Excel Income tax calculator for FY 24-25, FY 23-24 (AY 24-25) with 3 case studies

There are currently 2 Income tax regimes for FY 24-25 and FY 23-24 (AY 24-25) in India. The old tax regime and New tax regime – both are tax saving, but that depends on the ‘earned income’ and ‘types of savings’ of a person. So, how to choose wisely? This excel calculator will help you in finding the difference of tax amount between old and new, with 3 case studies.

Excel Income tax calculator for FY 24-25, FY 23-24 (AY 24-25). Which one will save more tax, New income tax or Old income tax?

Summary :

‘Old’ income tax rate slab – If you have more ‘savings’ like 80C, Home loan interest, NPS, APY etc

‘NEW’ income tax rate slab – If you have less ‘savings’ like 80C, Home loan interest, NPS, APY etc

Income tax rate slab for Financial Year FY 24-25, FY 23-24 in India :

So, here you have one simple Excel Calculator for income tax, in which only you have to put salary and your deductions, that’s it. Rest leave all to this excel calculator, which will show you the tax amount in old regime, tax amount in new regime and their difference indicating which one is suitable for filing the income tax return for the financial years FY 24-25, FY 23-24 (AY 24-25).

Tax rate has been changed and the Finance Minister has given us two options, either remain in OLD tax regime or come to NEW tax regime. Here, you can see the difference of tax slabs between Old and New tax regime.

New Income tax rate slab for Financial Year FY 24-25, FY 23-24 (AY 24-25) in India:

Income tax is Zero (0) up to taxable income of Rs. 7,00,000 for FY 24-25, FY 23-24 (AY 24-25), under new tax regime. The ‘new’ income tax rate slab for Financial Year FY 24-25, FY 23-24 (AY 24-25) is mentioned below in the table.

Income Earned	Income Tax rate (%) – NEW Option (FY 23-24 onwards)
Up to 2.5 Lakh	0 %
2.5 Lakh – 3 Lakh	0 %
3 Lakh – 5 Lakh	5 %
5 Lakh – 6 Lakh	5 %
6 Lakh – 9 Lakh	10 %
9 Lakh – 10 Lakh	15 %
10 Lakh – 12 Lakh	15 %
12 Lakh – 15 Lakh	20 %
more than 15 Lakh	30 %

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‘Old’ Income tax rate slab for FY 24-25, FY 23-24 (AY 24-25):

Income tax is Zero (0) up to taxable income of Rs. 5,00,000 for FY 24-25, FY 23-24 (AY 24-25), under Old tax regime. The ‘old’ income tax rate slab for Financial Year FY 24-25, FY 23-24 (AY 24-25) is mentioned below in the table.

Income Earned in a FY	Old Income Tax rate (%)
Up to 2.5 Lakh	0
2.5 Lakh – 5 Lakh	5
5 Lakh – 10 Lakh	20
more than 10 Lakh	30%

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Excel income tax calculator to download:

Here you can download Income Tax Calculator applicable for Financial Year FY 24-25, FY 23-24 in Excel.

We may calculate income tax for any salary and deductions based on our investment, deduction and exemption here. Here I am attaching the excel calculator link to download and for calculation by yourself.

Just change the figure like Salary, Home loan principal, Home loan Interest, NPS contribution by employee and by employer separately, 80C deductions, Medical u/s 80D etc., you will know the tax amount difference. This will help you to decide which income tax scheme you should choose, new or old. This excel income tax calculator has been updated with 80TTA section, Short term capital gains, Long term capital gains etc.

3 Case studies showing the difference between ‘Old’ and ‘New’ tax schemes for FY 23-24 (AY 24-25) onwards

Case 1 to choose between Old or New income tax slabs for FY 24-25, FY 23-24 (AY 24-25):

For an employee who is availing home loan interest benefits, Medical Premium under 80D, NPS Contribution U/s 80CCD (1B) – means contribution by employee to NPS, 80C deductions all at maximum value, but no investment in share market. It is the case for someone, who has done Maximum savings.

Case 2 to choose between Old or New income tax slabs for FY 24-25, FY 23-24 (AY 24-25):

For an employee who is availing NO home loan interest benefits and NO 80C deductions, NO Medical Premium under 80D, NO NPS Contribution U/s 80CCD (1B) – means contribution by employee to NPS and also no investment in share market. It is the case for someone who has done almost ZERO savings.

Case 3 to choose between Old or New income tax slabs for FY 24-25, FY 23-24 (AY 24-25):

This is the case of trading in share market, investment in equity shares or mutual fund, Intra-day trading, Short term capital gains (for holding less than 12 months) and Long term capital gains (for holding more than 12 months). Here the person may have some investments also in addition to share market.

To know all about the income tax sections about deductions, exemptions and rebates on savings, FDs, Stamp duty, Principal of home loan, donations to PM relief fund, trust or charity – Click here.

TAX CALCULATOR – OLD REGIME VIS-À-VIS NEW REGIME by Income tax India department:

Income tax department has also released a calculator to know the difference between OLD tax regime and NEW tax regime. This income tax calculator is for For Individual / HUF / AOP / BOI / Artificial Juridical Person (AJP) as per section 115BAC proposed by Finance Bill, 2023. Also, it is for male, female, senior citizen and super senior citizen. This is not an exact calculator, but an indicative one.

TAX CALCULATOR – OLD REGIME VIS-À-VIS NEW REGIME

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DA, DR hike of all states and UTs of India	DA hike of Central Govt. Employees of 7th cpc, 6th cpc, 5th cpc
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IDA hike for CPSE or PSU employees of 3rd prc, 2nd prc, 1997 pay scale	AICPI-IW of current month – To calculate DA, DR

Disclaimer: Kindly refer income tax official website for any inconsistencies in rules, understandings and clarification.