Income Tax Calculation between ₹3 Lakh to ₹20 Lakh | ZERO Income Tax up to 11 Lakh Income
In this video by FinCalC TV we will see Income Tax Calculation examples 202324 with old and new tax regime considering deductions and investment options in hindi. We will also see how you have to pay ZERO Income Tax with Tax Rebate 87A using old and new tax regime slab rates 202324 in hindi.
This video also covers what is tax rebate 87A along with relief in income tax and income tax calculation examples. We will also see income tax calculator.

Income Tax Calculator Online:
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Income Tax Slabs 202324:
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New Tax Regime Deductions Allowed:
https://fincalcblog.in/newtaxslabs...

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CHAPTERS:
00:00 Income Tax Calculation Examples Intro
00:56 Deductions considered to Save Income Tax
03:22 ZERO Tax with Tax Rebate under Section 87A
04:26 Using FinCalC Income Tax Calculator
05:35 Income Tax on Rs. 3 Lakh Income
06:40 Income Tax on Rs. 4 Lakh Income
07:00 Income Tax Calculation on other Incomes
13:52 Conclusion

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Tax Saving options with Old Tax Regime:
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New vs Old Tax Regime Which is Better:
   • New Tax Regime vs Old Tax Regime: Whi...  

Section 80C Deductions List:
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After watching this video following queries will be solved:
How To Calculate Income Tax FY 202324 AY 202425?
What are the income tax slab rates for FY 202324?
What is standard deduction for FY 202324?
Old Slab rates vs new slab rates?
Income Tax calculation FY 202324 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
standard deduction new tax regime
New tax regime vs old tax regime which is better

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.

#IncomeTax #Examples #FY202324 #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.