Income Tax Calculator Excel Download/Income Tax Calculator AY 2024-25 Excel Free Download(FY 2023-24)
Fiscal Budget 2023: Finally, our waiting comes to an end and Budget 2023 has been introduced by our honourable Finance Minister of India. HAs this budget been able to meet the expectations of the tax payers?
Experts are saying that this budget has been prepared to keep in mind the sole interests of the middle and lower-middle-income groups of people. Certainly, the new tax rebate limit U/S 87A has brought a wide smile to the face of many tax payers. But what do experts say about Tax deductions?
It is quite evident that we are moving toward consumption based economy, where people are being pushed to incur expenses more rather than savings and the Finance Budget 2023 is the classic example of this.
As far as the salaried employees are concerned, Budget 2023 has not been very much exciting apart from getting higher Income Tax rebate U/S 87A, Standard deduction in the new tax regime and the unlimited deduction for Agniveer Contribution.
But the vision is very much clear that we are moving very fast towards the new tax regime permanently, which has now been declared as the default one. Undoubtedly, in the coming years we could see only one tax regime i.e. the new tax regime where there is no room for 80C deductions apart from the NPS and Standards deductions.
Like every year in this year also, I will be discussing How to calculate Income Tax for the FY 2023-24 and AY 2024-25 using the Income Tax Calculator Excel Download tool.
So, in this post, I will be presenting one Income Tax Calculator AY 2024-25 Excel Free Download(FY 2023-24) and also the comparison between old and new tax regime 2023.
Budget 2023 has still allowed the taxpayers to choose between the New & Old Tax regimes simultaneously but now the New Tax Regime is the default tax regime and if you want to choose the old one, you must submit a declaration to your employer regarding this else the default one will be applicable for you.
Now let us have a look at the synopsis of the Budget 2023 which has a direct impact on the salaried class especially.
- Default Tax Regime: New tax regime has become the default tax regime while one has the option to continue with the old tax regime as well;
- Discourages Investments: Moving towards the new tax regime discourages investments for saving taxes and this will ensure individuals have more money in their hands to spend more and ultimately money returns back to the Govt.;
- Standard Deduction: Standard deduction of Rs. 50,000/- has been introduced in the new tax regime for salaried persons like it was earlier in the old tax regime;
- Tax rebate U/S 87A: Tax rebate U/S 87A has been increased up to Rs. 25,000/- in the new tax regime;
- Basic Exemption Limit: The basic exemption limit has been increased to Rs. 3 Lakh from earlier limit of 2.5 Lakh;
- Reduced Tax Slabs: The nex tax regime now has only 5 tax slabs from earlier 7 slabs;
- Rebate Limit: The limit U/S 87A has been increased for income up to Rs. 7 Lakh from earlier limit of Rs. 5 Lakh;
- Leave Encashment Limit: Tax exemption limit for Terminal(Retirement) Leave Encashment at the time of retirement has been enhanced from earlier limit of Rs. 3 Lakh to Rs. 25 Lakh;
- Reduced Surcharge Rate: The surcharge limit has been reduced from 37% to 25% for income above Rs. 5 Crore;
- Lower Tax Rate: Thus, the maximum tax rate has been reduced to 39% from existing 42.74%;
- All these newly introduced benefits have been made keeping in mind the emphasis on the new tax regime.
Old Vs New Tax Regime-Fundamental differences between two tax regimes
Old Vs New Tax Regime Calculator Excel
Old Tax Regimes
- It encourages investment in tax saving instruments;
- Existing income tax deductions are allowable;
- Standard Deductions of Rs.50,000/- is allowed for salaried employees;
- Professional Tax Deduction allowed max Rs.2,500/-;
- Benefit of Housing Loan interest payment is allowed U/S 24(b) max Rs.2,00,000/- in a year;
- Only 3 tax slabs — 5%, 20% and 30% are applicable;
- Tax rebate limit is up to Rs. 5 Lakh;
- Maximum Tax Rebate is Rs. 12,500/-;
- Basic exemption limit is Rs.2.50 Lakh;
- Deductions under Chapter VIA are allowed;
New Tax Regimes
- It discourages investments in tax saving instruments;
- Major existing deductions are disallowed;
- Budget 2023 has introduced Standard Deduction of Rs.50,000/-;
- Professional Tax deductions are not allowed;
- No, housing loan interest benefit is allowed;
- 5 tax slabs — 5%, 10%, 15%, 20% and 30% are applicable;
- Tax rebate limit is up to Rs. 7 Lakh;
- Maximum Tax Rebate is Rs. 25,000/-;
- Basic exemption limit is Rs.3 Lakh;
- No deductions under Chapter VIA are allowed except Employer’s contribution to NPS and newly introduced Agniveer deduction;
New Income Tax Slab for FY 2023-24 (AY 2024-25) as per the New Tax Regime
| Net Income Tax Slabs as per New Tax Regime | Income Tax Rates- FY 2023-24 & AY 2024-25 |
|---|---|
| Up to Rs. 3,00,000 | – |
| Rs. 3,00,001 to Rs. 6,00,000 | 5% |
| Rs. 6,00,001 to Rs. 9,00,000 | 10% |
| Rs. 9,00,001 to Rs. 12,00,000 | 15% |
| Rs. 12,00,001 to Rs. 15,00,000 | 20% |
| Above Rs. 15,00,000 | 30% |
Income Tax Slab for FY 2023-24 (AY 2024-25) as per the Old Tax Regime:
| Tax Rate | Individual Tax Payer (Below 60 Years) | Senior Citizen (61-80 Years) | Super Senior Citizen (Above 80 Years) |
| NIL | Up to 2,50,000 | Up to 3,00,000 | Up to 5,00,000 |
| 5% | 2,50,001- 500,000 | 3,00,001- 5,00,000 | NIL |
| 10% | 5,00,001-7,50,000 | 5,00,001-7,50,000 | 5,00,001-7,50,000 |
| 15% | 7,50,001- 10,00,000 | 7,50,001- 10,00,000 | 7,50,001- 10,00,000 |
| 20% | 10,00,001- 12,50,000 | 10,00,000- 12,50,000 | 10,00,000- 12,50,000 |
| 25% | 12,50,001- 15,00,000 | 12,50,001- 15,00,000 | 12,50,001- 15,00,000 |
| 30% | >15,00,000 | > 15,00,000 | > ₹15,00,000 |
Income Tax calculator Excel Download FY 2023-24 & AY 2024-25
Income tax calculation sometimes becomes a daunting task. Also, the question arises in your mind like which tax regime to choose. So, this Income Tax calculator 2023-24 Excel Free Download Tool has been designed keeping all these aspects in mind.
This excel-based calculator is a combination of both old and new tax regime. You don’t need to do anything extra. Just put all your income and deductions details and this calculator will automatically calculate your final tax liability at a glance under both regimes and it will help you in deciding which tax regime is beneficial for you.
Key Features of Income Tax Calculator AY 2024-25 Excel Free Download (Old and New):
The key features of this Income Tax Calculator 2023-24 in Excel Format are as follows:
- This a combined tax calculator for calculating your tax liabilities under both old and new tax regimes;
- It helps you in deciding which tax regime is best for you;
- This calculator shows your total tax liability as a % of the gross total income(GTI);
- This calculator is best suited for Salaried persons and should be used as a simple income tax calculator for salaried class only;
- You can not use this tool for calculating your Long Term Capital Gain Tax;
- This excel-based calculator is password protected for giving you the best results;
- Just put your details in the yellow cells only, and don’t try to delete other unused cells to maintain the sanctity of the calculator.
Now let us see some FAQs on Income Tax Calculator AY 2024-25 Excel Free Download
How do I calculate income tax in Excel?
At first you need to download the Income Tax Calculator Excel from the download section. Thereafter, just put your income and deductions details in the respective fields and this calculator will automatically calculate your taxes and will provide you the best suited tax regime for you.
But remember one very crucial aspect that, from 1st April 2023, the new tax regime shall become the default tax regime for salaried employees. If you want to continue with the old tax regime you should submit an application to your employer for that.
How do I manually calculate my income tax?
I am very sorry, because this Income Tax Calculator 2023-24 Excel will automatically calculate your income tax. You are at all not required to calculate your tax liability manually. Just leave the headache on the Excel calculator itself and you just relax.
How much tax do I pay on 10 lakh salary?
Ok, if your Gross Total Income(GTI) is Rs. 10 Lakh, as per the new tax regime your total tax liability shall be Rs.54,600/-, which is 5.461% of your GTI. You can also check it from the below calculation sheet
How income tax is calculated on salary?
Income tax on salary income is calculated as per the applicable slabs. For example in the above example if your gross total income is Rs.10 Lakh, then your total income tax liability shall be Rs.54,600/- only.
It has been calculated using 3 tax slabs such as Rs. 3-6 Lakh @ 5%, Rs. 6-9 Lakhs @10% and for the balance 9-9.50 Lakh(after taking Standard deduction)@ 30%. Thereafter you should add Cess @ 4% on the income tax of Rs.52,500/- which derives your total income tax liability as Rs.54,600/-.
How much tax will I pay if my salary is 50,000?
As per the new tax regime the basic exemption limit is Rs. 3 Lakhs. This implies that for your salary income of Rs.50,000/- in the given case, you are not liable to pay any income tax.
As far as the new tax regime is concerned for an income up to Rs.7.50 Lakh, an individual salaried person is not required to pay any tax. Because the tax amount of Rs.25,000 is negated by the tax rebate U/S 87A.
So, rebate plays a significant role in making your income from salary as completely tax free up to an income level of Rs.7.50 Lakh in a year.
Income tax calculation formula in excel
In the income tax calculator Excel Download tool, Income tax calculation formula in excel is not required to be used at all. The excel calculator will automatically calculate your tax liabilities both under new and old tax regimes. You just need to put in your income and deductions details.
How to calculate income tax on salary with example
Do you really know how to calculate income tax on salary with example? In most of the cases it is seen that taxpayers do not know the tax slabs, tax rates and the kind of deductions they are entitled to get.
So, in that case, our Income Tax Calculator Excel tool plays a pivotal role in calculating your total tax liabilities under both the tax regimes simultaneously.
Income tax calculator software free download 2023-24 excel
Our free excel based income tax calculator software can be freely download from the download link below. Then just put all your details so that you can get the total tax liability as per both the Old and New Tax regimes respectively.
This excel based software shall also suggest you the best tax regimes applicable for you with beneficial amount of tax as per the new and old tax regimes.
Income tax calculator India
This income tax calculator India has been basically designed for salaried individuals who contribute a major tax revenue of the India’s total income tax revenue.
Income Tax Calculator AY 2024-25 Excel Free Download/Income Tax Calculator 2023-24 Excel Download
Income Tax Calculator Excel AY 2023-24 and FY 2022-23(Last Year)
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Marketing Fisheries
Tax calculator fy 2023-24 assesment year 2024-25 of new tax regime please be modify
Atul Verma
Please provide password for open excel sheet
KAMLESH
SIR PLEASE PROVIDE NEW INCOME TAX FORMULA IN EXCEL
Manish Dandriyal
Please provide password for open excel sheet
GAJANAN
Please provide password for open excel sheet
Manish Dandriyal
HI Arthikdisha Team,
Please provide password for open excel sheet
Anup
Hi, pls add provision to include business / professional income profit / loss / business expenses / LTCG / STCG. Even if not accurate, it can help provide estimation of tax. It would be great help. Thanks.