I hope this Income Tax calculator FY 2023-24 will be useful to you.ĭo share this calculator and Tax structure with your friends on Facebook & Twitter. You will not able to calculate long-term capital gain tax from this calculator.This calculator is for people with a single home.This calculator is designed exclusively for the salary income only.You can compare your tax and decide which tax slab to opt.You can make use of this calculator for calculating tax liabilities as per old as well as new tax slab. This calculator is two-in-one calculator.Key Features of this Income Tax Calculator are given below It also helps you to select an appropriate tax slab. 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. The calculator will calculate tax liability automatically and display it in the Tax Liability with cess Field.Ĭlick on the following image to download the income tax calculator.ĬLICK HERE or above image to Download Income Tax Calculator in EXCEL Format. 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 second sheet contains a calculator as per the new tax regime with reducing tax rates, where deductions are not allowed. Part 2 – Calculate Tax as per Lower Tax Rate You will be able to see your tax liability instantly in the Tax Liability with Cess Section. The sheet contains inputs for various sections such as 80C, 80D, 80CCD, etc.Īfter 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. In addition to that, you need to provide information about the investment made by you under various sections. 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. The first sheet contains a calculator as per higher tax rate, where deductions & exemptions are allowed. Part 1 – Calculate Tax as per Higher Tax Rate Download Income Tax Calculator FY 2023-24 (AY 2024-25)ĭownload the latest income tax calculator FY 2023-24 (AY 2024-25) from the link given below and calculate your income tax liability easily. The option of switching between tax slab is not allowed if an individual or HUF have business income. They can switch between old and new tax regime. However, there are certain deductions you can still claim using the new tax regime and they are as 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. Income Tax Slabġ0% (With Tax Rebate under Sec.87A up to 7 Lakh) The new simplified tax regime with a lower tax rate is given below. If the taxpayer does not want to claim any exemptions new simplified tax regime is applicable. The second tax slab is with a lower tax rate. The tax slab in case exemption is claimed is given below. the tax rate with a higher rate is applicable. In case an individual or HUF wants to claim exemptions under 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, etc. ![]() The first tax slab is with a higher tax rate. Option 1 – Regime 1 – Income Tax Slab 1 – Higher Tax Rate 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. ![]() This means if you want to invest in 80C and save tax you can still use old tax regime. The new Tax Slab FY 2023-4 is given below. The new tax slab would be default tax slab. New Income Tax Slab is allowed in the Budget 2023.
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