Income Tax Calculation using NEW Income Tax Calculator & Excel Formula 2022
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- Опубліковано 7 сер 2024
- Income Tax Calculation using NEW Income Tax Calculator & Excel Formula 2022
In this video by FinCalC TV we will see income tax calculation using the new income tax calculator I have made for you on my fincalc blog. This calculator takes income and investment inputs to easily calculate your income tax. Also, we will see income tax calculation excel formula and fincalc app that you can use to access various other savings calculators.
This video will also help you to choose between old tax regime or new tax regime. I have also mentioned about New Tax slab rates and Tax rebate u/s 87A in this video that will help to save income tax. Also the changes in Budget 2022 will be applied for income tax calculation 2022 in these calculators.
Various queries wil be solved like how to calculate income tax 2022, income tax kaise calculate kare, new tax slab rates, tax rebates, income tax for salaried, income tax for business,What is standard deduction, Old Slab rates vs new slab rates, new budget 2022 etc.
Income Tax Calculator:
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Download Android App FinCalC:
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Download Income Tax Excel Calculator:
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Income Tax Calculation using Excel Video:
• How To Calculate Incom...
Save Income Tax Video:
• How to Save Income Tax...
CHAPTERS:
00:00 Income Tax Calculation Intro
01:43 Income Tax Calculator Demo
02:34 How to Calculate Income Tax Example
04:05 Investment Deductions to Save Income Tax
06:35 Income Tax Excel Calculator Examples
11:40 Income Tax in Graphical Visuals
15:24 More Excel videos
16:39 Conclusion
ALL EXCEL CALCULATORS VIDEOS:
• All EXCEL Calculators
NEW 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
- 10% Tax on Income between Rs. 5 lacs to Rs. 7.5 lacs
- 15% Tax on Income between Rs. 7.5 lacs to Rs. 10 lacs
- 20% Tax on Income between Rs. 10 lacs to Rs. 12.5 lacs
- 25% Tax on Income between Rs. 12.5 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 Income from Salary is Rs. 6 lacs.
income from other sources is Rs. 15000
So gross total income as Rs. 6,15,000
Investments include Rs. 60,000 under Section 80C, Rs. 10,000 under Section 80D and Rs. 5000 under Section 80TTA.
So total investments = 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. Standard deduction will not be applied if you are using new tax slab rates based on the condition we have seen at the start of this video.
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.
Let's see income tax calculation process using old tax slab rates for which taxable income is Rs. 4,90,000.
No Tax on income between Rs. 0 to Rs. 2.5 lacs
5% Tax on income between Rs. 2.5 lacs to Rs. 4,90,000, which is equal to Rs.12,000
As we know, when taxable income is below Rs. 5 lacs, we get a maximum tax rebate of Rs. 12,500 u/s 87A.
In this example, income tax of Rs. 12,000 is cancelled by the tax rebate of Rs. 12,500, so effective income tax = Rs. 0.
WATCH FULL VIDEO TO KNOW MORE ABOUT NEW INCOME TAX SLAB RATES AND MORE EXAMPLES.
#IncomeTax #Calculator #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. It is advised to seek professional help before taking any financial decisions. The owner of this channel shall not be liable in any way.
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Did you like the income tax calculator and my android app? COMMENT BELOW 👇👇
Calculator link: fincalc-blog.in/income-tax-calculator/
Simple n easy calculation 👍
Thanks 👍
Informative as usual!
Thanks 🙂👍
Thank you Sir.
You are most welcome
Great Video Sir. Just love it.
Thanks 🙂👍
Thanks for the good app
Welcome. Review on play store will be highly appreciated 🙂👍
Wow...very much useful App.. Thanks a lot.
Thanks for your comment 👍🙂
Thank you so much❤️
Welcome 🙂👍
If my income 6,50,00 with no investment how will it deduct ? Should it apply in old slab or in new slab ? I have no much idea on tax calculation. please help
In this financial year (FY 2021-22), you have the option of choosing between old slab rates or new slab rates. Depending on both calculations, you should choose the one in which you will pay less income tax. while choosing old slab rates you can make some investments to save income tax but this cannot be done in new tax regime. You can use my income tax calculator to check which tax regime you should choose, also you can watch my other video to understand about it more:
calculator link: fincalc-blog.in/income-tax-calculator/
Watch this video: ua-cam.com/video/mw-erFuYboM/v-deo.html
Based on your income of Rs. 6.5 lacs in FY, I think you can make investments of around Rs. 1.5 lacs and pay 0 income tax based on old slab rates. Let me know if you have any more queries about income tax after watching video.
Here is one more article I have written which you can read: fincalc-blog.in/how-to-calculate-income-tax-fy-2021-22-video-excel-calculator-examples/
Hope it helps :)
What about standard deduction in your app
Standard deduction of 50,000 will be automatically applied if you select salaried or pensioner option in app. You can see the same being reflected in income tax details section
Ok i will check it and inform you further