TAX

Tax Calculator FY 2022-23 | AY 2023-24

Calculation of Income Tax for Aggregate Taxable Income, if Section 115BAC is not opted i.e. Existing Income Tax Provisions and Tax rates are applicable.

Select Status					Below 60 years Senior Citizen Very Senior Citizen
Aggregate Taxable Income ( = Gross Salary - Standard deduction of ₹50,000/-)
A. Deductions you can plan to maximise tax savings :
Section	Description / Information			Actual	Available	Deduction *
80C	Eligible Investments, Expenses etc.
80CCC	Premium Paid for Annuity Plan of LIC or Other Insurer
80CCD(1)	Contribution to Pension Account (Max. 10% of Salary)
Total deductions available u/s 80C, 80CCC and 80CCD(1)
80CCD(1B)	Contribution to NPS
80CCG	Investment in listed shares (50% of amount invested. Max. ₹ 25,000)
80D	Health insurance (self / family) (If Sr. Citizen Max. - 50,000, else 25,000)
80D	Health insurance (parents) (If parents are Sr. Citizen Max. - 50,000, else 25,000)
80G	Donations eligible for deduction upto 100% / 50% (with or without restriction)
* Maximum deduction available under the section or the actual amount of investment / expenditure / donation, whichever is lower.
B. Other deductions :
Section	Description / Information					Deduction *
80CCD(2)	Contribution to Pension Account by employer.(Max. 10% of salary)
80DD	Medical treatment of handicapped dependent relative. (Max. - ₹ 100,000/-. ₹ 125,000/- in case of severe disability.)				General
					Severe
80DDB	Medical treatment of specified disease / ailment. (Max. - ₹ 1,00,000 for Sr. Citizen and ₹ 40,000 for others)				< 60 years
					> 60 years
80E	Interest on Educational Loan for Higher Studies. (Max. - No upper limit)
80GG	House Rent paid. Maximum ₹ 60,000/-
80RRB	Income by way of Royalty of a Patent. (Max. - ₹ 300,000/-)
80TTA	Interest on Savings accounts (not time deposits) (Max. - ₹ 10,000/-)
80TTB	Interest on Bank / PO Deposits, available to Sr. Citizen (Max. - ₹ 50,000/-)
80U	Persons suffering from Physical Disability. (Max. - ₹ 75,000/-. In cases of severe disability. ₹ 125,000/-)				General
					Severe
24	Interest Accrued on Home Loans. (Max. ₹ 2,00,000/-.)
Total Deductions from Income chargeable at Normal Rates.
Taxable Income chargeable at Normal Rates
* Maximum deduction available under the section or the actual amount of investment / expenditure / donation, whichever is lower.
C. Tax Liability & Tax Savings
Description		Before deductions		After deductions		Tax Saved
		Income	Income Tax	Income	Income Tax
Exempt Income Slab
Income chargeable at 5%
Income chargeable at 20%
Income chargeable at 30%
Total
Less : Rebate under Section 87A **				NA		NA
Income Tax				NA
Surcharge				NA
Health & Education Cess				NA
Total Tax liability				NA
** Where taxable income is upto ₹ 3.5 lacs, Income Tax chargeable or ₹ 2,500, whichever is lower)
Note : This calculator has been compiled for limited purpose of calculating and comparing your tax savings. For calculating your taxable income and tax liability, please use