For Financial Year (FY) 2022-23 (Assessment Year 2023-24), taxpayers in India can choose between the , which offers various deductions and exemptions, and the New Tax Regime , which provides lower slab rates but limited deductions.
For senior citizens (60–79 years), the basic exemption limit under the Old Regime is Rs. 3,00,000, and for super senior citizens (80+ years), it is Rs. 5,00,000. Under the New Regime , the exemption limit remains a uniform Rs. 2,50,000 for all age groups. Key Deductions and Exemptions (FY 2022-23) income tax calculator 2022-23 excel download
An is a practical tool for comparing these two regimes to determine your optimal tax outgo. Income Tax Slabs for FY 2022-23 For Financial Year (FY) 2022-23 (Assessment Year 2023-24),
To accurately calculate your tax in Excel, you must account for these primary deductions available under the : Income Tax Rates | AY 2023-24 | FY 2022-23 - Referencer 5,00,000
The tax slabs for individuals below 60 years of age are as follows: Income Slab (Rs.) Old Tax Regime Rate New Tax Regime Rate Up to 2,50,000 2,50,001 – 5,00,000 5,00,001 – 7,50,000 7,50,001 – 10,00,000 10,00,001 – 12,50,000 12,50,001 – 15,00,000 Above 15,00,000 [Source: 1.2.1]