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)
