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TDS Calculator On Salary For FY 2023-24 - New Tax Regime

Easily estimate your tax using free TDS calculator on salary for FY 2023-24. Enter your gross income and it will automatically calculate applicable tax deductions for precise results as per new tax regime. 

Plan your taxes effectively and avoid underpayment. Available online, no downloads required. You can also refer user guide and tax calculation rule below.

Income Tax Calculator - New Regime

You can calculate annual HRA & Professional Tax with below calculator :

Head Description Amount
Gross Income Salary and Other Income
Standard Deduction Salaried Individual & Pensioner (Up to 50000 Rs.) 50000
Taxable Income Gross Income - Standard Deduction 0.00

    TDS Calculator User Guide

    Welcome to the TDS (Tax Deducted at Source) Calculator for the Financial Year 2023-24. This simple calculator helps you estimate the TDS amount based on your annual gross salary and the income tax slabs applicable for the given financial year.

    Getting Started:

    1. Open the TDS Calculator in your web browser by navigating to the provided URL or opening the HTML file.
    2. You will see a user-friendly interface with an input field, a button, and a space to display the TDS result.

    Using the Calculator:

    A- Enter Gross Salary:

    • Locate the "Gross Salary (Annual)" input field.
    • Enter your annual gross salary in this field.

    B- Calculate TDS:

    • After entering your gross salary, click the "Calculate TDS" button.
    • The calculator will process the information and display the calculated TDS amount below the button.

    C- View TDS Result:

    • The TDS result will be shown in the designated area below the button.
    • It will display the TDS amount in Indian Rupees (₹).

    Understanding the Result:

    • The TDS amount is calculated based on the income tax slabs for the Financial Year 2023-24.
    • The calculator considers basic exemption and deduction limits to determine the taxable income.

    Important Notes:

    • Ensure that you enter your gross salary accurately for precise TDS calculations.
    • The calculator is designed for estimation purposes; actual TDS deductions may vary based on specific circumstances.

    TDS calculator on salary for FY 2023-24


    Understand the TDS calculator on salary for FY 2023-24 as per new tex regime

    Let's break down the formula used in the TDS (Tax Deducted at Source) Calculator for income tax calculation. The calculation involves considering income tax slabs, basic exemption, and standard deduction.

    1. Gross Salary:

    • Gross salary refers to the total income earned by an individual before any deductions.
    • It includes basic salary, allowances, bonuses, and other benefits.

    2. Basic Exemption:

    • Basic exemption is the amount of income that is not subject to taxation.
    • In the TDS Calculator, a basic exemption of ₹250,000 is considered. This means the first ₹250,000 of your income is exempt from tax.

    3. Standard Deduction:

    • Standard deduction is a fixed amount that is subtracted from the gross income before calculating taxable income.
    • In the TDS Calculator, a standard deduction of ₹50,000 is considered.

    4. Taxable Income:

    • Taxable income is the amount on which income tax is calculated. It is derived by subtracting basic exemption and standard deduction from the gross salary.
    • Formula: Taxable Income = Gross Salary - Basic Exemption - Standard Deduction

    5. Income Tax Slabs:

    • Income tax slabs are the ranges of income at which different tax rates are applied. Each slab has an associated tax rate.
    • The TDS Calculator uses slabs for the Financial Year 2023-24 with corresponding tax rates: 0%, 20%, 30%, 25%, 30%, 35%, and 40%.
    Income SlabsIncome Tax Rates
    ₹0 - ₹2,50,000
    ₹2,50,000 - ₹5,00,0005%
    (tax rebate u/s 87A is available)
    ₹5,00,000 - ₹7,50,00010%
    ₹7,50,000 - ₹10,00,00015%
    ₹10,00,000 - ₹12,50,00020%
    ₹12,50,000 - ₹15,00,00025%
    >₹15,00,00030%

    6. Tax Calculation:

    • The calculator iterates through the income tax slabs, applying the respective tax rates to the taxable income within each slab.
    • For each slab, it calculates the tax amount using the formula: Tax Amount = (Taxable Income in the slab) * (Tax Rate / 100)
    • The total tax amount is the sum of tax amounts from all applicable slabs.

    7. Result:

    • The final result displayed by the calculator is the TDS amount.
    • The result is presented in Indian Rupees (₹) and indicates the estimated tax that may be deducted at source based on the provided gross salary.

    Example:

    • Suppose your gross salary is ₹600,000. The calculator would deduct the basic exemption of ₹250,000 and the standard deduction of ₹50,000, resulting in a taxable income of ₹300,000.
    • The calculator then applies the tax slabs to this taxable income, calculating the tax amount based on the specified rates.
    • Now, here onwards income tax slab rule applies. Hence, Taxable income = ₹300,000.
    • According to new tax regime rule taxable income up to ₹500,000 has Zero Tax applicability, hence tax on taxable income on ₹300,000 as per above example will be Zero. It means tax for total Gross Earning ₹600,000 will be Zero.
    • Indirectly it also means that as per new tax regime gross earnings up to ₹1,300,000 has zero tax liability.  
    • The final result would be the TDS amount, which the calculator displays.

    Note: It's important to note that this calculator provides an estimate and is not a substitute for professional financial advice. The actual TDS deductions may vary based on specific circumstances and additional factors not considered in this simplified calculation. For accurate information, it is recommended to consult with a tax professional

    Feedback and Support:

    If you encounter any issues or have feedback regarding the TDS Calculator, feel free to reach out to our support team using the provided contact details.

    Disclaimer:

    This calculator provides an estimate and is not a substitute for professional financial advice. Consult with a tax professional for accurate and personalized information regarding your TDS obligations.

    Also Refer:


    FAQ

    What is a TDS Calculator and how does it help with the New Tax Regime?

    A TDS (Tax Deducted at Source) Calculator is a free online tool that estimates the amount of tax deducted from your salary before you receive it. This is particularly helpful under the New Tax Regime, where various deductions and exemptions might not be applicable. The calculator considers factors like your salary, investments, and tax bracket to provide an approximate estimate of your TDS for the financial year 2023-24 under the New Tax Regime.

    What information do I need to use the TDS Calculator (New Tax Regime)?

    Typically, you'll need to provide the following details: Monthly Salary: Your gross monthly salary before any deductions. Investments: Information about investments under Sections 80C and 80D (optional, as they may not be applicable in the New Tax Regime). Tax Bracket: Your applicable tax bracket under the New Tax Regime based on your annual income.

    Is the calculated TDS completely accurate?

    While the TDS Calculator provides a close approximation, the actual TDS deducted may differ slightly due to: Specific company policies: Companies might have different salary structures and bonus structures that can affect tax calculations. Advance tax payments: Any advance tax payments made will be adjusted against your final tax liability. Changes in income: Variations in your income throughout the year can impact the final TDS amount.

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