Introduction: Navigating the intricacies of income tax is crucial for financial planning. As the government maintains tax rates for FY 2024-25, it’s essential to optimize tax-saving strategies. Understanding deductions, exemptions, and regime options can help maximize savings while ensuring compliance with tax laws. This Income Tax Calculator for salaried employees provides comprehensive insights to aid effective tax planning in the upcoming financial year.
One must spend his hard-earned money effectively and efficiently, whether to pay for daily expenses or investments other expenses. One will expect that the taxes paid by him/her are also spent wisely, this was an expectation from the ages of the Bible, at the same time paying taxes- abiding by the rules of the state- must be because of one’s conscience. The Bible says- Romans 13:1,6-7 “Therefore one must be subject, not only because of wrath but also because of conscience. For the same reason, you also pay taxes, for the authorities are God’s agents, busy with this very thing. Pay to all what is due them: taxes to whom taxes are due, revenue to whom revenue is due, respect to whom respect is due, honour to whom honour is due.” In short, saving taxes as well as paying taxes must be because of one’s conscience.
As the government does not offer more tax soaps, the taxpayers should be more prudent and vigilant to save their taxes.
- The new regime offers better tax plans to those who stay at a rented house or do not have housing loan repayments. Their tax saving will be higher without having any tax-saving investments, or the savings from investments will be negligible as compared to the investments one has to make. Suggest such people to invest in non-tax saving schemes that give higher returns.
- Those who are staying in rented accommodation or having a housing loan repayment are suggested to strictly compare the benefits before selecting the tax regime for the year.
Have a good tax planning ahead.
Salient features of Income-tax calculator for salaried employees- F.Y. 2024-2025.
Union budget 2024 has made the following changes in the taxation.
Salaried Employees.
Old regime- No changes.
New Regime- Following are the changes.
1. Income slabs are changed as follows:
- Rs 0-3 lakh: Nil (unchanged)
- Rs 3-7 lakh: 5%
- Rs 7-10 lakh: 10%
- Rs 10-12 lakh: 15%
- Rs 12-15 lakh: 20%
- Above Rs 15 lakh: 30% (unchanged)
2. The standard deduction is increased from ₹50,000 to ₹75,000.
3. Deduction on employer’s contribution u/s 80CCD(2) has been increased from 10% to 14% of Basic salary and Dearness Allowance.
Other Changes in Taxation on Capital Gains
Budget 2024 has made significant changes on the tax implications on the capital gains which are as under:
- Holding period for determining long-term and short-term has been simplified for all listed securities – a period of 12 months is to be considered, and for other assets period of 24 months should be considered for determining whether the asset is a long-term capital asset or not.
- Further, indexation benefit made optional.
- LTCG Tax Rate u/s 112A and 112 have been changed to 12.5% from 23rd July, 2024, without indexation benefits.
- STCG Tax Rate u/s 111A has been increased to 20% from 23rd July, 2024.
- Further, exemption limit u/s 112A has been increased from Rs. 1 lakh to Rs. 1.25 lakhs.
Conclusion: In the realm of income tax planning for FY 2024-25, leveraging tools like the Income Tax Calculator is indispensable. Whether you’re a government or private sector employee, optimizing tax-saving strategies is paramount. With features including tax calculation, deductions, and regime suggestions, this tool empowers salaried individuals to make informed decisions and maximize savings while fulfilling tax obligations. Stay proactive, plan wisely, and navigate the tax landscape with confidence.
Author Bio
plz income tax calculation sheet 2024-25 fy
Please share excel tax calculator for FY 2024-25
Please provide the link to download the Excel income tax calculator
Please provide Income Tax Calculator In excel FY 2024-2025
Need Income TAx calculator FY 2024-25 in excel
Dear Sir,
I have used your tax calculation sheet last 7 to 8 year but F.Y.2024-25 after budget tax calculation sheet received but not open so kindly provide.
Thank You.
i required income tax calculator for fy 2024-25 latest version
please provide the income tax calculator download link
Hello Sir. Thank you very much for the Tax Calculator. I have been using your excel tax calculator for last 7 years. Thank you very much. Can you pls teach us how to compute income tax in case of slab rates. I have tried several times but unsuccessful in creating the formula in excel.
Hello, I am not able to download income tax calculator fy 2024-25 AY 2025-26. Kindly help to download the same.
thanks
Sheet formula is broken, Excel will not load or allow to make changes (all fields are read only), please fix and issue fresh calculator
i am industrial consultant ESIC EPF Registration And Monthly Filling DG set Licence pollution and fir cosernlt food lisence ssi GST registration factory act shop and commercial establishment act all labour law compliance all matters in labour court
tax calculator required
Please provide the revised income calculator based on the new slabs after the budget.
Please Provide Updated Income_Tax_Calculator_2024_25 Sheet as per budget 2024
Pls upload tax calculator as per latest interim budget 2024 announced in Jul 2024.
Please Provide Revise Calculator
Please share Income Tax calculator for FY 24-25
Dear Sir, Please provided revised calculator for FY 2024-25 as per new rates of finance budget
Dear Sir,
Please provided revised calculator as per new rates of finance budget on 23.07.24
Please provide revised calculator
Dear Sir,
Please post revised calculator as per Final budget 2024
Please provide income tax calculator in excel format for the fy 2024-25.
Dear Sir,
Please provided revised calculator as per new rates of finance budget on 23.07.24
Dear Sir,
Please provided revised calculator as per new rates of finance budget on 23.07.24
dear sir, thanks for this calculator
Sir, pls provide excel of Income Tax calculatior AY 2025-26 for download.
Please provide the income tax calculator FY 24-25 link to download
unable to download please share link
Link to download please
please provide the income tax calculator download link
Link to download please
please provide the income tax calculator download link