Hellow guys, Welcome to my website, and you are watching Senior Citizen Income Tax Calculation 2023-24 Examples | New Tax Slabs & Tax Rebate. and this vIdeo is uploaded by FinCalC TV at 2023-02-04T00:33:04-08:00. We are pramote this video only for entertainment and educational perpose only. So, I hop you like our website.
| Name | Senior Citizen Income Tax Calculation 2023-24 Examples | New Tax Slabs & Tax Rebate |
| Video Uploader | Video From FinCalC TV |
| Upload Date | This Video Uploaded At 04-02-2023 08:33:04 |
| Video Discription | Senior Citizen Income Tax Calculation 2023-24 Examples | New Tax Slabs & Tax Rebate In this video by FinCalC TV we will see senior citizen income tax calculafor for age 60-80 years in FY 2023-24 in hindi with examples and excel calculator. We will see Rs. 5 lakh to Rs. 15 lakh income tax calculation with examples and which tax regime is better at what income. Also standard deduction deduction of Rs. 50,000 is available for senior citizen if pensioner or salaried employee in new tax regime from FY 2023-24. New Tax regime slab rates have been changed for 2023-24, so we will see income tax slab rates for senior citizens. Also tax rebate limit is now Rs. 7 lakh in new tax regime which means no tax if income is up to Rs. 7 lakh if new tax regime is selected. Online Income Tax Calculator: https://fincalc-blog.in/income-tax-calculator/ Download Excel Calculator: https://fincalc-blog.in/senior-citizen-income-tax-calculator-fy-2023-24-excel-download/ JOIN Telegram Group: https://t.me/fincalc_tv_channel DOWNLOAD Mobile App: https://play.google.com/store/apps/details?id=com.rrr.apps.financialcalculator CHAPTERS: 00:00 Senior Citizen Income Tax Calculation Intro 00:36 Changes in New Tax Regime for FY 2023-24 01:50 Income Tax Slab Rates for 2023-24 02:45 New Tax Regime Slab Rates 03:43 Using Income Tax Calculator 04:36 Income Tax Calculation Examples 05:48 Using Deductions to Save Income Tax 09:01 Income Tax on 5 lakh & Which regime is better? 12:13 Income Tax on 6 lakh & Which regime is better? 13:57 Income Tax on 7 lakh & Which regime is better? 14:31 How Income Tax Slabs are Calculated? 16:12 Income Tax on 8 lakh & Which regime is better? 18:19 Income Tax on 15 lakh & Which regime is better? 19:07 Income Tax on 10 lakh & Which regime is better? 19:57 Senior Citizen Income Tax Calculation Conclusion Section 80C Deductions list: https://youtu.be/6nlYwNEIo48 Senior Citizens Tax Benefits https://youtu.be/VFErXL4RBF0 How to save tax on income above 5 lakh: https://youtu.be/hV8FYGozur0 In FY 2023-24, tax rebate limit for new tax regime will be Rs. 7 lakh, due to which no tax will be paid if income is up to 7 lakh with new tax regime. Old Tax regime still has this limit at Rs. 5 lakh income. Also the tax slab rates in new tax regime have been reduced. Standard Deduction of Rs. 50,000 will be available in new tax regime also from FY 2023-24. Old Tax Regime Slab Rates for FY 2023-24: Rs. 0 – Rs. 2.5 Lakh = 0% Rs. 2.5 Lakh – Rs. 5 Lakh = 5% Rs. 5 Lakh – Rs. 10 Lakh = 20% Rs. 10 Lakh or above = 30% New Tax Regime Slab Rates for FY 2023-24 are as follows: - Rs. 0 to Rs. 3 Lakh Income = 0% Tax - Rs. 3 Lakh to Rs. 6 Lakh Income = 5% Tax - Rs. 6 Lakh to Rs. 9 Lakh Income = 10% Tax - Rs. 9 Lakh to Rs. 12 Lakh Income = 15% Tax - Rs. 12 Lakh to Rs. 15 Lakh Income = 20% Tax - Rs. 15 Lakh and above Income = 30% Tax So you can easily download the old vs new tax regime calculator 2023-24 in excel. With you income and investment options or deductions, you should decide which tax regime will be better for you and decide accordingly to opt for same. Note that new tax regime will be selected by default for FY 2023-24 but you have the option to select old tax regime as well. Section 80C deductions available in New Tax Regime? No. Section 80C deductions are not available in new tax regime for FY 2023-24. Only Standard Deduction = Rs. 50,000 is available in new tax regime for salaried and pensioners. How no tax on 7 lakh income with new tax regime? Based on 5% slab in Rs. 3 lakh to Rs. 6 lakh and 10% slab in Rs. 6 lakh to Rs. 7 lakh, the income tax is Rs. 25,000. But this Rs. 25,000 tax is cancelled by tax rebate provided by Government in new tax regime for FY 2023-24, and that is why we don’t have to pay any tax on 7 lakh with new regime. Note that if income goes above Rs. 7 lakh, than this tax of Rs. 25,000 need to be paid. You also have to consider standard deduction of Rs. 50,000 in this case so ideally, no tax on income up to Rs. 7.5 lakh with new tax regime for FY 2023-24. #incometax #seniorcitizens #taxcalculation #fincalc ============================ LIKE | SHARE | COMMENT | SUBSCRIBE Mujhe Social Media par FOLLOW kare: Facebook : https://www.facebook.com/fincalctv Twitter : https://twitter.com/FincalcTV BLOG: https://fincalc-blog.in Telegram: https://t.me/fincalc_tv Instagram: https://www.instagram.com/fincalc_tv/ ============================ MORE VIDEOS: SIP Excel Calculator: https://youtu.be/9xkS7ts4Kvc Income Tax Calculator: https://youtu.be/mw-erFuYboM Loan EMI Calculator: https://youtu.be/FSbYoHAULh0 20 Years SIP Calculator: https://youtu.be/088S2Zk7sYU Loan EMI Prepayment Calculator: https://youtu.be/liGgfgMn5xg ============================ DISCLAIMER: Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown. It is advised to seek professional help before taking any financial decisions. The owner of this channel shall not be liable in any way. |
| Category | Education |
| Tags | senior citizen income tax | senior citizen income tax calculation | income tax | income tax calculation | senior citizen income tax 2023-24 | senior citizen income tax calculation 2023-24 | income tax calculation 2023-24 senior citizen | senior citizen which tax regime better | senior citizen standard deduction | benefits to senior citizens | senior citizen taxation | senior citizen | senior citizen income tax examples | senior citizen tax on pension | fincalc | how to calculate income tax |
