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Income Tax Calculator FY 2024-25 Excel

The document compares the Old and New Tax Regimes for the Assessment Year 2024-2025, detailing income calculations and deductions for two salary scenarios. Under the Old Tax Regime, deductions from salary and house property lead to a lower taxable income, while the New Tax Regime offers a standard deduction but fewer exemptions. Tax liabilities are calculated for both regimes, showing differences in total tax payable after education cess.

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nithyaramesh762
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137 views1 page

Income Tax Calculator FY 2024-25 Excel

The document compares the Old and New Tax Regimes for the Assessment Year 2024-2025, detailing income calculations and deductions for two salary scenarios. Under the Old Tax Regime, deductions from salary and house property lead to a lower taxable income, while the New Tax Regime offers a standard deduction but fewer exemptions. Tax liabilities are calculated for both regimes, showing differences in total tax payable after education cess.

Uploaded by

nithyaramesh762
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Old Tax Regime (Roughly) - based on AY 2024 - 2025 New Tax Regime (Roughly) - based on AY 2024 - 2025

Income from Salary


Salary 15,00,000 Salary 15,00,000
Less: Education Allowance exempt 2,400 Less: Education Allowance exempt 2,400
Professional Tax 2,400 Standard Deduction 75,000
Standard Deduction 50,000 14,22,600
14,45,200
Income from House Property -2,00,000 Tax 1,24,520
12,45,200 Add: [Link] @ 4% 4,981
Less: 1,29,501
Deduction u/s 80 C 1,50,000
Deduction u/s 80CCD(1B) - NPS 50,000
10,45,200

Tax 1,26,060
Add: [Link] 5,042
1,31,102

Salary 20,00,000 Salary 20,00,000


Less: Education Allowance exempt 2,400 Less: Education Allowance exempt 2,400
Professional Tax 2,400 Standard Deduction 75,000
Standard Deduction 50,000 19,22,600
19,45,200
Income from House Property -2,00,000 Tax 2,66,780
17,45,200 Add: [Link] @ 4% 10,671
Less: 2,77,451
Deduction u/s 80 C 1,50,000
Deduction u/s 80CCD(1B) - NPS 50,000
15,45,200

Tax 2,76,060
Add: [Link] 11,042
2,87,102

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