Calculate Income Tax from Taxable Income for FY 2023-24

Click link below to open the Online Income Tax Calculator https://lenvica.com/income-tax-calcul... This video describes how you can calculate Income Tax from Taxable Income using an online income tax calculator. Step 1: Open the Income Tax Calculator Step 2: Fill in the basic details Step 3: Key in your salary details Copy the earnings and deductions from your payslip to appropriate salary heads listed. Step 4: Declare your investments If you have any declarations to make, do it here Step 5: Compute Income Tax Step 6: View Calculation Summary to find how Income Tax is calculated from Taxable Income As you see, in the old regime, the first 2.5 lakhs are not taxable, the next 2.5 lakhs are taxed at 5% the next 5 lakhs are taxed at 20% and the rest is taxed at 30%. If the taxable income is less than 5 lakhs, you are eligible for a rebate of upto INR 12500. The tax slab is different for Senior citizens aged between 60 to 80 years and also in case of Super Senior citizens aged above 80 years. As you see, in the new regime, the first 3 lakhs are not taxable, the next 3 lakhs are taxed at 5%, the next 3 lakhs are taxed at 10% and so on. If the taxable income is less than 7 lakhs, you are eligible for a rebate of upto INR 15000. The tax slab is same for all including senior and super senior citizens. The income tax calculator helps you understand the tax calculation process and also helps you save tax by letting you experiment your investment declarations. The income tax calculator advises you on how to save maximum tax. 00:00 Calculate Income Tax from Taxable Income 00:13 Income Tax Calculator 00:26 Basic Details 00:37 Salary Details 00:55 Declare investments 01:16 Compute Income Tax 01:32 Calculation Summary #IncomeTax #TDS #IncomeTax2023 #Lenvica #AttendHRM