Excel Income tax calculator for FY 2021-22 (AY 22-23) and FY 22-23 (AY 23-24)

Excel Income tax calculator FY21-22 (AY 22-23) and FY 22-23 (AY 23-24). Which one will save more tax, New income tax or Existing income tax?

Summary :

‘Existing’ 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 FY21-22 (AY 22-23) and FY 22-23 (AY 23-24) in India :

Smt. Nirmala Sitharaman presented Union Budget for FY 2020-21, in which she had introduced new tax slab with the present tax slab and gave us two tax options to choose. So, obviously confusion started as which one is better?

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 year FY21-22 (AY 22-23) and FY 22-23 (AY 23-24).

Excel Income tax Calculator
Income tax Calculator

Tax rate changed and the Finance Minister has given us the 2 options, either remain in Existing tax regime or come to NEW tax regime. Here, you can see the difference of tax slabs between Existing and new tax regime.

‘NEW’ Income tax rate slab for FY21-22 (AY 22-23) and FY 22-23 (AY 23-24):

Sl. No.Income Earned in a FYNew Income Tax rate (%)
1Up to 2.5 Lakh0
22.5 Lakh – 5 Lakh5
35 Lakh – 7.5 Lakh10
47.5 Lakh – 10 Lakh15
510 Lakh – 12.5 Lakh20
612.5 Lakh – 15 Lakh25
7more than 15 Lakh30%
NEW tax rate slab, Income tax rate slab forFY21-22 (AY 22-23) and FY 22-23 (AY 23-24)

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‘Existing’ Income tax rate slab for FY21-22 (AY 22-23) and FY 22-23 (AY 23-24):

Sl. No. Income Earned in a FYExisting Income Tax rate (%)
1Up to 2.5 Lakh0
22.5 Lakh – 5 Lakh5
35 Lakh – 10 Lakh20
7more than 10 Lakh30%
Existing Income tax rate slab for FY21-22 (AY 22-23) and FY 22-23 (AY 23-24)

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3 Case studies showing the difference between ‘Existing’ and ‘New’ tax schemes:

Case 1 to choose between existing or new income tax slabs for FY21-22 (AY 22-23) and FY 22-23 (AY 23-24):

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.

It the the case for someone who has done Maximum savings.

Excel Income tax Calculation for – who saves more – Case 1

Case 2 to choose between existing or new income tax slabs for FY21-22 (AY 22-23) and FY 22-23 (AY 23-24):

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.

It is the case for someone who has done almost ZERO savings.

Excel Income tax Calculation for – who saves nothing – Case 2

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Case 3 to choose between existing or new income tax slabs for FY21-22 (AY 22-23) and FY 22-23 (AY 23-24):

This is the case of customization, means you can calculate based on your profile. Suppose you live in company provided residence, but does not have NPS facility or medical insurance premium or donated to PM fund for covid-19, flood etc. Like these, there may be so many exemptions and deductions for different types of people.

For an employee who is availing 80C deductions at maximum, NPS contribution by employer and paying interest on home loan. This is just an sample, you can change it your way.

Excel Income tax Calculation for – who saves forcibly – Case 3

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Excel income tax calculator to download:

Here you can download Income Tax Calculator applicable for Financial Year 2021-22 onward in Excel / Download Income Tax Calculator for Assessment Year 2022-23 onward in Excel / Download Calculator for Income Tax for FY 2021-22 onward in Excel / Download Calculator for Income Tax Calculator for AY 2022-23 onward 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.

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.

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

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