Download Income Tax Calculator FY 2023-24 (AY 2024-25)

Income Tax Calculator FY 2023-24 (AY 2024-25). An Income Tax Calculator is a Microsoft Excel-based utility designed to estimate the tax liability of salaried individuals based on their income. It makes the complicated tax calculation process easier, giving users precise numbers quickly. By using this calculator you can calculate your tax liability and decide on tax-efficient investment options and the suitable tax regime for FY 2023-24.

Before downloading the Excel-based income tax calculator let’s get acquainted with the Latest Income Tax Slab for FY 2023-24 and the Income Tax changes made in the Budget 2023.

Income Tax Slabs for FY 2023-24 (AY 2024-25)

The new Income Tax Slab is allowed in the Budget 2023. The new tax slab would be the default tax slab.

The new Tax Slab FY 2023-4 is given below.

Rs 0 to Rs 3 lakh – 0% tax

Rs 3 to 6 lakh – 5% tax

Rs 6 to 9 lakh – 10% tax

Rs 9 lakh to Rs 12 lakh – 15% tax

Rs 12 lakh to Rs 15 lakh – 20% tax

Above Rs 15 lakh above – 30% tax

The old Tax Regime also continued. This means if you want to invest in 80C and save tax you can still use the old tax regime.

The new tax regime announced is more tax efficient and less complicated as you need not exempt any income and remember any complicated tax exemptions such as 80C, 80CCD, 80D, 80DD, etc.

So, still, the taxpayer has two options –

Option 1 – Income Tax Slab – Higher Tax Rate

The first tax slab is with a higher tax rate. In case an individual or HUF wants to claim exemptions under 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, etc. the tax rate with a higher rate is applicable. The tax slab in case exemption is claimed is given below.

Option 2 – Income Tax Slab  – Lower Tax Rate

The second tax slab is with a lower tax rate. If the taxpayer does not want to claim any exemptions new simplified tax regime is applicable. The new simplified tax regime with a lower tax rate is given below.

The taxpayer is not allowed to claim any exemption under 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC.

However, there are certain deductions you can still claim using the new tax regime and they are as below.

• Retirement benefits, gratuity, etc.
• Commutation of pension
• Leave encashment on retirement
• Retrenchment compensation
• VRS benefits
• EPFO: Employer contribution
• NPS withdrawal benefits
• Education scholarships

Salaried can select any tax slab. They can switch between old and new tax regime. The option of switching between tax slab is not allowed if an individual or HUF have business income.

Income Tax Calculator FY 2023-24 (AY 2024-25) – Excel Free Download 

Download the latest income tax calculator FY 2023-24 (AY 2024-25) from the link given below and calculate your income tax liability easily. There are two parts of this calculator. Both are given in different sheets.

Part 1 – Calculate Tax as per Higher Tax Rate

The first sheet includes a calculator that considers a higher tax rate and allows for deductions and exemptions.

In order to determine your income tax responsibilities at the elevated tax rate, you must supply information like your total income and the amount of exemptions. Furthermore, you must also submit details regarding the investments you have made across different categories. The document includes sections for different inputs like 80C, 80D, 80CCD, and others.

Once you have entered the information, you must proceed to the lower section and choose the appropriate tax bracket by selecting options for Male/Female, Senior Citizen, and Very Senior Citizen.

You will be able to see your tax liability instantly in the Tax Liability with Cess Section.

Part 2 –  Calculate Tax as per Lower Tax Rate

The calculator included in the second sheet follows the new tax system that has lower tax rates and does not permit deductions.

In order to determine your income tax obligations based on the updated lower tax rate bracket, you are only required to input your gross income once.

The calculator will calculate tax liability automatically and display it in the Tax Liability with cess Field.

Download the Income Tax Calculator in EXCEL Format.

Note – It is not a comprehensive calculator, it is designed to give you a quick idea about your income tax liabilities so that, you can start tax planning. It also helps you to select an appropriate tax slab.

Key Features of this Income Tax Calculator are given below

• This calculator is a two-in-one calculator. You can make use of this calculator for calculating tax liabilities as per old as well as new tax slabs.
• You can compare your tax and decide which tax slab to opt.
• This calculator is designed exclusively for the salary income only.
• It is an Excel-based calculator. You can download and use it forever.
• This calculator is for people with a single home.
• You will not able to calculate long-term capital gain tax from this calculator.

Conclusion

The Income Tax Calculator for FY 2023-24 is an essential tool for understanding the intricacies of the Indian tax system. Taxpayers can attain precision, effectiveness, and adherence in their tax activities by utilizing its capabilities.

If you have any suggestions share them at info@moneyexcel.com. It will help me to add new features and improve this calculator.