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building sustainable habits for success ✌️【365vc.net】✌️Achieve 100% returns in a month. AI-driven predictions make investing easy and profitable. Start today! "ThisFY 2023-24tax calculator computes tax as per the old tax regime and the new tax regime, to give you a quick view of savings (if any), under the new tax regime.New tax regime:The Finance bill 2023, has made some changes to the new tax regime as mentioned below:Changes to the slab rates under new tax regimeIncome up to ₹300,000 - Nil₹3,00,001 to ₹6,00,000 - 5%₹6,00,001 to ₹900,000 - 10%₹9,00,001 to ₹12,00,000 - 15%₹12,00,001 to ₹15,00,000 - 20%Above ₹15,00,000 - 30%The new tax regime is now the default tax regime, however, individuals will have an option to opt for the old tax regimeThe limit for rebate has been increased to INR 7,00,000 under the new tax regimeStandard deduction of INR 50,000 is now allowed under the new regime.

how to monetize computing power 2024 for experts ✌️【365vc.net】✌️Start with ₹500 and achieve up to 100% monthly returns. Simple, safe, and highly profitable. However, other deductions and exemptions as specified below cannot be claimed under the new regime- House Rent Allowance, Leave Travel Concession etc.- Deduction of professional tax- Loss under the head ""House Property""- Almost all of the deductions available under Chapter VI-A of the Act [excluding employer's contribution to National Pension System (‘NPS’), which will be allowed as a deduction even under the new regime].

List of such common deductions disallowed under the new regime are:- 80C (life insurance premium, employee's contribution to Provident Fund, investment in Public Provident Fund etc.) up to INR 150,000- 80CCD(1B) (your contribution to NPS) up to INR 50,000- 80D (Medical insurance) up to maximum of INR 100,000- 80E (interest on education loan)- 80EEA/ 80EEB (interest on specified loans) up to INR 150,000- 80G (donation)- 80TTA/ 80TTB (deduction of specified interest income) up to INR 10,000/ INR 50,000The highest surcharge of 37% has been brought down to 25% under the new tax regime"

This tax calculator works under certain assumptions to calculate estimated tax liability; and may not provide accurate results in all circumstances.

Thus, your actual tax liability may be different.

Readers are advised to seek appropriate professional tax advice and compute their tax based on applicable provisions of the Income-tax Act, 1961 and Income-tax Rules, 1962.

(This calculator is for resident individuals and does not account for loss under the head "Capital Gains".)

Financial Year ("FY"): This means a period of 12 months (April to March) for which income is being taxed/ assessed.

1.

Earn commission rewards from promotional activities ✌️【365vc.net】✌️Start investing in blockchain with just ₹500. Transparent, secure, and highly rewarding! How to use calculatorThe below steps have to be followed in order to calculate the total tax payable using the income-tax calculator:Select the Financial Year (FY) for which you wish to calculate the tax payableSelect your age bracket as this will determine the income-tax slab you fall inChoose the appropriate response – if you are a salaried employee or notIf you have selected Yes, enter your salary details such as basic salary, House Rent Allowance (HRA), other allowances and perquisitesEnter the amount of exemptions on salary income (other than HRA) which are not allowed under the new tax regime (e.g., Education allowance, Hostel allowance, Leave travel allowance, etc.)Enter the amount of exemptions on salary income (other than HRA) which are allowed under the New Regime (e.g., Gratuity, Leave encashment etc.)For HRA exemption, where applicable, enter the amount of rent paid by you (if any) for the entire FY and select the option for the city you reside inEnter the amount of professional tax paid, if any, and click on ‘Next’Fill all the details in the ‘Income from House Property’ section (if applicable).Click on “+ ADD #2 PROPERTY DETAILS” to add details of the second property (if applicable)Click on ‘Next’ to proceed furtherEnter the details of savings/ time deposit interest received and of any other income in the ‘Income from Other Sources’ section and click on ‘Next’Enter the details in the ‘Deductions’ section under Section (u/s) 80C, 80CCD(1B),80CCD(2), 80D, 80E, 80EEA, 80EEB, 80TTA and 80TTB , wherever applicableClick on ‘Calculate Tax’ and your taxable income and tax payable shall be computed...

The below steps have to be followed in order to calculate the total tax payable using the income-tax calculator:

While calculating the tax payable under new tax regime, as per section 115BAC of the Income-tax Act, 1961 (Act), certain deductions and exemptions shall not be available.

Few of the exemptions / deductions not allowed in the new regime are provided below:

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building sustainable habits for success ✌️【365vc.net】✌️Achieve 100% returns in a month. AI-driven predictions make investing easy and profitable. Start today! All rights reserved.For reprint rights:Times Syndication Servicebuilding sustainable habits for success Financial Freedom with High Returns: Join Now