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Taxes = Income Tax + Professional Tax
Calculates taxes on salary in India for AY 2023-2024.
Income Tax (INR, 2023-2024 slabs), Professional Tax (INR)
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The Tax On Salary in India consists of Income Tax (calculated based on your income slab and chosen regime) and Professional Tax (state-specific tax on employment). This calculator helps estimate both components for the financial year 2023-2024.
The calculator uses the current tax slabs for both old and new regimes:
Old Regime: Includes deductions under sections like 80C, 80D, HRA, etc.
New Regime: Lower rates but fewer deductions available.
Professional Tax: Varies by state, typically capped at ₹2,500 annually.
Details: Accurate tax calculation helps in financial planning, understanding take-home salary, and ensuring proper tax compliance.
Tips: Enter your gross annual salary, select your age group, preferred tax regime, and state of employment for accurate results.
Q1: Which regime should I choose?
A: The new regime benefits those with fewer deductions, while the old regime may be better if you have significant investments/expenses eligible for deductions.
Q2: What's the basic exemption limit?
A: For FY 2023-24: ₹2.5 lakh (below 60), ₹3 lakh (60-80), ₹5 lakh (above 80) in old regime. ₹3 lakh in new regime.
Q3: Is professional tax deductible?
A: Yes, professional tax is deductible from your taxable income under the old regime.
Q4: What's not included in this calculator?
A: This doesn't account for surcharge, cess, or special cases like capital gains.
Q5: How often is professional tax deducted?
A: Typically monthly, with annual caps varying by state.