INCOME TAX CALCULATOR

Income Tax Calculator FY 2022-23 for Income Tax Calculation | ICICI Prulife

INCOME TAX CALCULATOR FY 2022-23 (AY 2023-24)

Calculate income tax on your earnings in a few simple steps
Gender
Gross Income (Annual)
Basic Pay (Annual)
City
Annual HRA (House Rent Allowance)
Summary of your investments
Total Income
Total Investments
HRA Exemption

Old Tax Regime

Tax Payable* ₹ XX,XXX

New Tax Regime

Tax Payable* ₹ XX,XXX

Result FY (2022-2023)

Old Tax Regime

Total Income
Total Investments
Standard Deduction
HRA Exemption
Taxable Income
Tax Payable*

New Tax Regime

Total Income
Total Investments
Taxable Income
Tax Payable*

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How to use the Income Tax Calculator?

The income tax calculator is an easy-to-use online tool which provides you with an estimation of the taxable income and tax payable once you provide the necessary details.

The steps to use the tool are as given below -

  • Choose your age bracket. This determines your applicable tax slab rates
  • Enter your annual salary. You can include the total salary inclusive of all bonuses and variable components

Once you enter these details, subsequent fields open up where you can enter your investment details

  • Enter your investment amount under Section 80C and 80CCD(1B)
  • Enter your medical insurance premium u/s 80D , if you have a health insurance policy
  • If you live in a rented property, enter your HRA received and rent paid. You can calculate your HRA exemptionhere
  • If you have a home loan you're paying back, enter the interest paid, as the same is eligible for deduction from taxable income
  • If you have an educational loan you're paying back, enter the interest paid, as the same is eligible for deduction from taxable income

Note: Whichever fields are not applicable, you can enter 0

You can see your taxable income and the tax payable on the Summary tab!

Our Tax Saving Insurance Plans`

Tax benefits up to ₹54,6001 U/S 80C & 80D with

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Tax benefits up to ₹46,8003 U/S 80C with

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ICICI Pru Guaranteed Income For Tomorrow

Guaranteed Income Plan

ICICI Pru Guaranteed Income For Tomorrow (Long-term)

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Child Plan

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Tax benefits up to ₹7,8002 U/S 80D with

Health Plan

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Tax slabs under Old V/s New Tax regime

Income Tax slab Tax rates as per new regime Tax rates as per old regime
₹ 0 - ₹ 2,50,000* Nil Nil
₹ 2,50,001 - ₹ 5,00,000 5% 5%
₹ 5,00,001 - ₹ 7,50,000 ₹ 12,500 + 10% of total income exceeding ₹5,00,000 ₹ 12,500 + 20% of total income exceeding ₹5,00,000
₹ 7,50,001 - ₹ 10,00,000 ₹ 37,500 + 15% of total income exceeding ₹7,50,000 ₹ 62,500 + 20% of total income exceeding ₹7,50,000
₹ 10,00,001 - ₹ 12,50,000 ₹ 75,000 + 20% of total income exceeding ₹ 10,00,000 ₹ 1,12,500 + 30% of total income exceeding ₹ 10,00,000
₹ 12,50,001 - ₹ 15,00,000 ₹ 1,25,000 + 25% of total income exceeding ₹ 12,50,000 ₹ 1,87,500 + 30% of total income exceeding ₹ 12,50,000
Above ₹ 15,00,000 ₹ 1,87,500 + 30% of total income exceeding ₹ 15,00,000 ₹2,62,500 + 30% of total income exceeding ₹ 15,00,000

Note: Under the old tax regime, the basic exemption limit for a person of 60 years old or more but less than 80 years old is ₹ 3,00,000 and for person 80 years old or more is ₹ 5,00,000

Under the New tax regime tax slab is the same for all individuals irrespective of their age

How to calculate Income Tax?

Let's take an example. Assuming a person has a gross total income of ₹ 14,50,000 per annum from all sources of income.

The basic difference between the old tax regime and the new tax regime is not only the rates but the availability of deductions across age groups.

If the person is under 60 years, income tax will be calculated as under:

Old Regime
Details FY 22-23
Gross Total Income ₹ 14,50,000
Total Deduction ₹ 2,77,500
Taxable Income ₹ 11,72,500
Tax on Total Income ₹ 1,64,250
Surcharge ₹ 0
Health & Education Cess ₹ 6,570
Total Tax Payable ₹ 1,70,820
New Regime
Details FY 22-23
Gross Total Income ₹ 14,50,000
Total Deduction ₹ 0
Taxable Income ₹ 14,50,000
Tax on Total Income ₹ 1,75,000
Surcharge ₹ 0
Health & Education Cess ₹ 7,000
Total Tax Payable ₹ 1,82,000

For a person between the age of 60 to 80 years, income tax will be calculated as below:

Old Regime
Details FY 22-23
Gross Total Income ₹ 14,50,000
Total Deduction ₹ 2,77,500
Taxable Income ₹ 11,72,500
Tax on Total Income ₹ 1,61,750
Surcharge ₹ 0
Health & Education Cess ₹ 6,570
Total Tax Payable ₹ 1,68,220
New Regime
Details FY 22-23
Gross Total Income ₹ 14,50,000
Total Deduction ₹ 0
Taxable Income ₹ 14,50,000
Tax on Total Income ₹ 1,75,000
Surcharge ₹ 0
Health & Education Cess ₹ 7,000
Total Tax Payable ₹ 1,82,000

For a person above the age of 80 years, income tax will be calculated as below:

Old Regime
Details FY 22-23
Gross Total Income ₹ 14,50,000
Total Deduction ₹ 2,77,500
Taxable Income ₹ 11,72,500
Tax on Total Income ₹ 1,51,750
Surcharge ₹ 0
Health & Education Cess ₹ 6,070
Total Tax Payable ₹ 1,57,820
New Regime
Details FY 22-23
Gross Total Income ₹ 14,50,000
Total Deduction ₹ 0
Taxable Income ₹ 14,50,000
Tax on Total Income ₹ 1,75,000
Surcharge ₹ 0
Health & Education Cess ₹ 7,000
Total Tax Payable ₹ 1,82,000

Note: This is assuming the following deductions for income taxed under the old regime. If a person opts to pay tax under the new regime, none of these deductions would be available

  • Standard deduction of ₹ 50,000 under Section 16
  • Deduction under Section 80C of ₹ 1,50,000 and under Section 80CCD(1B) of ₹ 50,000 (used for investments in NPS)
  • Deduction of ₹ 25,000 for Mediclaim premium under Section 80D

These figures also do not include any HRA exemption or loss from a self-occupied house that one can claim. There are other deductions that are available under the old tax regime under various Sections. Just to name give a few examples, Section 80G for charity, Section 80E for interest on education loan and others.

FAQs

  • What is the professional tax in India?

    It is a tax on profession, trade, and employment of person

  • What is gross income?

    Gross income is the total income earned by an individual in a year before any taxes or deductions. For example, even though your monthly salary might be ₹ 30,000, you might only receive a cheque for ₹ 25,000. In that case, your net income would be ₹ 25,000, but your gross income is ₹ 30,000

  • What is the income tax on a ₹ 24 lakh salary in India?

    The taxability of income depends on a number of factors. Please get in touch with your personal advisor

  • How much tax should I pay on my salary?

    The income tax on your salary will be calculated depending on the tax slab and whether you have opted for the old tax regime or the new tax regime. The taxable income will be worked out after making applicable deductions, if any. If you invest in life insurance, you can claim a deduction from taxable income of life insurance premium paid upto ₹ 1.5 lakhs. Section 80C also offers deduction from taxable income for investments in PPF (Public Provident Fund), NSC (National Savings Certificate) and other instruments along with home loan principal repayment. Additionally, if you invest in health insurance, you can get a deduction of up to ₹ 25000 under Section 80D for yourself and your family(₹ 50000 if the age of the insured is 60 years or above) and up to ₹ 25000 (₹ 50000 if the age of insured is 60 years or above) for your parents. You can also get a deduction of home loan interest up to ₹ 2 lakh under Section 24. These are ways you can consider to lower your overall tax outgo.

  • Which income is not taxable in India?

    Incomes mentioned under Section 10 of The Income Tax act 1961 are not taxable in India.

  • What is the maximum non-taxable income limit?

    Income up to ₹ 2.5 lakh does not attract any taxes. Further, u/s 87A person gets full tax rebate if the income of a person is less than ₹ 5 Lacs.

  • Does everyone have to file their income tax returns?

    If your income is below the taxable threshold of ₹ 2.5 lakhs currently, it is not compulsory to file your income tax return. However, if you have a PAN (Permanent Account Number) card and an income that falls below the taxable threshold, experts advise the filing of your ITR with a NIL return. This is to show the IT department that you did not have any income that was taxable for a specific year and hence, did not pay your taxes for the same. This will help you immensely in the future. Also, if you are an Indian resident with investments/assets outside India, you have to file returns even if your overall income falls below the taxable threshold. You will have to file your tax returns if you are eligible to claim refunds on any taxes that you may have paid in advance.

Please note: This calculation is generated on the basis of the information provided and is for assistance only. And is not intended to be and must not alone be taken as the basis for an investment decision. The Tax write-up above is for general understanding and reference. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. Tax laws are subject to amendments from time to time. ICICI Prudential Life Insurance Company Limited expressly disclaims any liability to any person, if tax benefits stated above are denied to the customer.

Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.

`Life cover is the benefit payable on the death of the Life Assured during the policy term.

3Tax benefit of ₹46,800 is calculated at highest tax slab rate of 31.2% (including Cess excluding surcharge) on life insurance premium u/s 80C of ₹1,50,000. Tax benefits under the policy are subject to conditions under Sections 80C, 80D, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on the above.

1Tax benefit of ₹ 54,600 (₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 31.2% (including Cess excluding surcharge) on life insurance premium u/s 80C of ₹ 1,50,000 and health premium u/s 80D of ₹ 25,000. Tax benefits under the policy are subject to conditions under Section 80C, 80D, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for more details.

2Tax benefit of ₹ 7,800 is calculated at highest tax slab rate of 31.2% (including Cess excluding surcharge) on health premium u/s 80D of ₹ 25,000. Tax benefits under the policy are subject to conditions under Sections 80D, 10(10D) and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on the above.

!aLife Cover is the benefit payable on death of the life assured during the policy term.

3Return of Premium: Return of premiums is available on survival under three of the Plan Options: ‘Return of Premium’, ‘Return of Premium with Life-stage cover’ and ‘Early Return of Premium with Life-stage cover’ and refers to total of all premiums received, excluding premiums for optional benefits i.e. Accidental Death Benefit, Critical Illness Benefit, any extra premium, any rider premium and taxes, if any. The plan options ‘Return of Premium’ and ‘Return of Premium with Life-stage cover’ provide maturity benefit on survival of the Life Assured till the end of the policy term. The plan option ‘Early Return of Premium with Life-stage cover’ provides survival benefit on survival of the Life Assured till the policy anniversary immediately after the Life Assured turns age 60 or 70, depending on the return of premium age chosen by the customer at inception. The fourth plan option ‘Income Benefit’ provides regular monthly income from the policy anniversary after the Life Assured attains age 60 as a survival benefit till the end of the policy term. Please note that the sum of monthly incomes paid under this plan option can be higher or lower than the total premiums paid by the customer, and may not be return of premium.

10Guaranteed benefits are payable depending on the plan option chosen, subject to all due premiums being paid.

*Tax benefits of ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20%(including cess excluding surcharge) on life insurance premium u/s 80C of ₹1,50,000. Tax benefits under the policy are subject to conditions under Section 80C, 80D,10(10D), 115BAC and other provisions of the Income Tax Act,1961. Good and Service tax and Cesses, if any will be charged extra as per prevailing rates. The Tax Free income is subject to conditions specified under Section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.

/[Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

~Your annuity/income is informed to you when you buy the plan and is guaranteed~ and unchanged for life. Conditions Apply.

|&This is a unit linked insurance plan. In this policy, the investment risk in investment portfolio is borne by the Policyholder. Unit linked Insurance products do not offer any liquidity during the first five years of the contract. The Policyholder will not be able to surrender / withdraw the monies invested in unit linked insurance products completely or partially till the end of the fifth year.

ICICI Pru iProtect Smart UIN 105N151V06

ICICI Pru iProtect Return of Premium UIN: 105N186V01

ICICI Pru Guaranteed Income For Tomorrow UIN 105N182V05

ICICI Pru Guaranteed Income For Tomorrow (Long-term) UIN 105N185V05

ICICI Pru1 Wealth UIN 105L175V03

ICICI Pru Guaranteed Pension Plan Flexi UIN 105N187V03

ICICI Pru Signature UIN 105L177V03

ICICI Pru Future Perfect UIN 105N153V02

ICICI Pru Smart Kid with ICICI Pru SmartLife UIN 105L145V06

ICICI Pru Health/Cancer Protect UIN 105N154V03

COMP/DOC/Apr/2022/254/0144

ADVT no. - W/II/0592/2022-23

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