Please fill below form to download Income Tax Calculator AY 2023-24 in Excel. Once you provide details, you will be provided with link to download excel via Email. Also, read the instructions to use this Income Tax Excel Calculator. This excel calculator helps you to calculate income tax if you are salaried employee or business man.
Check out More online Calculators here including Income Tax, PPF, SIP, Home Loan Calculator and many more..
Note: This calculator is applicable for AY 2023-24. There were no changes made in Budget 2022, so the income tax slab rates remain same for Old and New Tax Regime.
Instructions to use Income Tax Excel Calculator AY 2023-24:
- Download the Income Tax Calculator AY 2023-24 Excel on your device
- Provide Income as Gross Income for AY 2023-24
- Provide Investments including Standard Deduction, Section 80C investments, Section 80CCD(1B) investments and other tax saving options you are eligible for. Total amount of investments need to be entered. Standard Deduction of Rs. 50,000 is applicable for Employees.
- Enter TDS amount that is already deducted from your salary in financial year
- After providing all these parameters, income tax will be calculated based on Old and New Tax Regime
You can find more income tax calculation examples here
Now since you got the idea about how this excel calculator works, let’s see How to calculate Income Tax AY 2023-24 with the help of a video.
Income Tax Calculation AY 2023-24 Excel Video
Also in case you want to use Online income tax calculator use below link instead of using excel calculator:
How this Income Tax Calculator in Excel helps you?
- This income tax calculator helps you to understand your income tax based on Old and New Tax Regime.
- Based on the calculations, you can choose which Tax regime you should choose. You should select tax regime based on which you’ll be paying less income tax.
- It is important to note that investment deductions are available only in Old Tax Regime.
- New Tax Regime does not allow you to claim any investment deductions to save income tax. This is because new tax regime are reduced tax slab rates.
- This means that Standard Deductions of Rs. 50,000 is only available in Old Tax Regime, and not in New Tax Regime
- In this way, the calculator can help you to compare your tax outgo and by iteratively entering the investment amount, you can decide how much you can invest more to pay less income tax if selecting Old Tax Regime.
Old Tax Regime vs New Tax Regime Slab Rates
Below is the table showing Old and New Tax Slab Rates for AY 2023-24:
|Income||Old Tax Regime||New Tax Regime|
|Rs. 0 to Rs. 2.5 Lacs||0%||0%|
|Rs. 2.5 Lacs to Rs. 5 Lacs||5%||5%|
|Rs. 5 Lacs to Rs. 7.5 Lacs||20%||10%|
|Rs. 7.5 Lacs to Rs. 10 Lacs||20%||15%|
|Rs. 10 Lacs to Rs. 12.5 Lacs||30%||20%|
|Rs. 12.5 Lacs to Rs. 15 Lacs||30%||25%|
|more than Rs. 15 Lacs||30%||30%|
As seen above, New Tax regime has reduced tax slab rates which means you will be paying less income tax, if you are not opting for any investment deductions.
In case you want to claim various deductions to save income tax, you might have to check how much income tax can be saved using Old Tax Regime.
ALSO READ: Income Tax Brackets in India
Which Tax Regime you should choose?
To answer this question, it depends on person to person. Every individual is having different incomes in a Financial Year.
If your income is in the range of Rs. 5 Lacs to Rs. 12 Lacs, you can opt for Old Tax Regime, and make some Tax saving investments and Save Income Tax.
But if your income is above Rs. 12 Lacs, there is not much option to save maximum income tax. Even after making investments with maximum limits in different sections, you’ll still be paying more taxes with old tax regime compared to new tax regime.
Below is the graph showing the comparison of income vs income tax:
As seen above, green line depicts income tax with new tax regime, which is low when your income moves greater than 12 Lacs. Blue line (old regime with investments) is still above green line which shows that even after investments you’ll more more income tax with old slab rates compared to new slab rates.
So you should make your investments according to your total income and based on the calculations of income tax in both regimes. Choose the one that helps you pay less income tax.
ALSO READ: Income Tax Calculation FY 2022-23 in Excel
What is the new income tax calculation formula in Excel?
In Budget 2020, new tax regime was introduced with no deductions to be claimed. But Old tax regime is also applicable since than and you have the option to choose between these 2 options of old and new tax regime to pay income tax.
Using tax calculation formula in Excel (provided above), you can calculate tax liability based on below steps:
- 5% tax calculation on income between 2.5 to 5 lakh in both regimes. Formula will be 5% * 2.5 lakh / 100
- 10% tax calculation on income between 5 lak to 7.5 lakh in new regime. Formula will be 10% * 2.5 lakh / 100
- Similarly for various slab rates and incomes, the tax calculation will be done based on such formula
- Finally cess of 4% will be applicable on the intermediate tax calculated
Are you eligible for Tax Rebate u/s 87A?
You will be eligible for Tax Rebate u/s 87A when your taxable income is below Rs. 5 lacs in AY 2023-24. This is achievable by making investments under various sections.
Tax Rebate u/s 87A will be allowed in both Old and New Tax Regime.
Let’s say your Net Taxable Income equals Rs. 5 Lacs in AY 2023-24
Based on Old and New Tax Slab Rates, you are liable to pay Rs. 12,500 as Income Tax based on your Net Taxable Income.
But we also have Tax Rebate u/s 87A which provides us a maximum rebate of Rs. 12,500, thus making our Income Tax = Rs. 0.
Find more Income Tax Calculation examples here.
How to pay ZERO Income Tax?
Using above trick of getting your Taxable income to below Rs. 5 lacs in FY, you need not have to pay any income tax, and by making investments, you save for your future as well. So it’s a win-win situation.
This is possible only when your total income is up to 10-12 lacs in a financial year and you are able to use all available investment options present. If your income goes above this figure in FY, it becomes difficult to save maximum income tax. Again, you can check by yourself using the Income Tax Calculator in Excel I have provided above.
Watch below video to know various tax saving options:
That’s it in this article about income tax calculator AY 2023-24 in excel. Comment your queries in case you have any. Make sure that you Subscribe to YouTube Channel for more Personal Finance Videos and Download Income Tax Calculator App “FinCalC” on your mobile.
You can easily download income tax calculator AY 2023-24 in excel using above form. Make sure that you watch the video at the start of this article to know how to use this tax calculator.
Some more Reading:
- How to File ITR on Salary
- How to Change Tax Regime from New to Old or Vice versa
- Section 80C Deduction List
- Rs. 2000 SIP Returns Calculation for 15 Years
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Income Tax Calculator App – FinCalC
For Income Tax Calculation on your mobile device, you can Download my Android App “FinCalC” which I have developed for you to make your income tax calculation easy.
What you can do with this mobile App?
- Calculate Income Tax for new FY 2023-24 and previous FY 2022-23
- Enter estimated Investments to check income tax with Old and New Tax Regime
- Save income tax details and track regularly
- Know how much to invest more to save income tax
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