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Old Tax Regime Vs. New Tax Regime Updated Calculator for Financial Year 2023-24 i.e. Assessment Year 2024-25 after considering new tax slabs proposed by Union Budget 2023.
Various slabs and Tax Rates created chaos and raised multiple questions among Salaried employees. In order to bring simplicity I have created a Excel based utility which will calculate Tax Liability under Old and New Tax Regime gives fair comparison.
It will be easy to go tool for Common People and for practitioners for there offices.
Download it from below link:
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Author Bio
Accountant
Please send Income tax calculator excel sheet for Old and New tax regim
unable to download calculator. registered user of taxguru
I am unable to down load your calculator
I am chakrapani r, retired from service in 2010 & paying tax since 1975 regularly. Give below my estimated income for 2024-25 AY
Whether opting for taxation under Section 115BAC YES
Income Liable to Tax at Normal Rate —9,18,028-
LESS Standard deduction RS 50,000= 8,68,028
TAX REBATE/Exempted up to RS 7,00,000/-
Taxable income= 1,68,028
TAX % 5% on 1,68,028 = 8402
Health & education c e s s@ 4%= 336
TOTAL TAX liability 8,738
TAX REBATE OF RS 7.00 LAKH HAS BEEN INTRODUCED or
since there is no tax up to RS 2.50 LAC, there is no need for me to pay tax. Please guide me.
UNABLE TO DOWNLOAD THE CALCULATOR; PLEASE ATTACH THE CALCULATOR IN A FORMAT EASY TO DOWNLOAD
yet not seen the excel file .
nice and simple
but would be better if age-related old regime taxes calculation is missing.. .80C gone and this
Contribution to NPS is under that so still hanging clearance
pLEASE SEND iNCOME TAX cALCULATOR AS PER NEW DECLARED IN BUDGET 2023