INCOME TAX CALCULATOR FY 2023-24 (AY 2024-25)
| 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* | ₹ |
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 exemption here
- 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
ICICI Pru iProtect Smart
Tax benefits up to ₹46,8003 U/S 80C with
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ICICI Pru Guaranteed Income For Tomorrow
ICICI Pru Future Perfect
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.
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.
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 105N151V12
ICICI Pru Guaranteed Income For Tomorrow UIN 105N182V10
ICICI Pru Guaranteed Pension Plan Flexi UIN 105N187V06
ICICI Pru Signature UIN 105L177V07
ICICI Pru Future Perfect UIN 105N153V03
COMP/DOC/Sep/2022/119/1098
ADVT no. - W/II/0592/2022-23
