Income Tax Calculation on Salary Payslip Examples | How to Calculate Income Tax [Calculator]
In this video by FinCalC TV we will see Income Tax Calculation on Salary using salary payslip in hindi. We will check old tax regime and new tax regime calculations with the help of income tax calculator and tax slab rates 2024-25. This will help you in income tax return filing as a salaried employee.

Income Tax Calculator Online:
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New Tax Regime Deductions Allowed:
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Section 80C Deductions:
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HRA Exemption Calculation:
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Old vs new tax regime which is better:
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After watching this video following queries will be solved:
How To Calculate Income Tax on Salary India Example?
What are the income tax slab rates for FY 2023-24?
What is standard deduction for FY 2023-24?
Old Slab rates vs new slab rates?
Income Tax calculation FY 2023-24 using excel examples?
Tax rebate under section 87A?
What is tax rebate u/s 87a
Eligibility for tax rebate 87a
Old income tax slab rates calculation vs new income tax slab rates calculation
New Budget 2023 income tax
standard deduction new tax regime


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NEW TAX REGIME:
- No Income Tax on Income between Rs. 0 to Rs. 3 lacs
- 5% Tax on Income between Rs. 3 lacs to Rs. 7 lacs
- 10% Tax on Income between Rs. 7 lacs to Rs. 10 lacs
- 15% Tax on Income between Rs. 10 lacs to Rs. 12 lacs
- 20% Tax on Income between Rs. 12 lacs to Rs. 15 lacs
- 30% Tax on Income above Rs. 15 lacs

OLD TAX REGIME:
- No Income Tax on Income between Rs. 0 to Rs. 2.5 lacs
- 5% Tax on Income between Rs. 2.5 lacs to Rs. 5 lacs
- 20% Tax on Income between Rs. 5 lacs to Rs. 10 lacs
- 30% Tax on Income above Rs. 10 lacs

EXAMPLES:
Let's say your gross total income as Rs. 6,15,000
Let's say your total investments as Rs. 75,000. So your net taxable income becomes equal to Rs. 6,15,000 minus Rs. 75,000, which is equal to Rs. 5,40,000. These Deductions are applicable only if you are using Old Tax slab rates. Your net taxable income when considering New Tax slab rates remains Rs. 6,15,000, as no deductions are applied on your total income.
Now to calculate your income tax, if you are an employee or pensioner, you get a standard deduction of Rs. 50,000 only if you are using old tax slab rates.
So your net taxable income becomes equal to Rs. 4,90,000 if you are using Old Tax Slab Rates. But it remains as Rs. 6,15,000 based on new Tax Slab rates.

WATCH FULL VIDEO TO KNOW MORE ABOUT NEW INCOME TAX SLAB RATES AND MORE EXAMPLES.

#IncomeTax #Salary #FY2024-25 #IncomeTaxCalculation #FinCalCTV

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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.

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