Income Tax Calculator for FY 2023-2024

PayHR Income Tax Calculator is a simple online tool that helps you estimate your tax based on your income. This tax calculator will show a comparison of both tax regimes.

To know more about Income tax saving guidelines, click here: Income Tax Saving Guidelines for Employee's

Select Your details

Below 60 years

60 to 80 years

80 years and above

You had selected age as :

Enter Your Income details

Your Total Gross Taxable Income is :

Enter Your Exemptions and Deduction details

Here is your Income Tax Calculation

Allowance | Deductions As per OLD Regime As per NEW Regime
1. Income From Salary (+)
2. Income From Other Source (+)
3. Interest Paid On Home Loan (-)
4. Total Gross Taxable Income (1+2-3)
5. HRA Exemption Amount (-)
6. LTA Exemption Amount (-)
7. Standard Deductions (-)
8. 80C Deduction Amount (-)
9. Individual contribution to NPS 80CCD (-)
10. Medical Insurance 80D (-)
11. Employer contribution to NPS 80CCD (-)
12. 80 Other Deductions (-)
13. Total Exemption & Deduction (5+6+7+8+9+10+11+12)
14. Total Taxable Income (4-13)
15. Total Tax
16. Rebate u/s 87A(-)
17. Surcharge
18. Health & Education Cess
19. Total Income Tax for FY 2023-2024 (15-16+17+18)
Is Marginal Relif Applicable?
Income Tax slab considers as per :

What are changes in Year 2023 Budget

Income Tax Rebate limit change for New Tax Regime
Finance Minister announced an increase in the Income Tax Rebate limit from Rs.5 lakh to Rs.7 lakh under the new tax regime. Currently those with an income of Rs.5 lakh do not pay any income tax, now effective financial year 2023-24 onwards those with an income of Rs.7 lakh will not require to pay any income tax who had opted for new tax regime, but those who had opted for old tax regime their limit will remain 5 lakh.

Change in Income Tax Slab Rates for New Tax Regime wef 1st April 2023
The Income tax slab for New Tax Regime is now changed effective new financial year 2023-24

Taxable Income Slab(Rs.) New Tax Rates (Rs.)
Upto 3 lakhs NIL
3 Lakh to 6 Lakh 5%
6 Lakh to 9 Lakh 10%
9 Lakh to 12 Lakh 15%
12 Lakh to 15 Lakh 20%
15 Lakh above 30%

New Tax Regime to be default tax regime
Earlier employee at the beginning of every financial year used to opt for New Tax Regime if he wants, but effective new financial year 2023-24 the default tax regime will be New Tax Regime instead of Old Tax Regime. So from April 2023 onwards if employee want to go with Old Tax Regime, then he should exercise this option himself by submitting declaration or via ESS payroll application provided by employer, or else his tax will get calculate based on New Tax Regim.

Highest surcharge reduce for new tax regime
The highest surcharge limit which was 37% is now reduce to 25%, and this option is available only to those employee who choose New Tax Regime.

Leave exemption limit increased The leave exemption limit is now increased from Rs.3 lakh to Rs.25 lakh.

Standard Deduction limit extended to new tax regime Earlier the standard deduction limit of Rs.50,000/- was available for those who opted Old Tax Regime. Now it’s proposed to extend this benefit to new tax regime.