Simple Income Tax Calculator 2022-23

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.

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 & PensionersRs. 50,000
Total deduction of 80C, 80CC and 80CD will not exceedRs. 1,50,000
Additional deduction u/s 80CCD(1B) NPS will not exceedRs. 50,000
Deduction limit on interest on loan for self-occupied houseRs. 2,00,000
Maximum deduction U/S 87ARs. 12,500
Deduction U/S 87A applicable upto Taxable income ofRs. 5,00,000
Mode of deduction of CESS (Direct or Step by Step)DIRECT
Non Taxable annual subscription on GPF uptoRs. 5,00,000
Limit of deduction u/s 80D Medical Insurance Premium and preventive health check upBelow 6060 & above
80D Cashless payment of Medical Insurance Premium for Self, spouse and children.Rs. 25,000Rs. 50,000
80D Cashless payment of Medical Insurance Premium for parentsRs. 25,000Rs. 50,000
preventive health check-up under 80D for Self, spouse and children.Rs. 5,000Rs. 5,000
preventive health check-up under 80D for parentsRs. 5,000Rs. 5,000

Professional Tax Slab for Income Range

FromToRate of Tax Per Month (Rs.)
050000
500160000
600170000
700185000
85011000090
1000115000110
1500125000130
2500140000150
40001above200

Details of H.R.A.

Maximum H.R.A. applicable to an employee per monthRs. 12,000

GPF Interest Rate

Mar, 2022 to Feb, 20237.10%

Income Tax Slab for Male

FROMTOOLD RATE (%)NEW RATE (%)
02,50,00000
2,50,0015,00,00055
5,00,0017,50,0002010
7,50,00110,00,0002015
10,00,00112,50,0003020
12,50,00115,00,0003025
15,00,001Infinity3030

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

FROMTOOLD RATE (%)NEW RATE (%)
02,50,00000
2,50,0013,00,00000
3,00,0015,00,00055
5,00,0017,50,0002010
7,50,00110,00,0002015
10,00,00112,50,0003020
12,50,00115,00,0003025
15,00,001Infinity3030

Income Tax Slab for Female

FROMTOOLD RATE (%)NEW RATE (%)
02,50,00000
2,50,0015,00,00055
5,00,0017,50,0002010
7,50,00110,00,0002015
10,00,00112,50,0003020
12,50,00115,00,0003025
15,00,001Infinity3030

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

FROMTOOLD RATE (%)NEW RATE (%)
02,50,00000
2,50,0013,00,00000
3,00,0015,00,00000
5,00,0017,50,0002010
7,50,00110,00,0002015
10,00,00112,50,0003020
12,50,00115,00,0003025
15,00,001Infinity3030

SURCHARGE

FROMTORATE (%)
049,99,9990
50,00,0009,99,99,99910
10,00,00,00019,99,99,99915
20,00,00,00049,99,99,99925
50,00,00,000Infinity37

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