How much monthly income is tax free?

Under the new income tax regime, income up to Rs 2,50,000 is exempted from tax. Hence, no tax will be payable on this income. Post this, the income left which is still chargeable to tax is Rs 16,00,000 (Rs 18,50,000 minus Rs 2,50,000).

m.economictimes.com - Latest Income Tax Slabs - The Economic Times

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Calculating net taxable income under old tax regime

Particulars Amount (in Rs) Gross total income 17,00,000 Section 80C (1,50,000) Section 80 CCD(1b) NPS investment (50,000) Section 80D – medical insurance premium (25,000) Section 80TTA (10,000) Net taxable income 14,65,000

Calculation of income tax payable for taxable income of Rs 14.65 lakh

Particulars Income (Rs) Tax amount (Rs) Net taxable income 14,65,000 - Income exempt up to Rs 2,50,000 (2,50,000) 0 Income which is still chargeable to tax (Rs 14,65,000 - 2,50,000) 12,15,000 - Income tax slab of Rs 2.5 lakh and up to Rs 5 lakh (2,50,000) @ 5% =12,500 Income which is still chargeable to tax (Rs 12,15,000 - 2,50,000) 9,65,000 - Income tax slab of Rs 5 lakh up to Rs 10 lakh (5,00,000) @20% = 1,00,000 Income which is still chargeable to tax (Rs 9,65,000 - 5,00,000) 4,65,000 - Income tax slab of above Rs 10 lakh (4,65,000) @ 30% =1,39,500 Total income tax liability - 2,52,000 Cess at 4% on total income tax payable (i.e. on Rs 2,52,000) - 10,080 Final income tax liability (inclusive of cess) - 2,62,080 If you have decided to opt for the old tax regime for the current financial year, then it is important to know which income tax slab your income falls under. The slab rate applicable to your income will determine the tax rate at which the last rupee of your income will be taxed at.Under the old income tax regime, an individual taxpayer can claim various deductions and tax exemptions to bring down their gross total income. Once eligible tax exemptions and deductions are deducted from the gross total income, then you will arrive at net taxable income. It is on this income, an individual will calculate tax payable.Here is an example on how to calculate income tax payable under the old tax regime.Suppose an individual aged below 60 years has a gross total income of Rs 17 lakh for the current financial year, i.e., FY 2022-23. An individual has decided to opt for the old tax regime for the current financial year. Further, he/she is eligible to claim following tax exemption and deductions - section 80C for up to Rs 1.5 lakh, section 80CCD(1b) for NPS investment of Rs 50,000, section 80D of Rs 25,000 for medical insurance premium paid and section 80TTA of Rs 10,000 on savings account interest earned.After deducting the deductions from the gross total income, one arrives at the net taxable income of Rs 14,65,000. The tax payable will be calculated on the net taxable income.As per the income tax slab rates table, the first Rs 2.5 lakh from net taxable income will be exempted from tax. This is because there is no tax on income up to Rs 2.5 lakh as per current income tax slabs. Post this, income left on which tax has to be calculated is Rs 12,15,000 (14,65,000-2,50,000). The second slab in the income tax slab table is Rs 2.5 lakh and Rs 5 lakh which is taxed at Rs 5%. This means that out of Rs 12,15,000, then next Rs 2,50,000 will be taxed at 5%. The tax amount will be Rs 12,500.Now the income left which is still chargeable to tax is Rs 9,65,000. The third slab in the income tax slab table is Rs 5 lakh and Rs 10 lakh, taxed at 20%. This means that out Rs 9,65,000, Rs 5,00,000 will be taxed at 20%. The tax payable here will be Rs 1,00,000.The balance income on which tax has to be calculated is Rs 4,65,000. The tax amount on this balance income (Rs 14,65,000 minus Rs 10,00,000) will be calculated on the basis of the last slab, i.e., above Rs 10 lakh at the rate of 30%. The tax payable amount comes out to be Rs 1,39,500.Hence, the total tax payable by an individual will be Rs 2,52,000 (Rs 12,500 + 1,00,000+ 1,39,500).Do note that cess and surcharge are also levied on the income tax payable. Cess is levied at the rate of 4% and surcharge is levied if the total income exceeds Rs 50 lakh.From the example above, the cess amount is Rs 10,080. The surcharge will not be applicable as net taxable income does not exceed Rs 50 lakh. The final tax amount payable by individual is Rs 2,62,080.

m.economictimes.com - Latest Income Tax Slabs - The Economic Times

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