Download Income Tax Calculator FY 2024-25 (AY 2025-26)

Download Income Tax Calculator FY 2024-25 (AY 2025-26) in Excel Format. In the ever-evolving landscape of taxation, staying informed about the latest income tax slabs and efficiently managing your investments can significantly impact your financial well-being. Our Income Tax Calculator for the financial year 2024-25 (Assessment Year 2025-26) is not just a tool; it’s your companion in making informed financial decisions. It is a simple and user-friendly income tax calculator for salaried individuals. This calculator will work for both old and new tax slab rates which were released in 2023 and updated in budget 2024. You can calculate your tax liability and decide on tax-efficient investment options and the suitable tax regime for FY 2024-25.

The calculator is created using Microsoft Excel. Simple Excel-based formulas and functions are used in creating this calculator. Before downloading excel Excel-based income tax calculator let’s get acquainted with the Latest Income Tax Slab for FY 2024-25.

Income Tax Slabs for FY 2024-25 (AY 2025-26)

The New Tax Slab FY 2024-25 is given below. This tax slab is as per budget 2024 (New Tax Regime).

Rs 0 to Rs 3 lakh – 0% tax

Rs 3 to 7 lakh – 5% tax

Rs 7 to 10 lakh – 10% tax

Rs 10 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 – Old Tax Regime – Income Tax Slab 1 – Higher Tax Rate 

The first tax slab is with a higher tax rate. In case an individual salaried 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%  

 Option 2 – New Tax Regime – 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. 7,00,000 – 5% (With Tax Rebate under Sec.87A)  

  Rs. 7,00,001 to Rs. 10,00,000 – 10% (With Tax Rebate under Sec.87A up to 7 Lakh)  

  Rs. 10,00,001 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 2024-25 (AY 2025-26)  

Download the latest income tax calculator FY 2024-25 (AY 2025-26) from the link given below and calculate your income tax liability easily. There are two parts to 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.

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. This tax calculator does not perform calculation of Tax Rebate under Sec.87A.

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 be able to calculate long-term capital gain tax from this calculator.

I hope this Income Tax calculator for FY 2024-25 will be useful to you.

Do share this calculator and Tax structure with your friends on Facebook & Twitter.

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