Here is the sample and Projected DSC wise Income Tax statements for TDS .
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Also Read: మీకు నెలవారీ TDS ఎంత CUT చేయాలో ఒకే ఒక్క క్లిక్ లో కింది లింక్ లో మీ మొబైల్ లోనే చూసుకోవచ్చు
How to use Income Tax Calculator?
Income Tax Calculator helps anyone determine their tax outflow for a financial year. Online tax calculator requires some data related to taxpayer’s income, investments and expenses to calculate taxes online.
Now let’s go through the step-by-step process of how to use the Scripbox Income Tax Calculator online.
Step 1: Enter Annual Income – Provide details of income earned under various income heads like salary, interest income from deposits, capital gain, rent from house property and other taxable income
Step 2: Enter exemptions – Provide details of exemptions available against the income earned during the financial year. Such deduction is against salary, self-occupied property and let-out property.
Step 3: Tax Deductions – Provide details of exemptions available under Section 80C Investments and Expenditures, Health Insurance, NPS, Education Loan and Donations.
Step 4: Basic Details – Provide your age and taxes paid in the financial year. Your age helps in determining the tax payable.
Step 4: Tax Apportionment – In this step, the calculator calculates the total tax under the new scheme as well as under the old scheme. Also, it determines how much more to invest for effective tax savings. Further, taxpayers can go back at any stage and change the values as required. Additionally, the calculator suggests the best investment options to save more tax.
|
Income Tax slab |
Tax rates as per new regime |
Tax rates as per old regime |
|
₹ 0 – ₹ 2,50,000* |
Nil |
Nil |
|
₹ 2,50,001 – ₹ |
5% |
5% |
|
₹ 5,00,001 – ₹ |
₹ 12,500 + 10% of total income exceeding ₹5,00,000 |
₹ 12,500 + 20% of total income exceeding ₹5,00,000 |
|
₹ 7,50,001 – ₹ |
₹ 37,500 + 15% of total income exceeding ₹7,50,000 |
₹ 62,500 + 20% of total income exceeding ₹7,50,000 |
|
₹ 10,00,001 – ₹ |
₹ 75,000 + 20% of total income exceeding ₹ 10,00,000 |
₹ 1,12,500 + 30% of total income exceeding ₹ 10,00,000 |
|
₹ 12,50,001 – ₹ |
₹ 1,25,000 + 25% of total income exceeding ₹ 12,50,000 |
₹ 1,87,500 + 30% of total income exceeding ₹ 12,50,000 |
|
Above ₹ 15,00,000 |
₹ 1,87,500 + 30% of total income exceeding ₹ 15,00,000 |
₹2,62,500 + 30% of total income exceeding ₹ 15,00,000 |
How to calculate income tax?
Income tax is calculated based on the applicable income tax slab and net income of the taxpayer. To calculate income tax for any financial year 2022-23 you can follow the following steps:
Step-1: Calculate the gross total income
You have to calculate the gross total income under different incomes.
Income from Salary – Add the total gross salary received from the employer during the financial year. Your gross salary will be mentioned in your Form 16. Your employer will issue Form 16 after the end of the financial year
Income from Capital Gain – Add long and short term capital gains to your gross income. All capital gains are not taxed at the slab rate. So, you should be careful about the applicable tax rate.
Income from house property – Add your net rental income to your gross income for a let-out property. Make sure you claim deduction for municipal taxes paid, standard deduction, interest on home loan repayment, etc.
Income from Business or Profession: Add to your income by running a business or pursuing a profession. Make sure you claim expenses related to such business or profession while computing income under this head.
Income from other sources: Add any income earned from other sources. Interest income on fixed deposit, savings bank interest etc. come under income from other sources.
Step- 2: Claim exemptions and tax exemptions
All exemptions, allowances and deductions now available to you from gross income w.r.t. Earned income
Salary Income Deductions, Allowances and Deductions
omit the travel allowance as contained in clause (5) of section 10;
house rent allowance under clause (13A) of section 10;
certain allowance contained in clause (14) of section 10;
Standard deduction, deduction for entertainment allowance and employment/professional tax under section 16;
Rental income from home property deductions
Interest payable on home loan under section 24 Exemption on house interest applies in respect of self-occupied or vacant property.
Loss under income from house property for rented house is not allowed to be set off under any other head and is allowed to be carried forward under existing law
Exemption from business or professional income
Expenses incurred in connection with carrying on such business or profession
Depreciation on assets and additional depreciation on such assets.
Deduction for donation or expenditure for scientific research
Rent, rates, taxes, repairs and insurance of the building
Any bonus or commission paid to employees
Contribution to recognized provident fund or approved superannuation fund or approved gratuity fund of employees.
Deductions from gross income
Section 80C deduction on principal repayment of home loan, premium paid to Public Provident Fund (PPF), Employees Provident Fund (EPF), life insurance policies. Section 80C includes investment in National Savings Certificate (NSC), Equity Linked Savings Scheme (ELSS Mutual Fund), children’s tuition expenses etc.
Contribution to National Pension Scheme (NPS).
Medical insurance policies for self, spouse & dependent children.
Education loan repayment
Contribution for charitable purpose
Step-3: Calculate the net taxable income
Subtract exemptions, allowances, and deductions from gross income.
