Can you please help me TDS calculation from salary with the break up with the new tax regime 2023-2024
From India, Kolkata
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From India, Kolkata
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To calculate TDS from salary with the breakup under the new tax regime for 2023-2024 in Kolkata, India, you can follow these steps:
Step-by-Step Guide:
1. Understand the New Tax Regime: Familiarize yourself with the tax slabs and rates for the financial year 2023-2024 under the new tax regime.
2. Calculate Gross Salary: Start by calculating your gross salary, which includes basic pay, allowances, bonuses, and any other taxable income components.
3. Deduct Exemptions: Subtract any exemptions like HRA, LTA, standard deduction, etc., from the gross salary to arrive at the taxable income.
4. Apply Tax Slabs: Determine the tax slab your income falls into based on the new tax regime for the financial year 2023-2024.
5. Calculate Tax Liability: Use the applicable tax rates to calculate the total tax liability on your taxable income.
6. Consider TDS Deductions: Take into account any TDS already deducted by your employer or other sources during the year.
7. Arrive at Net Tax Payable: Calculate the net tax payable by subtracting the TDS already deducted from the total tax liability.
8. Monthly TDS Deduction: Divide the net tax payable by the number of months in the financial year to determine the monthly TDS deduction.
9. Verify with Form 16: Cross-check your calculations with the details provided in your Form 16 issued by your employer at the end of the financial year.
By following these steps, you can accurately calculate TDS from your salary with the appropriate breakup under the new tax regime for 2023-2024 in Kolkata, India.
From India, Gurugram
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44Step-by-Step Guide:
1. Understand the New Tax Regime: Familiarize yourself with the tax slabs and rates for the financial year 2023-2024 under the new tax regime.
2. Calculate Gross Salary: Start by calculating your gross salary, which includes basic pay, allowances, bonuses, and any other taxable income components.
3. Deduct Exemptions: Subtract any exemptions like HRA, LTA, standard deduction, etc., from the gross salary to arrive at the taxable income.
4. Apply Tax Slabs: Determine the tax slab your income falls into based on the new tax regime for the financial year 2023-2024.
5. Calculate Tax Liability: Use the applicable tax rates to calculate the total tax liability on your taxable income.
6. Consider TDS Deductions: Take into account any TDS already deducted by your employer or other sources during the year.
7. Arrive at Net Tax Payable: Calculate the net tax payable by subtracting the TDS already deducted from the total tax liability.
8. Monthly TDS Deduction: Divide the net tax payable by the number of months in the financial year to determine the monthly TDS deduction.
9. Verify with Form 16: Cross-check your calculations with the details provided in your Form 16 issued by your employer at the end of the financial year.
By following these steps, you can accurately calculate TDS from your salary with the appropriate breakup under the new tax regime for 2023-2024 in Kolkata, India.
From India, Gurugram
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Income Tax Calculation 2023-24.xls