Simple Income Tax Calculator 2022-23

Income-Tax-Calculator-2022 Download

This excel utility calculates income tax for the salaried person. It has considered all the parameters for proper calculation of income tax for an individual.

For the Financial Year: 2022-23, following points are considered:-

Standard Deduction for Salaried & Pensioners	Rs. 50,000
Total deduction of 80C, 80CC and 80CD will not exceed	Rs. 1,50,000
Additional deduction u/s 80CCD(1B) NPS will not exceed	Rs. 50,000
Deduction limit on interest on loan for self-occupied house	Rs. 2,00,000
Maximum deduction U/S 87A	Rs. 12,500
Deduction U/S 87A applicable upto Taxable income of	Rs. 5,00,000
Mode of deduction of CESS (Direct or Step by Step)	DIRECT
Non Taxable annual subscription on GPF upto	Rs. 5,00,000

Limit of deduction u/s 80D Medical Insurance Premium and preventive health check up	Below 60	60 & above
80D Cashless payment of Medical Insurance Premium for Self, spouse and children.	Rs. 25,000	Rs. 50,000
80D Cashless payment of Medical Insurance Premium for parents	Rs. 25,000	Rs. 50,000
preventive health check-up under 80D for Self, spouse and children.	Rs. 5,000	Rs. 5,000
preventive health check-up under 80D for parents	Rs. 5,000	Rs. 5,000

Professional Tax Slab for Income Range

From	To	Rate of Tax Per Month (Rs.)
0	5000	0
5001	6000	0
6001	7000	0
7001	8500	0
8501	10000	90
10001	15000	110
15001	25000	130
25001	40000	150
40001	above	200

Details of H.R.A.

Maximum H.R.A. applicable to an employee per month

Rs. 12,000

GPF Interest Rate

Mar, 2022 to Feb, 2023

7.10%

Income Tax Slab for Male

FROM	TO	OLD RATE (%)	NEW RATE (%)
0	2,50,000	0	0
2,50,001	5,00,000	5	5
5,00,001	7,50,000	20	10
7,50,001	10,00,000	20	15
10,00,001	12,50,000	30	20
12,50,001	15,00,000	30	25
15,00,001	Infinity	30	30

Income Tax Slab for Male of 60 years or above (Senior Citizens)

FROM	TO	OLD RATE (%)	NEW RATE (%)
0	2,50,000	0	0
2,50,001	3,00,000	0	0
3,00,001	5,00,000	5	5
5,00,001	7,50,000	20	10
7,50,001	10,00,000	20	15
10,00,001	12,50,000	30	20
12,50,001	15,00,000	30	25
15,00,001	Infinity	30	30

Income Tax Slab for Female

FROM	TO	OLD RATE (%)	NEW RATE (%)
0	2,50,000	0	0
2,50,001	5,00,000	5	5
5,00,001	7,50,000	20	10
7,50,001	10,00,000	20	15
10,00,001	12,50,000	30	20
12,50,001	15,00,000	30	25
15,00,001	Infinity	30	30

Income Tax Slab for Very Senior Citizens (80 years or above)

FROM	TO	OLD RATE (%)	NEW RATE (%)
0	2,50,000	0	0
2,50,001	3,00,000	0	0
3,00,001	5,00,000	0	0
5,00,001	7,50,000	20	10
7,50,001	10,00,000	20	15
10,00,001	12,50,000	30	20
12,50,001	15,00,000	30	25
15,00,001	Infinity	30	30

SURCHARGE

FROM	TO	RATE (%)
0	49,99,999	0
50,00,000	9,99,99,999	10
10,00,00,000	19,99,99,999	15
20,00,00,000	49,99,99,999	25
50,00,00,000	Infinity	37

Download: Income Tax Calculator