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Computation of tax payable new tax regime versus old tax regime please teach me

05 February 2023

Dear Chartered Accountants and knowledgeable persons.....

For an example : Mrs Reena Pooja Jain was a salaried person...Her Total income is RS...8,50,000 means..2023-24 AY

how to calculate the tax payable could you please explain me in elaboratory calculations

Please teach me the calculations..I need

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6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 05 February 2023

Use the below said calculator for all types of assesses and different assessment years..

tools/income-tax-calculator.aspx

1 Like

MPR Sanjay Kumar (2979 Points)
Replied 05 February 2023

@ Honourable Dhirajlal sir ,for an example if my total income RS 9,60,000 means after deduction ....under new tax regime as per now budget 23-24

upto 3 lakh NIL

Above 3 lakh to 6 lakh. 5% =3 lakh 5% (15,000)

6 lakh to 9 lakh = 6 lakh 10% ( 60,000)

9 lakh to 12 = 9 lakh 15% ( 1,35,000)

so now , total income 9,60,000 means

here which percentage tax applicable ???

I need this calculation my honourable sir dhiraj Lal sir plse explain

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 05 February 2023

The budget proposals are for FY 2023-24 and not for AY 2023-24...

So for AY 2024-25.... or FY 2023-24

Assuming Net Taxable Income as 9.60 lakhs...

upto 3 lakh NIL

Above 3 lakh to 6 lakh. 5% =3 lakh 5% .......... (15,000/-)

6 lakh to 9 lakh = 3 lakh 10% ........... (30,000/-)

9 lakh to 9.6 lakh= 0.6* 15% ...... (9,000/-)

so now, total Tax liability will be ........... ...... (54,000/-

Add 4% Cess Extra..

MPR Sanjay Kumar (2979 Points)
Replied 05 February 2023

@ Honourable Dhiraj Lal rambhia sir ,Hearty thanks 😊 ...really clear explanation thank you so much sir...plse always guide me

1 Like

sabyasachi mukherjee (26047 Points)
Replied 06 February 2023

New tax regime vs old regime.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 06 February 2023

Originally posted by : MPR Sanjay Kumar
	@ Honourable Dhiraj Lal rambhia sir ,Hearty thanks 😊 ...really clear explanation thank you so much sir...plse always guide me