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A taxpayer has the option to choose his/her preferred tax regime once in a year. So, for the FY 2022-23, both tax regimes will be functioning parallelly. Therefore, the income tax slabs, rates and other tax deduction benefits are almost same for the FY 2021-22 and FY 2022-23 respectively for the old tax regime. In this post, I will be discussing How to calculate Income Tax for the FY 202-2 and AY 202-2 using the Income Tax Calculator FY 2022-23 Excel Download tool.Īs far as the salaried employees and the professionals are concerned, Budget 2022 has not been very much exciting apart from getting higher Income Tax deduction for NPS Contribution limit from current 10% to 14% level for State Government Employees w.e.f, U/S 80CCD(2).įurther, the Finance Budget 2022 did not utter a single word i.r.o old and the new tax regime for any changes or updates whatsoever. However, like every year this year also I have decided to write a post on Income Tax Calculator FY 2022-23(AY 2023-24)Excel Download. So does this year budget also.Īnyway moving ahead in life should be one’s main motive accepting evens and odds and that is being done by the middle class salaried persons. But Alas! Despair Despair and only Despair. Those who are paying taxes honestly without much thinking in the hope that next year there would be something beneficial for them. Oh really? Then what about our country’s those people especially the salaried class? Those who are getting squeezed eternally. For country’s sustainable economic growth, it was needed indeed. Some experts even would like to correct me that this year’s budget was to cater the holistic needs of our country. I don’t think that there would be anyone apart from the deep down inside knowledgeable pseudo. Is there any Income Tax Payer in India who was really satisfied with the Union Budget Speech 2022? Please someone say yes yes yes! Like the Union Budget speech, our Income Tax Deductions/Benefits are also shrinking day by day year by year.
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