on the home loan.
If you want to calculate your taxes under the old tax slab then you need to enter the amount for tax-saving investments under sections 80C,80D,80G,80E, and 80TTA.
Now, you will get the result in the old tax regime and the new tax regime so you can go ahead with your choice and whatever is more beneficial for you.
Conclusion- Get set Go
A few simple steps and you are all set to compute your tax liability sitting at home. This online tool is helpful in not only calculating your tax liability but in making decisions regarding tax-saving investments. As before starting of the year, it will help you in planning your investments. Make use of the Income Tax Calculator for AY 2024-25 to prepare well in advance your financial plans.
Use our Tax Calculator FY 2023-24 to calculate your taxes in advance and we will help you save taxes with our Annual Subscription Package FY 23-24 or CTC Optimizer.
Is It Important To Consult A Tax Professional?
We are living in an era of professionals, there are experts in every field to assist and guide a layman. For a taxpayer, filing taxes can be confusing and if left as a last-minute job it will be frustrating also. At the onset of the financial budget every year there are changes brought about in the Income-tax slab rates and the rules and regulations of the Income-tax act. The dilemma to hire a professional and file your tax return or if you have complete knowledge and are capable of filing an error-free tax return then do it yourself will prevail till the time you understand the benefits of hiring an expert.
Why A Tax Expert Is Required?
Filing an Income Tax return may be a simple procedure for an individual who has complete knowledge about taxation laws but there are updations time and again which one has to keep in touch with although for some, there are possibilities of complex finances and many sources of income than professional assistance is a must.
1). To file an error-free tax return - There are minimal chances of mistakes if an expert helps an individual to file a tax return. As they have complete knowledge of the procedure you can remain calm and relaxed.
2). Complex returns- For some taxpayers, there are various sources of income and foreign assets. In a year there could be many transactions which require professional assistance at the time of filing
the tax return.
3). Updation In The Income Tax Act- There are many changes in the Income Tax Act for the FY 2022-23 from adding Crypto tax, taxes on long-term capital gains, filing of updated income tax returns and
many more which will require expert hands to complete your filing of tax returns for smooth sailing.
4). Not Expensive- If an individual chooses peace over panic then the cost paid to hire a professional would seem minimal. These experts charge a very nominal amount to give you a hassle-free experience
for filing Income Tax Returns.
5). Saving And Investment Plans- If you file your taxes correctly then you can save money for future economic growth. As your tax returns are filed correctly and efficiently, a taxpayer will save
money which can be further used in tax-saving investments to gain deductions and avail tax-saving options.
Conclusion- Ask For Help
An individual sometimes keeps pushing important tasks like filing Income Tax returns furthermore as the date to file the return is extended. But all this procrastination of tasks will lead to hassles and wrong filing of the returns. Therefore to file an error-free tax return it is beneficial to ask for professional help
