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Income Tax Calculator for FY 2022-23 (AY 2023-24) | Free Excel Download

income tax calculator for FY 2022-23

Free excel Income Tax Calculator for FY 2022-23 (AY 2023-24) is available for free to download.

It calculates the Tax on income under below heads for individuals.

  1. Salary income
  2. Pension
  3. House Property
  4. Other Sources (Interest, Dividends etc.)

Click on below link / button to download the free excel income tax calculator for FY 2022-23.

Income Tax Slab for computation in Income Tax Calculator for FY 2022-23 is briefed below.

The new regime of taxation is introduced from FY 2020-21, which is optional to an Assessee.

In Option/alternative 1 (Old regime), the Tax on income arrives after all the eligible deductions.

Old Regime – Income Tax slabs for FY 2022-23 (AY 2023-24)

General public
(Age is less than 60 years)
Senior Citizen
(Age is between 60-80 years)
Very Senior Citizen
(Age is more than 80 years)
Income Slab Rate Income Slab Rate Income Slab Rate
Up to ₹ 2.5 lakhs Nil Up to ₹ 3 lakhs Nil Up to ₹ 5 lakhs Nil
₹ 2.5 to 5 Lakhs 5% ₹ 3 to 5 Lakhs 5%
₹ 5 to 10 Lakhs 20% ₹ 5 to 10 Lakhs 20% ₹ 5 to 10 Lakhs 20%
Above ₹ 10 lakhs 30% Above ₹ 10 lakhs 30% Above ₹ 10 lakhs 30%

In Option/alternative 2 (in New regime), the Taxable income calculates without any deductions except for 80CCD (NPS) & rebate u/s 87A.

New Regime – Income Tax slabs for FY 2022-23 (AY 2023-24)

Rate
Up to ₹ 2,50,000 Nil
₹ 2,50,001 to 5,00,000 5%
₹ 5,00,001 to 7,50,000 10%
₹ 7,50,001 to 10,00,000 15%
₹ 10,00,001 to 12,50,000 20%
₹ 12,50,001 to 15,00,000 25%
Above ₹ 15,00,000 30%

The Surcharge is as below.

Total Income Rate
Income is less than ₹ 50 Lakhs Nil
₹ 50 Lakhs to ₹ 1 Crore 10%
₹ 1 Crore to ₹ 2 Crores 15%
₹ 2 Crores to ₹ 5 Crores 25%
₹ 5 crores to ₹ 10 Crores 37%
Income is exceeding ₹ 10 Crores 37%

Health and Education cess @ 4%

Standard Deduction allowed of ₹ 50,000 to Salaries person and also to Pensioners.

Rebate is maximum of ₹ 12,500/- for income up to ₹ 5,00,000 under section 87A.

Please click here to download the calculator FY 2021-22.

Please click here to go to the Income Tax site for all other information and filing of returns.

 

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