Download Excel based Income Tax Calculator for FY 2022-23 & AY 2023-24/ Income Tax Calculator Excel Download
Like the Union Budget speech, our Income Tax Deductions/Benefits are also shrinking day by day year by year. Is there any Income Tax Payer in India who was really satisfied with the Union Budget Speech 2022? Please someone say yes yes yes!
I don’t think that there would be anyone apart from the deep down inside knowledgeable pseudo. Some experts even would like to correct me that this year’s budget was to cater the holistic needs of our country. For country’s sustainable economic growth, it was needed indeed.
Oh really? Then what about our country’s those people especially the salaried class? Those who are getting squeezed eternally. Those who are paying taxes honestly without much thinking in the hope that next year there would be something beneficial for them. But Alas! Despair Despair and only Despair. So does this year budget also.
Anyway 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.
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.
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.
As 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 01.04.2022, U/S 80CCD(2).
Further, 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.
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.
So, for the FY 2022-23, both tax regimes will be functioning parallelly. A taxpayer has the option to choose his/her preferred tax regime once in a year.
Income Tax Calculator FY 2022-23(AY 2023-24)Excel Download/Income Tax Calculator AY 2023-24 Excel Free Download(Current Year)
Income Tax Calculator FY 2021-22 & AY 2022-23 Excel Download Here(Last Year):
Download Excel based Income Tax Calculator for FY 2022-23 & AY 2023-24 /Income Tax Calculator AY 2023-24 Excel Free Download–Detailed Analysis
Before using the Income Tax Calculator FY 2022-23 Excel Free Download tool, you must know specifically which tax regime is more beneficial to you. As there has not been any major income tax-related changes in Budget 2022, therefore, it is more or less the same with that of the FY 2021-22.
It is very much essential for a taxpayer to know the basic differences between the old and new tax regimes.
The basic differences between the two different tax regimes are as follows:
| Old Tax Regime | New Tax Regime |
|---|---|
| It encourages investment in tax saving instruments | It discourages investments in tax saving instruments |
| Existing income tax deductions are allowable | Major existing deductions are disallowed |
| Standard deductions and Professional Tax are deducted from income (Max Rs.52,400) | No deduction is permissible for Standard Deduction & Professional Tax |
| Benefit of Housing Loan interest payment is allowed U/S 24(b) | Housing loan interest payment deduction is not permitted |
| Only 3 tax slabs — 5%, 20% and 30% applicable | 6 tax slabs — 5%, 10%, 15%, 20%, 25% and 30% applicable |
| 5% Tax rate is basically non-functional as tax negated by Rebate U/S 87 | For every ₹2.5 Lakh, the tax slab changes by 5% |
| Deductions under Chapter VIA are allowed | No deductions under Chapter VIA are allowed except Employer’s contribution to NPS |
| This tax regime is more beneficial for income up to ₹15 Lakh | This tax regime is more beneficial for income above ₹15 Lakh |
Limitations of New Tax Regime FY 2022-23:
As per Section 115BAC, a taxpayer choosing the new income tax regime is not eligible to claim the following income tax deductions:
- Leave travel concession U/S section 10(5);
- House rent allowance U/S section 10(13A);
- Allowance for the income of minor as contained in section 10(32);
- Standard deduction, Entertainment allowance and Professional tax as contained in U/S 16;
- Deduction on account of Interest paid U/S 24 i.r.o self-occupied or let out house property;
- Set off of carried forward losses and Depreciation are not permitted now;
- Deductions under chapter VIA such as section 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC, 80IA, 80-IAB, 80-IAC, 80-IB, 80-IBA.
Income Tax calculator AY 2023-24 Excel Free Download tool:
Before using the Income Tax Calculator AY 2023-24 Excel tool, let us first see the income tax slabs for the FY 2022-23 and AY 2023-24 as follows:
Old Tax Regime Income Tax Slabs for FY 2022-23 & AY 2023-24
| Tax Rate | Individual Tax Payer (Below 60 Years) | Senior Citizen (61-80 Years) | Super Senior Citizen (Above 80 Years) |
|---|---|---|---|
| NIL | Upto ₹2,50,000 | Up to ₹3,00,000 | Upto ₹5,00,000 |
| 5% | ₹2,50,001- ₹500,000 | ₹3,00,001- ₹5,00,000 | NIL |
| 20% | ₹5,00,001-₹10,00,000 | ₹5,00,001-₹10,00,000 | ₹5,00,001-₹10,00,000 |
| 30% | Above ₹10,00,000 | Above ₹10,00,000 | Above ₹10,00,000 |
New Tax Regime Income Tax Slabs FY 2022-23 & AY 2023-24
| Tax Rate | Individual Tax Payer (Below 60 Years) | Senior Citizen (61-80 Years) | Super Senior Citizen (Above 80 Years) |
|---|---|---|---|
| NIL | Upto ₹2,50,000 | Upto ₹3,00,000 | Upto ₹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% | Above ₹15,00,000 | Above ₹15,00,000 | Above ₹15,00,000 |
Income Tax calculator for AY 2023-24 in Excel Format
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 AY 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 FY 2022-23 in Excel Format (Old and New):
The key features of this Income Tax Calculator for AY 2023-24 in Excel Format are as follows:
- This a combined 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;
- 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 orange cells only, and don’t try to delete other unused cells to maintain the sanctity of the calculator.
Income Tax Calculator for Salaried Employees AY 2023-24 in Excel Old and New
Budget 2022 has been most disappointing for the salaried employees so far. Neither there has been any slab changes, nor any additional tax benefits. Only benefits for the new home buyers U/S 80EEA has been extended upto 31.03.2022.
Now let us take an example for a salaried person and see how this excel based calculator depicts the results.
Example 1– Mr. Ganguly, age 45 years, received gross salary between ₹5 lakh to ₹20 Lakh for F.Y 2022-23. His investment in Section 80C is ₹1.5 Lakh and Mediclaim insurance U/S 80D is ₹25,000 only. Professional Tax deduction ₹2,400 per year. Compute his tax liability under both tax regimes.
Therefore it is quite evident from the above comparison that the New Tax regime is beneficial only when your total income exceeds ₹15 Lakh and you don’t have any interest repayment on housing loan U/S 24.
Which Tax Regime is best for you-Old or New?
It is seen from the above comparison table that for an annual income up to ₹15 Lakh, the Old tax regime is more beneficial considering the full 80C deductions and 80D deduction of ₹25,000.
But the scenarios get changed if Housing Loan interest is paid to the tune of ₹1 Lakh. If any HBL interest is paid, then for every income level, as shown above, the Old Tax regime will be a complete winner.
So, it can be said that interest on Repayment of a Housing Loan plays a pivotal role in deciding which tax regime is best suited for you.
Therefore, if you pay any interest on your Housing Loan, it is suggested that you choose the Old tax regime, as it will ensure that your total tax outlay is reduced to some extent.
Income Tax Calculator FY 2022-23 Excel Download(AY 2023-24)
Click on the below image to download the excel tool.
Want to read in detail about Income Tax Calculator FY 2021-22(AY 2022-23)Excel Download? Just check the below link:
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