Sure, I can guide you on how to calculate TDS on salary for the financial year 2022-23 for both old and new tax regimes.
For the Old Regime:
1. Calculate your Gross Salary: Add your Basic Salary, Dearness Allowance, House Rent Allowance, Transport Allowance, and all other allowances.
2. Deduct the exemptions: These could be House Rent Allowance, Standard Deduction of Rs 50,000, or Professional Tax.
3. Arrive at your Net Income: Subtract the exemptions from your Gross Salary.
4. Calculate the Tax on the Net Income: Use the slab rates applicable for the financial year 2022-23.
5. Deduct the rebates: This could be under Section 87A or 80C to 80U.
6. Calculate Health and Education Cess: This is 4% of the tax calculated.
7. The final amount is your TDS to be deducted.
For the New Regime:
1. Calculate your Gross Salary.
2. Unlike the old regime, there are no exemptions or deductions allowed except NPS, EPF, and employer's contribution to the pension scheme.
3. Calculate the Tax on the Gross Salary: Use the slab rates applicable for the financial year 2022-23.
4. Calculate Health and Education Cess as 4% of the tax.
5. The final amount is your TDS to be deducted.
Please note that these steps are a simplified version of the TDS calculation process. Your actual TDS may vary based on other factors such as other income sources, tax-saving investments, etc. I would recommend using an online TDS calculator for a more accurate calculation or consulting with a tax consultant.
Remember 🗝️, the tax rates vary in both regimes, and you should choose the one that is more beneficial for you.
I hope this helps! Do let me know if you have more questions.