How to Calculate Income Tax with Slab Rates 2024-25 | Income Tax Calculation

How to Calculate Income Tax with Slab Rates 2024-25 | Income Tax Calculation with Old & New Tax Regime
In this video by FinCalC TV we will see How to Calculate Income Tax Examples using Income Tax Slab Rates for FY 2024-25 in hindi using simple income tax calculator and excel. We will see old tax regime and new tax regime calculations and which is better to choose between old and new tax regime. Also we will see various deduction options to save income tax in 2024-25
Income Tax Calculator:
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DOWNLOAD Income Tax Excel Calculator:
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Income Tax Slab Rates:
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Save Income Tax Video:
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New Tax Regime Deductions:
• New Tax Slabs 2023-24 ...
CHAPTERS:
00:00 How to Calculate Income Tax 2024-25 Intro
00:26 Income Tax Slab Rates for Old Tax Regime
01:16 New Tax Regime Slab Rates 2024-25
02:57 Income Tax Calculator Excel Download
03:20 Rs. 8 Lakh Income Tax Example
05:15 Standard Deduction Rs. 50,000
06:05 Slab wise Income Tax Calculation
11:33 Rs. 5 Lakh Income Tax Calculation
14:31 FinCalC Blog Income Tax Calculator
17:30 Conclusion
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After watching this video following queries will be solved:
How To Calculate Income Tax FY 2024-25 AY 2025-26?
What are the income tax slab rates for FY 2024-25?
What is standard deduction for FY 2024-25?
Old Slab rates vs new slab rates?
Income Tax calculation FY 2024-25 using excel examples?
Tax rebate under section 87A?
What is tax rebate u/s 87a
Eligibility for tax rebate 87a
Old income tax slab rates calculation vs new income tax slab rates calculation
New Budget 2023 income tax
standard deduction new tax regime
NEW TAX REGIME:
- No Income Tax on Income between Rs. 0 to Rs. 3 lacs
- 5% Tax on Income between Rs. 3 lacs to Rs. 6 lacs
- 10% Tax on Income between Rs. 6 lacs to Rs. 9 lacs
- 15% Tax on Income between Rs. 9 lacs to Rs. 12 lacs
- 20% Tax on Income between Rs. 11 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 gross total income as Rs. 6,15,000
Let's say your total investments as 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.
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.
WATCH FULL VIDEO TO KNOW MORE ABOUT NEW INCOME TAX SLAB RATES AND MORE EXAMPLES.
Section 80C Deductions List:
• Section 80C Deductions...
Tax Rebate 87A Explained:
• Standard Deduction & T...
Income Tax Calculation Examples:
• Income Tax Calculation...
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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.
I Am Not A SEBI Registered Adviser. All The Information Provided By Me Are For Educational/Informational Purposes Only. We Do Not Take Any Responsibility For The Accuracy Of The Data But As It May Contain Typographic Or Other Errors And Inaccuracies And We Expressly Disclaim Liability For Any Errors On The UA-cam Channel (FinCalC TV). Please consult your Financial Advisor before taking any decision or action in terms of your Finances.