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 INCOME TAX CALCULATOR 2022  FOR FY 2022-23 ​
INCOME TAX CALCULATOR INDIA
 Estimation of your Income Tax liability in simple steps explained on this pageÂ
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HOW TO PAY INCOME TAX ONLINE ? CLICK HEREÂ
READ OUR ARTICLE "  TDS ON SALARY , PENSION AND PERQUISITES " ​

 The Article on  " TAX PLANNING FOR FY 2022-23 CONTAINS 5 PARTSÂ
PART I Â : MAJOR CHANGES IN TAX RULES FOR FY 2022-23Â Â CLICK HEREÂ
PART 2 : TAX RATES/SLABS FOR FY 2022-23Â Â CLICK HERE Â Â
PART 3 : Â TAX REBATES FOR FY 2022-23Â Â CLICK HERE Â Â Â
PART 4 :Â Â CALCULATE YOUR INCOME TAX/ADVANCE TAX FOR FY 2022-23
            :           READ THIS PART BELOWÂ
PART 5 : TAX ON RETIREMENT BENEFITSÂ CLICK HERE Â Â Â Â
   Â
READ OUR ARTICLE "  TDS ON SALARY , PENSION AND PERQUISITES " ​

 The Article on  " TAX PLANNING FOR FY 2022-23 CONTAINS 5 PARTSÂ
PART I Â : MAJOR CHANGES IN TAX RULES FOR FY 2022-23Â Â CLICK HEREÂ
PART 2 : TAX RATES/SLABS FOR FY 2022-23Â Â CLICK HERE Â Â
PART 3 : Â TAX REBATES FOR FY 2022-23Â Â CLICK HERE Â Â Â
PART 4 :Â Â CALCULATE YOUR INCOME TAX/ADVANCE TAX FOR FY 2022-23
            :           READ THIS PART BELOWÂ
PART 5 : TAX ON RETIREMENT BENEFITSÂ CLICK HERE Â Â Â Â
   Â
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 ESTIMATE YOUR INCOME TAX THROUGH E-FILING WEBSITE :Â
Dated 16.12.2022 : Now you can estimate your current year 's income tax using Income tax department's e-filing website . For the details  and benefits of using the tool through the website , you may continue and go through this webpageÂ
Dated 16.12.2022 : Now you can estimate your current year 's income tax using Income tax department's e-filing website . For the details  and benefits of using the tool through the website , you may continue and go through this webpageÂ
OLD TAX REGIME VS NEW TAX REGIME
OLD IS GOLD , IF EXEMPTIONS EXCEED RS 2.5Â LAKHS
Dated 23.01.2021 : Whatever may be your age & whatever may be your income , you will pay lesser income tax in the FY 2021-22 with the old tax structure compared with the New simplified tax Regime brought by our FM , IF YOUR EXEMPTIONS WHICH ARE SCRAPPED IN THE NEW REGIME ARE MORE THAN RS 2,50,000 .
The exemptions that you may have include standard deduction , 80TTA , ​ 80 TTB , 80C , 80D , 80EE , 80EEA etc .
Further as your exemptions go on increasing above Rs 2.00 lakhs , the additional tax payment you have to make in the new regime will go on increasing . Suppose you have annual income of Rs 25 lakhs and your present exemptions are 10 lakhs , you may have to pay additional tax of Rs 2,34,000 .
However we suggest you compare yourself your tax liability in both the regimes and decide which regime is good for you .Â
Dated 23.01.2021 : Whatever may be your age & whatever may be your income , you will pay lesser income tax in the FY 2021-22 with the old tax structure compared with the New simplified tax Regime brought by our FM , IF YOUR EXEMPTIONS WHICH ARE SCRAPPED IN THE NEW REGIME ARE MORE THAN RS 2,50,000 .
The exemptions that you may have include standard deduction , 80TTA , ​ 80 TTB , 80C , 80D , 80EE , 80EEA etc .
Further as your exemptions go on increasing above Rs 2.00 lakhs , the additional tax payment you have to make in the new regime will go on increasing . Suppose you have annual income of Rs 25 lakhs and your present exemptions are 10 lakhs , you may have to pay additional tax of Rs 2,34,000 .
However we suggest you compare yourself your tax liability in both the regimes and decide which regime is good for you .Â
If your Taxable Income is One Rupee more than threshold of Rs 5,00,000,you may have to pay a Income tax of Rs 13,000(Inclusive of Cess ) .Hence estimate your income and Income tax now and utilize rebates and deductions available in the remaining period of the year to bring your taxable Income to less than Rupees Five lakhs .By planning now ,you may avoid last minute surprises .Â
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          TAX CALCULATOR 2022 -Â
ESTIMATE YOUR INCOME AND TAX LIABILITYÂ
( TAX CALCULATOR FOR AY 2023-24 ( FY 2022-23Â )Â
  Â
TAX RATE ON DIVIDENDS : As per your tax slab
BEFOREÂ Â GOING TO THE TAX CALCULATOR :Â
1. Estimate your expected total income including salary, interest or any other income for the current year April 2022 to March 2023. Please note that interest on Fixed Deposits / Recurring Deposits  is to be included . Also Note the dividends received by you are also to be included in your annual income from FY 20-21 onward .Â
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2. Take stock of  payments like Provident Fund paid  payable  by your employer , Insurance Premium  you have paid or any other instrument you have purchased  or to be purchased which is eligible for Tax concession under old tax regime .Collect the details of Housing loan and education loan installments  to be  paid during the year and interest paid/payable  for them for the year .Â
3. Now you can estimate your income tax using either e-filing website or calculator tool both provided by the income tax department . Â
4. In the e-filing website , you can estimate your tax either by logging- in to your PAN account or without logging in .Â
5. Advantage of using e-filing website  , the website gives the estimate  in both the old regime and new regime simultaneously and hence you need not calculate twice .Â
​
1. Estimate your expected total income including salary, interest or any other income for the current year April 2022 to March 2023. Please note that interest on Fixed Deposits / Recurring Deposits  is to be included . Also Note the dividends received by you are also to be included in your annual income from FY 20-21 onward .Â
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2. Take stock of  payments like Provident Fund paid  payable  by your employer , Insurance Premium  you have paid or any other instrument you have purchased  or to be purchased which is eligible for Tax concession under old tax regime .Collect the details of Housing loan and education loan installments  to be  paid during the year and interest paid/payable  for them for the year .Â
3. Now you can estimate your income tax using either e-filing website or calculator tool both provided by the income tax department . Â
4. In the e-filing website , you can estimate your tax either by logging- in to your PAN account or without logging in .Â
5. Advantage of using e-filing website  , the website gives the estimate  in both the old regime and new regime simultaneously and hence you need not calculate twice .Â
​
CALCULATE THE INCOME TAX EASILY
Estimate your income tax through e-filing website of income tax department
ESTIMATING INCOME TAX IN E-FILING WEBSITE WITHOUT LOGGING IN :Â
1. Go to e-filing website by clicking here Â
​2. Click on the " Income tax Calculator " in the quick links .Â
​3. Now you can either use " Basic calculator " or  " Advanced calculator "Â
4. BASIC CALCULATOR : Just enter the details Â
a. Assessment yearÂ
b . Residency statusÂ
c. Senior citizen statusÂ
d. total income estimatedÂ
e. Total deductions estimated .Â
You will get the estimated income tax both under the old tax regime and the new tax regime . I will give you a rough idea of the tax you may have to pay in the current year .Â
5. ADVANCED CALCULATOR : Â
 Enter the following details Â
a. Old tax regime or new tax regimeÂ
b. Assessment yearÂ
c . Residency statusÂ
d. Senior citizen statusÂ
e. Fill your income detailsÂ
i) Interest from Saving’s bank account
(ii) Other Interest Income
(iii) Winning from Lottery, crossword puzzles etc.
(iv) Any other income
f : Fill in the deductions details : Â
 1. Deductions u/s 80C  (LIC, PF, PPF, NSC, Repayment of Housing Loan, etc.)
2. Deduction u/s 80CCCÂ Â (Payment in respect Pension Fund)
3. Deductions u/s 80CCD(1) (Employee’s / Self-employed contribution towards NPS)
4. Deductions u/s 80CCD (1B) (Additional Employee’s contribution towards NPS)
5. Deductions u/s 80CCD (2) (Employers contribution towards NPS)
Total
6. Deductions u/s 80D  (MediClaim Premium)
7. Deductions u/s 80G (Donations)
8. Deductions u/s 80E (Interest on Loan for Higher Education)
9. Deductions u/s 80EE (Interest on Loan taken for Residential House)
10. Deductions u/s 80TTA  (Interest on Savings Bank Account)
11. Deductions u/s 80TTB (Interest on Deposits)
12. Any other deduction
Now you will get the estimate of your taxable income and Income tax payable.Â
You may enter TCS / TDS already deducted to know net income tax yet to be payable by you .Â
ESTIMATING INCOME TAX IN E-FILING WEBSITEÂ AFTERÂ LOGGING INÂ :Â
​1. Go to e-filing website and loginÂ
2. Enter your PAN Number and password , OTP[ and log-inÂ
3. Go to " Income & Tax estimator "Â Â and clickÂ
4. Your basic information and TDS / TCS amounts are already filled inÂ
5. Fill in remaining information on your income and deductions .Â
6. Click on " Estimate Tax "Â
7. The system will give the tax payable by you in both old and new regimes simultaneously with detailed analysis .Â
8. Now you can decide which system old or new tax regime is beneficial to you .Â
9 Try to reduce tax liability by checking whether any other yax deduction you can utilize .Â
1. Go to e-filing website by clicking here Â
​2. Click on the " Income tax Calculator " in the quick links .Â
​3. Now you can either use " Basic calculator " or  " Advanced calculator "Â
4. BASIC CALCULATOR : Just enter the details Â
a. Assessment yearÂ
b . Residency statusÂ
c. Senior citizen statusÂ
d. total income estimatedÂ
e. Total deductions estimated .Â
You will get the estimated income tax both under the old tax regime and the new tax regime . I will give you a rough idea of the tax you may have to pay in the current year .Â
5. ADVANCED CALCULATOR : Â
 Enter the following details Â
a. Old tax regime or new tax regimeÂ
b. Assessment yearÂ
c . Residency statusÂ
d. Senior citizen statusÂ
e. Fill your income detailsÂ
i) Interest from Saving’s bank account
(ii) Other Interest Income
(iii) Winning from Lottery, crossword puzzles etc.
(iv) Any other income
f : Fill in the deductions details : Â
 1. Deductions u/s 80C  (LIC, PF, PPF, NSC, Repayment of Housing Loan, etc.)
2. Deduction u/s 80CCCÂ Â (Payment in respect Pension Fund)
3. Deductions u/s 80CCD(1) (Employee’s / Self-employed contribution towards NPS)
4. Deductions u/s 80CCD (1B) (Additional Employee’s contribution towards NPS)
5. Deductions u/s 80CCD (2) (Employers contribution towards NPS)
Total
6. Deductions u/s 80D  (MediClaim Premium)
7. Deductions u/s 80G (Donations)
8. Deductions u/s 80E (Interest on Loan for Higher Education)
9. Deductions u/s 80EE (Interest on Loan taken for Residential House)
10. Deductions u/s 80TTA  (Interest on Savings Bank Account)
11. Deductions u/s 80TTB (Interest on Deposits)
12. Any other deduction
Now you will get the estimate of your taxable income and Income tax payable.Â
You may enter TCS / TDS already deducted to know net income tax yet to be payable by you .Â
ESTIMATING INCOME TAX IN E-FILING WEBSITEÂ AFTERÂ LOGGING INÂ :Â
​1. Go to e-filing website and loginÂ
2. Enter your PAN Number and password , OTP[ and log-inÂ
3. Go to " Income & Tax estimator "Â Â and clickÂ
4. Your basic information and TDS / TCS amounts are already filled inÂ
5. Fill in remaining information on your income and deductions .Â
6. Click on " Estimate Tax "Â
7. The system will give the tax payable by you in both old and new regimes simultaneously with detailed analysis .Â
8. Now you can decide which system old or new tax regime is beneficial to you .Â
9 Try to reduce tax liability by checking whether any other yax deduction you can utilize .Â
Estimate income tax using tool provided by Income tax Department
 Go to Income Tax Department, Govt of India website Â
http://www.incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx
and calculate the estimated  income tax liability for the current year .Â
 For the Fy 2022-23 , just like in fy 2020-21 & Fy 2021-22 , you have option pay income tax under two regimes Â
1. Under new simplified tax regime using newly introduced section 115bac of IT act which has lower rates , but without many tax rebatesÂ
2. Using old tax regime which was available in Fy 2019-20  with same tax rates and same tax rebates .Â
You can decide which one to use at the time of submission of IT Returns for FY 2022-23 , BUT YOU HAVE TO GIVE YOUR CHOICE OF OPTION ( which can be changed later ) to your employer if you are salaried persons or pensioners . Â
You can calculate Income tax  liability under both regimes below and find which is beneficial . ​
http://www.incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx
and calculate the estimated  income tax liability for the current year .Â
 For the Fy 2022-23 , just like in fy 2020-21 & Fy 2021-22 , you have option pay income tax under two regimes Â
1. Under new simplified tax regime using newly introduced section 115bac of IT act which has lower rates , but without many tax rebatesÂ
2. Using old tax regime which was available in Fy 2019-20  with same tax rates and same tax rebates .Â
You can decide which one to use at the time of submission of IT Returns for FY 2022-23 , BUT YOU HAVE TO GIVE YOUR CHOICE OF OPTION ( which can be changed later ) to your employer if you are salaried persons or pensioners . Â
You can calculate Income tax  liability under both regimes below and find which is beneficial . ​
INCOME TAX CALCULATOR OLD REGIME
andÂ
INCOME TAX CALCULATOR NEW REGIME
 SOME SIMPLE THUMB RULES FOR SELECTION BETWEEN OLD AND NEW TAX REGIMES  :Â
1. If your total gross income is less than Rs 5 lakhs , your income tax liability is nil in both regimes .Â
2. If you have total tax rebates of Rs 2.50 lakhs or more ,  old tax regime is better than new regime for any amount of gross incomeÂ
3. If you have tax rebates of Rs 2.00 lakhs or more , old regime is better for gross income up to Rs 11.00 lakhs . Â
However you better check yourself and know which is betterÂ
1. If your total gross income is less than Rs 5 lakhs , your income tax liability is nil in both regimes .Â
2. If you have total tax rebates of Rs 2.50 lakhs or more ,  old tax regime is better than new regime for any amount of gross incomeÂ
3. If you have tax rebates of Rs 2.00 lakhs or more , old regime is better for gross income up to Rs 11.00 lakhs . Â
However you better check yourself and know which is betterÂ
HOW TO CALCULATE WHICH IS BETTER FOR YOU : OLD OR NEW ? Â
TAX CALCULATION UNDER NEW REGIMEÂ Â
1. Go to Income Tax Department,Govt of India website Â
http://www.incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx
and calculate the estimated  income tax liability for the current year Â
2. Select Assessment Year 2022-23 Â
3. Whether  you want to opt for taxation under 115BAC ; Select YESÂ
( Complete the total exercise once with YESÂ Â Â )Â
3. Select your gender or senior citizen statusÂ
4. Enter your Residential statusÂ
5. Enter your expected salary / pension without ANY DEDUCTIONÂ
6. Enter  other income like Interest Â
Now you will total Total Taxable income and your Tax liability under the new regime . Note down  the tax liability under the new regime .Â
TAX CALCULATION UNDER OLDÂ REGIMEÂ
7.  Now go back to the question : Whether  you want to opt for taxation under 115BAC ; Select  NO Â
8. Now Enter your expected salary / pension  after Standard Deduction of Rs 50,000 .Â
9.  Enter  other income like Interest Â
10 . Enter all your eligible deductions like life insurance premium paid / payable , housing loan interest , education loan interest , Medical insurance , interest received from bank under section 80TTA / 80 TTB .Â
 ( To opt for the old regime , one has to know the various rebates available   and it is the same as in FY 2019-20 . To know all rebates / deductions available , CLICK HEREÂ
Now you will get Total Taxable Income under old regime and Tax Payable under old regime .Â
COMPAREÂ :Â
Now compare the tax amount between Old regime and New regime and decide whether to opt for old regime or new regime .Â
You can then intimate your employer your choice . If your employer allows you to file your option on-line , do so . Remember the once you intimate the option to your employer , it cannot be revoked . But you may select a new option while filing IT Returns . Â
If you opt for old regime  , you have to inform your employer the details of the investments made in tax saving instruments also . Otherwise TDS will be more than the TDS under new regime . ​
TAX CALCULATION UNDER NEW REGIMEÂ Â
1. Go to Income Tax Department,Govt of India website Â
http://www.incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx
and calculate the estimated  income tax liability for the current year Â
2. Select Assessment Year 2022-23 Â
3. Whether  you want to opt for taxation under 115BAC ; Select YESÂ
( Complete the total exercise once with YESÂ Â Â )Â
3. Select your gender or senior citizen statusÂ
4. Enter your Residential statusÂ
5. Enter your expected salary / pension without ANY DEDUCTIONÂ
6. Enter  other income like Interest Â
Now you will total Total Taxable income and your Tax liability under the new regime . Note down  the tax liability under the new regime .Â
TAX CALCULATION UNDER OLDÂ REGIMEÂ
7.  Now go back to the question : Whether  you want to opt for taxation under 115BAC ; Select  NO Â
8. Now Enter your expected salary / pension  after Standard Deduction of Rs 50,000 .Â
9.  Enter  other income like Interest Â
10 . Enter all your eligible deductions like life insurance premium paid / payable , housing loan interest , education loan interest , Medical insurance , interest received from bank under section 80TTA / 80 TTB .Â
 ( To opt for the old regime , one has to know the various rebates available   and it is the same as in FY 2019-20 . To know all rebates / deductions available , CLICK HEREÂ
Now you will get Total Taxable Income under old regime and Tax Payable under old regime .Â
COMPAREÂ :Â
Now compare the tax amount between Old regime and New regime and decide whether to opt for old regime or new regime .Â
You can then intimate your employer your choice . If your employer allows you to file your option on-line , do so . Remember the once you intimate the option to your employer , it cannot be revoked . But you may select a new option while filing IT Returns . Â
If you opt for old regime  , you have to inform your employer the details of the investments made in tax saving instruments also . Otherwise TDS will be more than the TDS under new regime . ​
​4. For tax  rates and  various concessions available under   various sections of Income Tax act , CLICK HERE  . Verify whether you can utilize  any of the concessions  and the amount you can invest to avail maximum concession under the each section . Â
  Â
5. While purchasing  insurance policy or any other financial instrument like pension plan, mutual fund etc. discuss with the financial advisors / consultants / agents etc who  are selling the product regarding the tax concessions available specifically for the instrument in question  and reconfirm by going to the website of the issuer .Some advisors/consultants who have their interest in selling these products may mis-inform you about the concessions available .Â
6. Verify such concessions are useful to your tax plan  and you can make use of such concession  for the  present year .Â
7. Beware of the instruments  like unit linked  policies , ELSS etc which are linked to market performance . Such instruments will  perform only when stock  markets. perform .  Some times long terms returns    are shown   with  illustrative rates which may look lucrative . Please remember that those rates are only illustrative and the  such returns may become illusive if  Net Asset Value ( NAV ) does not grow and if sellers do not guarantee the return . Know the risks of investing in such high risk products .Â
​
8. If instruments warrant repetitive  payments say monthly or annually , please  check your financial position  with regard to affordability of the product for you for long term .Â
9. After making all the payments  and investments  and after   getting the   total income correctly calculated , you can go again  to income tax Dept  site  and  arrive final tax liability .Â
     Â
10.  If you  are eligible to submit  form 15H or  15G  to the banks , do it  well in time   , preferably at the beginning of the financial year or immediately now , for avoiding TDS on interest  paid by the bank .Â
11. Keep the records of all your financial transactions . Money borrowed from friends , Jewelry inherited/purchased ,Gifts received, wedding expenditures, cash remitted to your account etc can be questioned by IT officers  and can be taxed up to 83 % of the value  if IT Officer is not satisfied about your explanation . As per amended section 115BBE , an assessing officer can invoke 60 % tax ,15 % surcharge ,3 % cess with an added penalty of 10 % .To avoid such  hefty payment of tax ,  keep records of your transactions to enable yourself to explain  sources of funds .Â
12. For  authentic details of all the matters relating to Income tax ,go to the website of Income Tax Department ,Government of India :http://www.incometaxindia.gov.in/
  Â
5. While purchasing  insurance policy or any other financial instrument like pension plan, mutual fund etc. discuss with the financial advisors / consultants / agents etc who  are selling the product regarding the tax concessions available specifically for the instrument in question  and reconfirm by going to the website of the issuer .Some advisors/consultants who have their interest in selling these products may mis-inform you about the concessions available .Â
6. Verify such concessions are useful to your tax plan  and you can make use of such concession  for the  present year .Â
7. Beware of the instruments  like unit linked  policies , ELSS etc which are linked to market performance . Such instruments will  perform only when stock  markets. perform .  Some times long terms returns    are shown   with  illustrative rates which may look lucrative . Please remember that those rates are only illustrative and the  such returns may become illusive if  Net Asset Value ( NAV ) does not grow and if sellers do not guarantee the return . Know the risks of investing in such high risk products .Â
​
8. If instruments warrant repetitive  payments say monthly or annually , please  check your financial position  with regard to affordability of the product for you for long term .Â
9. After making all the payments  and investments  and after   getting the   total income correctly calculated , you can go again  to income tax Dept  site  and  arrive final tax liability .Â
     Â
10.  If you  are eligible to submit  form 15H or  15G  to the banks , do it  well in time   , preferably at the beginning of the financial year or immediately now , for avoiding TDS on interest  paid by the bank .Â
11. Keep the records of all your financial transactions . Money borrowed from friends , Jewelry inherited/purchased ,Gifts received, wedding expenditures, cash remitted to your account etc can be questioned by IT officers  and can be taxed up to 83 % of the value  if IT Officer is not satisfied about your explanation . As per amended section 115BBE , an assessing officer can invoke 60 % tax ,15 % surcharge ,3 % cess with an added penalty of 10 % .To avoid such  hefty payment of tax ,  keep records of your transactions to enable yourself to explain  sources of funds .Â
12. For  authentic details of all the matters relating to Income tax ,go to the website of Income Tax Department ,Government of India :http://www.incometaxindia.gov.in/
Income Tax calculator on salary
CALCULATE TAX RELIEF FOR SALARY ARREARS UNDER SECTION 89(1)
HOW TO CALCULATE RELIEFÂ Â ON TAX ARREARS UNDER SECTION 89 (1Â ) :Â
​ Let us assume that you have received arrears  in Financial year 2021-22  .  The arrears pertain to salaries of FY  18-19 , 19-20 , 20-21 and 21-22  . ThenÂ
1. Calculate Income tax  on salary with arrears for the fy 2021-22      Say the income tax is AÂ
2. Calculate Income tax  on salary for the year fy 21-22  after reducing the arrears  pertaining to fy ,18-19  & 19-20  , 20-21 for the fy 2021-22   Say the income tax is B
3. The difference is extra tax payable by you for fy 2021-22  is C =  A - BÂ
4. Now  note down the income tax already paid for earlier years with your income without arrears . Say you have paid  Income tax D for fy 2018-19 , E for FY 19-20 &  F for FY 20-21 . Total Tax paid earlier is D+ E+ F = HÂ
 5. Add the income arrears pertaining to each earlier years to your income reported and calculate taxes for each year and say the new tax payable is  I for FY 2018-19 , J for fy 19-20 & K for FY 20-21  . Total tax payable now for earlier years is  I+ J+ K = L Â
6. The additional tax payable on account of arrears for previous years is M = L- HÂ
 Now under  rule 21A , you can chose  either  C or M whichever is beneficial to you . That means either you can pay total tax of A  or
 B+ M  whichever is  beneficial   .Â
  To know about  rules for tax relief  on salary arrears  , you may go HEREÂ
​ Let us assume that you have received arrears  in Financial year 2021-22  .  The arrears pertain to salaries of FY  18-19 , 19-20 , 20-21 and 21-22  . ThenÂ
1. Calculate Income tax  on salary with arrears for the fy 2021-22      Say the income tax is AÂ
2. Calculate Income tax  on salary for the year fy 21-22  after reducing the arrears  pertaining to fy ,18-19  & 19-20  , 20-21 for the fy 2021-22   Say the income tax is B
3. The difference is extra tax payable by you for fy 2021-22  is C =  A - BÂ
4. Now  note down the income tax already paid for earlier years with your income without arrears . Say you have paid  Income tax D for fy 2018-19 , E for FY 19-20 &  F for FY 20-21 . Total Tax paid earlier is D+ E+ F = HÂ
 5. Add the income arrears pertaining to each earlier years to your income reported and calculate taxes for each year and say the new tax payable is  I for FY 2018-19 , J for fy 19-20 & K for FY 20-21  . Total tax payable now for earlier years is  I+ J+ K = L Â
6. The additional tax payable on account of arrears for previous years is M = L- HÂ
 Now under  rule 21A , you can chose  either  C or M whichever is beneficial to you . That means either you can pay total tax of A  or
 B+ M  whichever is  beneficial   .Â
  To know about  rules for tax relief  on salary arrears  , you may go HEREÂ
ADVANCE TAX CALCULATOR
ESTIMATE AND PAY ADVANCE TAX
Under Section 208 of Income-tax Act, every assessee is required to pay advance tax if the tax liability for the previous year exceeds ten thousand rupees.The Tax payable during the financial year itself is called Advance Tax .For individuals  with salary as sole source of income ,TDS  is to deducted by the employer during disbursal of salary and hence question of paying advance tax separately may not arise.  One has to include the income from interest , capital gain , rent etc  while calculating advance tax payment .Â
DUE DATE SCHEDULE FOR BOTH INDIVIDUALS AND Â CORPORATESÂ
DUE DATE SCHEDULE FOR BOTH INDIVIDUALS AND Â CORPORATESÂ
DUE DATE |
ADVANCE TAX PAYABLE |
Before 15th June 22 |
15% of advance tax |
​Before 15th Sept 22 |
​45% of advance tax |
​Before 15th Dec 22 |
​75% of advance tax |
​Before 15th March 2023 |
​100 % of advance tax |
A Resident senior Citizen is exempted  for paying advance tax  ,if he has  no income from business or profession .He can discharge his tax liability  by paying self assessment tax .Â
For calculating Advance tax Payable , CLICK HERE
ADVT
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The Article on  " TAX PLANNING FOR FY 2022-23 CONTAINS  5 PARTSÂ
PART I Â : MAJOR CHANGES IN TAX RULES FOR FY 2022-23Â Â Â CLICK HEREÂ
PART 2 : TAX RATES Â / SLABS FOR FY 2022-23Â Â Â CLICK HEREÂ Â Â
PART 3 : Â TAX REBATES Â Â FOR FY 2022-23Â Â Â Â CLICK HERE Â Â Â
PART 4 : Â ESTIMATE YOUR INCOME TAX / ADVANCE TAX FOR FY 2022-23Â Â READ THE Â ABOVE PARTÂ
​PART 5 : TAX ON RETIREMENT BENEFITS   CLICK HERE     Â
HOW TO PAY INCOME TAX ONLINE ? CLICK HERE ​
PART I Â : MAJOR CHANGES IN TAX RULES FOR FY 2022-23Â Â Â CLICK HEREÂ
PART 2 : TAX RATES Â / SLABS FOR FY 2022-23Â Â Â CLICK HEREÂ Â Â
PART 3 : Â TAX REBATES Â Â FOR FY 2022-23Â Â Â Â CLICK HERE Â Â Â
PART 4 : Â ESTIMATE YOUR INCOME TAX / ADVANCE TAX FOR FY 2022-23Â Â READ THE Â ABOVE PARTÂ
​PART 5 : TAX ON RETIREMENT BENEFITS   CLICK HERE     Â
HOW TO PAY INCOME TAX ONLINE ? CLICK HERE ​
                             NEW  ARTICLES ON  Â
                                   Â
SMALL FINANCE BANKSÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â PAYMENT Â BANKS Â Â Â
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UNIFIED Â PAYMENT INTERFACEÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â BHARAT BILL PAYMENT SYSTEMÂ Â Â
BHIM APPÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â AADHARÂ Â Â
e-INSURANCE Â Account ( Â eIA Â )
                                   Â
SMALL FINANCE BANKSÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â PAYMENT Â BANKS Â Â Â
                                    Â
UNIFIED Â PAYMENT INTERFACEÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â BHARAT BILL PAYMENT SYSTEMÂ Â Â
BHIM APPÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â AADHARÂ Â Â
e-INSURANCE Â Account ( Â eIA Â )
FOR INTEREST RATE NEWS , CLICK HERE                  FOR INCOME TAX NEWS ,   CLICK HERE
TO READ OUR Â POPULAR ARTICLE ONÂ FINANCIAL PLANNING FOR YOUNGÂ ,CLICK HEREÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
                                   Â
PLAN YOUR INVESTMENTS Â Â Â Â Â
   USE SYSTEMATIC INVESTMENT PLANS ( SIP )Â
TOOL Â TO AVOID Â MARKET HICCUPSÂ Â Â Â Â Â Â Â
 CLICK HERE TO KNOW  ​
TO READ OUR Â POPULAR ARTICLE ONÂ FINANCIAL PLANNING FOR YOUNGÂ ,CLICK HEREÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
                                   Â
PLAN YOUR INVESTMENTS Â Â Â Â Â
   USE SYSTEMATIC INVESTMENT PLANS ( SIP )Â
TOOL Â TO AVOID Â MARKET HICCUPSÂ Â Â Â Â Â Â Â
 CLICK HERE TO KNOW  ​