Looking for Old vs New Tax Regime Calculator in Excel? You’ll get it in this article along with everything you need to know about both the Tax Regimes.
While calculating your income tax, you have the option to choose between Old and New Tax Regime. The other tax regime (new regime) was introduced in Budget 2020, for those who don’t make investments to claim deductions that can help them save income tax. But if you can make some investments and pay less income tax with Old Tax Regime, than there is no harm to choose old tax regime with some deductions to save for future!
Budget 2023 update: Due to changes in Budget 2023, Download old vs new tax regime excel calculator for FY 2023-24 from here.
Below form is for FY 2022-23 income tax calculation.
Download Old vs New Tax Regime Calculator Excel
Fill below form to download Old vs New Tax Regime Calculator in Excel:
Above Old vs New Tax Regime calculator in excel will help you to calculate income tax with both Old and New Tax Regime slab rates. The calculator is for people of age below 60 years only. For senior citizens, check the tax regime excel calculator here.
Let us now understand tax slabs in both regimes and which one will be better for you?
Income Tax Slabs for Age Below 60 Years
Since there are 2 tax regimes for you to select, both regimes have different slab rates based on age groups.
Old Tax Regime
If your age is below 60 years in FY 2022-23, below are the Tax slab rates for you based on Old Tax Regime:
| Income | Tax Slab Rates (Old Tax Regime) |
|---|---|
| Rs. 0 – Rs. 2.5 Lakh | 0% |
| Rs. 2.5 Lakh – Rs. 5 Lakh | 5% |
| Rs. 5 Lakh – Rs. 10 Lakh | 20% |
| Rs. 10 Lakh or above | 30% |
Let us now see the reduced tax slab rates, that is New Tax Regime for age up to 60 years:
New Tax Regime
| Income | Tax Slab Rates (New Tax Regime) |
|---|---|
| Rs. 0 – Rs. 2.5 Lakh | 0% |
| Rs. 2.5 Lakh – Rs. 5 Lakh | 5% |
| Rs. 5 Lakh – Rs. 7.5 Lakh | 10% |
| Rs. 7.5 Lakh – Rs. 10 Lakh | 15% |
| Rs. 10 Lakh – Rs. 12.5 Lakh | 20% |
| Rs. 12.5 Lakh – Rs. 15 Lakh | 25% |
| Rs. 15 Lakh or above | 30% |
So New Tax regime has reduced tax slab rates compared to old tax regime. But you will not get any deduction options to save income tax in new tax regime.
Given that the slab rates with both regimes, the Old vs New Tax Regime Calculator in Excel (provided above) becomes very important to use and compare the income tax.
Let us now understand the Tax slabs for senior citizens in India.
Income Tax Slabs for Senior Citizens
If your age is 60 years and less than 80 years in FY 2022-23, below are the Tax slab rates for you based on Old Tax Regime:
Old Tax Regime
| Income | Tax Slab Rates (Old Tax Regime) |
|---|---|
| Rs. 0 – Rs. 3 Lakh | 0% |
| Rs. 3 Lakh – Rs. 5 Lakh | 5% |
| Rs. 5 Lakh – Rs. 10 Lakh | 20% |
| Rs. 10 Lakh or above | 30% |
As seen above, here the basic exemption limit for senior citizens is Rs. 3 Lakh of income, up to which no income tax need to be paid.
Let us now see the reduced tax slab rates, that is New Tax Regime for Senior Citizens:
New Tax Regime
| Income | Tax Slab Rates (New Tax Regime) |
|---|---|
| Rs. 0 – Rs. 2.5 Lakh | 0% |
| Rs. 2.5 Lakh – Rs. 5 Lakh | 5% |
| Rs. 5 Lakh – Rs. 7.5 Lakh | 10% |
| Rs. 7.5 Lakh – Rs. 10 Lakh | 15% |
| Rs. 10 Lakh – Rs. 12.5 Lakh | 20% |
| Rs. 12.5 Lakh – Rs. 15 Lakh | 25% |
| Rs. 15 Lakh or above | 30% |
As mentioned above, the tax slab rates in new tax regime is same for all age groups irrespective of whether you are a senior citizen or non senior citizen.
Given that the slab rates with both regimes for senior citizens, the Old vs New Tax Regime Calculator in Excel becomes very important to use and compare the income tax.
Let us now see Income Tax Slabs for Super Senior Citizens
Income Tax Slabs for Super Senior Citizens
If your age is 80 years or above in FY 2022-23, below are the Tax slab rates for you based on Old Tax Regime:
Old Tax Regime
| Income | Tax Slab Rates (Old Tax Regime) |
|---|---|
| Rs. 0 – Rs. 5 Lakh | 0% |
| Rs. 5 Lakh – Rs. 10 Lakh | 20% |
| Rs. 10 Lakh or above | 30% |
Super senior citizens in India get extra exemption limit of up to Rs. 5 Lakh in a financial year, on which they don’t need to pay any income tax. This may be due to most of the super senior citizens are already retired by this time.
But still, if you are following your passion and generating good revenue out of it, you need to pay tax! So, Above 5 Lakh of income, the slab rates are same on the income as compared to other citizens.
Let us now see the reduced tax slab rates, that is New Tax Regime for Super Senior Citizens:
New Tax Regime
| Income | Tax Slab Rates (New Tax Regime) |
|---|---|
| Rs. 0 – Rs. 2.5 Lakh | 0% |
| Rs. 2.5 Lakh – Rs. 5 Lakh | 5% |
| Rs. 5 Lakh – Rs. 7.5 Lakh | 10% |
| Rs. 7.5 Lakh – Rs. 10 Lakh | 15% |
| Rs. 10 Lakh – Rs. 12.5 Lakh | 20% |
| Rs. 12.5 Lakh – Rs. 15 Lakh | 25% |
| Rs. 15 Lakh or above | 30% |
So the tax slab rates in new tax regime is same for super senior citizens as well.
So these are the Income Tax Slabs in India for FY 2022-23 in Old and New Tax Regimes. If any of your friends is confused about the Tax slab rates in India than share this article with them!
ALSO READ: New Tax Regime Benefits (Section 115 BAC)
Let us now understand features of both Tax Regimes:
Features of Old Tax Regime
Despite introduction of New Tax Regime in Budget 2020, many Indians still opt for Old Tax Regime due to it’s various features that include:
- Deductions available for tax payers to save income tax. No Deductions are allowed in New Tax Regime.
- Flat Deduction, also called Standard Deduction is available to salaried employees and pensioners with Old Tax Regime
- You can invest in various investment options like Provident Fund, Public Provident Fund, ELSS (Equity Linked Saving Schemes), 5 year fixed deposits and many other under Section 80C to claim deductions up to Rs. 1.5 Lakh in FY 2022-23
- Apart from above deductions, there are many other deductions available to you as an individual to save income tax with Old Tax Regime
- The only disadvantage is the tax slab rates are higher in Old Tax regime compared to New Tax Regime.
Let us now see the features of new tax regime.
Features of New Tax Regime
- New tax regime has reduced tax slab rates compared to Old tax regime as seen above
- New regime slab rates are same for all age groups, unlike old tax regime which depends on your age
- There are no deductions available in new tax regime. Not even Standard Deduction
- Only rebate you get is Tax rebate under Section 87A, in which case if your income is 5 lakh or less in a financial year, you don’t need to pay any tax with tax rebate under section 87A (Maximum Rs. 12,500 rebate with new and old tax regime)
You can also use this online income tax calculator to calculate income tax:
Also read this article on Income Tax Calculation in India with Examples to know more about how your income tax is calculated with Old and New Tax Regimes.
Which Tax Regime is Better for you?
Now very important question is – which tax regime is better for you? Should you select Old or New Tax regime while ITR (Income Tax Return) Filing?
The answer depends on your income and investments.
If your income is within 15 Lakh in a year and you can make maximum allowed deductions to save income tax, then you can save a lot of tax with Old Tax Regime.
Whereas if you don’t make any investments, you can go for New Tax Regime since it has reduced tax slab rates.
There is no best fit for all of us in this case and depends on individual to individual.
Below is the video on some calculations to give you some more clarity on Old or new tax regime selection:
Old vs New Tax Regime Which is Better? – Video
Watch more Videos on YouTube Channel
Can you change Tax Regime from Old to New or vice versa?
Yes this is allowed while you file your ITR (Income Tax Return).
Filing income tax return is a process to confirm your actual incomes and investments during the financial year and you can select the tax regime for FY while filing the returns.
In some cases, if your are salaried employee, chances are that you have already committed to your employer that you want to select a particular tax regime, and in your Form 16, same tax regime will be displayed as selected by you.
In this case also, while filing ITR, you can change the tax regime and choose the one appropriate for you using which you have to pay less income tax.
Can you select Old Tax Regime next year if New Regime is selected this year?
Yes this is also allowed while filing ITR. As you can see, filing ITR is very important and this feature makes it more useful to select your tax regime based on your income and investments.
Conclusion
So you can easily download the old vs new tax regime calculator in excel by using the form at the start of this article. We have covered many other queries in this article and if you are confused about the selection between Old and New Tax Regime, you can always use this excel calculator or the online income tax calculator to check which tax regime will help you to pay less income tax.
Remember that no deductions are allowed in new tax regime (not even standard deduction), but you will get all the deduction options available in old tax regime at the expense of high tax slab rates.
Tax Rebate under section 87A (maximum Rs. 12,500) is applicable with both old and new regime, provided your taxable income is less than 5 Lakh in a financial year.
Some more Reading:
- How to Calculate Income Tax using Payslip Example
- 7 Important Facts about Income Tax Calculation
- All Deductions allowed for Tax Payers
- HRA Exemption Calculation with Examples
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Use Retirement Excel Calculator that will help you to Retire Early.
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Watch how Retirement Calculator in Excel Works
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 2024-25 and previous FY 2023-24
- 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
- More calculators including PPF, SIP returns, Savings account interest and lot more
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