Download Income Tax Calculator FY 2023-24 (AY 2024-25) in Excel Format. It is a simple and user-friendly income tax calculator for salaried individuals. This calculator will work for both old and new tax slab rate which were released in 2023. You can calculate your tax liability and decide on tax-efficient investment options and the suitable tax regime for FY 2023-24.
The calculator is created using Microsoft excel. Simple excel based formulas and functions are used in creating this calculator. Before downloading excel based income tax calculator let’s get acquainted with 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)
New Income Tax Slab is allowed in the Budget 2023. The new tax slab would be 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
Old Tax Regime also continued. This means if you want to invest in 80C and save tax you can still use old tax regime.
The new tax regime announced is more tax efficient and less complicated as you need not to exempt any income and remember any complicated tax exemptions such as 80C, 80CCD, 80D, 80DD etc.
So, still taxpayer has two options –
Option 1 – Regime 1 – Income Tax Slab 1 – 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.
|Income Tax Slab||% Rate|
|Up to Rs. 2,50,000||0%|
|Rs. 2,50,001 to Rs. 5,00,000||5%|
|Rs. 5,00,001 to Rs. 10,00,000||20%|
|Above 10 Lakh||30%|
Income Tax Slab 2 – 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.
|Income Tax Slab||% Rate|
|Up to Rs. 3,00,000||NIL|
|Rs. 3,00,001 to Rs. 6,00,000||5% (With Tax Rebate under Sec.87A)|
|Rs. 6,00,001 to Rs. 9,00,000||10% (With Tax Rebate under Sec.87A up to 7 Lakh)|
|Rs. 9,00,001 to Rs. 12,00,000||15%|
|Rs. 12,00,001 to Rs. 15,00,000||20%|
|Rs. 15,00,001 and above||30%|
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.
Download Income Tax Calculator FY 2023-24 (AY 2024-25)
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 contains a calculator as per higher tax rate, where deductions & exemptions are allowed.
To calculate your income tax liabilities as per the higher tax rate, you need to provide inputs such as your gross income, and exemption amount. In addition to that, you need to provide information about the investment made by you under various sections. The sheet contains inputs for various sections such as 80C, 80D, 80CCD, etc.
After filling up this detail you need to go to the bottom section where you need to make a selection of applicable tax slab by selecting Male/Female, Senior Citizen and Very Senior Citizen Options.
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 second sheet contains a calculator as per the new tax regime with reducing tax rates, where deductions are not allowed.
To calculate your income tax liabilities as per the new reducing tax rate slab, you need to provide only single input your gross income.
The calculator will calculate tax liability automatically and display it in the Tax Liability with cess Field.
Click on the following image to download the income tax calculator.
CLICK HERE or above image to Download 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 two-in-one calculator. You can make use of this calculator for calculating tax liabilities as per old as well as new tax slab.
- 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.
I hope this Income Tax calculator FY 2023-24 will be useful to you.
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