Article contains Automatic Income Tax Calculator in Excel Format for Financial Year 2022-23 (FY 22-23) i.e. Income Tax Assessment Year 2023-24. Income Tax Calculator is Useful for the salaried employees of government and private sector.
“Let everyone be subject to the governing authorities, for there is no authority except that which God has established. Give to everyone what you owe them: If you owe taxes, pay taxes; if revenue, then revenue; if respect, then respect; if honour, then honour.” Romans 13:1,6-7
Wish you a financially stress-free life and Prudent tax planning! Good Luck.
One of the frequently asked questions by salaried employees is: What are the factors should I consider while preparing a taxation & financial plan?
Financial planning linked with taxation is important for the salaried employees, where they invest their hard earned, limited sources to save tax as well to grow their wealth. When you are preparing a detailed taxation plan, you must keep a few simple points.
How much do Investment in Tax Saving Instruments?
Please review your existing commitments such as contribution to employee provident fund, school fee payments, premium paid towards life insurance policies, repayment of housing loan, etc., which are eligible for Sec 80C tax investments. No need to invest in tax saving eligible instruments if the total payments under the above list are above 1.5 lacs per annum, or you need to do investments in tax-saving options only to the extent the amount left after accounting for all the above-mentioned payments. So, to make it very simple and straightway– don’t over-invest for tax-saving purposes. The balance of your available funds can be invested towards a growth/wealth accumulating fund, beyond the tax-saving one, please give the following thoughts.
Please refer to a detailed article on the above under – https://taxguru.in/income-tax/diversify-investments-consistent-longterm-growth-assets.html
Have a good tax planning ahead.
Salient features of Income-tax calculator for salaried employees- F.Y. 2022-2023.