The Income Tax Calculator for FY 2023-24 (AY 2024-25) is in Excel and is free to download.
Table of Contents
Tax Calculation Heads for individuals.
- Salary income
- Pension
- House Property
- Other Sources (Interest, Dividends etc.)
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The income Tax Slab for computation in the Income Tax Calculator for FY 2023-24 is briefed below.
The new taxation regime is introduced from FY 2020-21, which is optional to an Assessee.
Option / alternative 1 (Old tax regime) :
The income tax arrives after all the eligible deductions.
Old Regime – Income Tax slabs (Income Tax Calculator for FY 2023-24). |
|||||||
|
General public |
Senior Citizen |
Very Senior Citizen |
|||||
| Income Slab |
Rate |
Income Slab |
Rate |
Income Slab |
Rate |
||
| Up to ₹ 2.5 lakhs |
Nil |
Up to ₹ 3 lakhs |
Nil |
Up to ₹ 5 lakhs |
Nil |
||
| ₹ 2.5 to 5 Lakhs |
5% |
₹ 3 to 5 Lakhs |
5% |
– |
– |
||
| ₹ 5 to 10 Lakhs |
20% |
₹ 5 to 10 Lakhs |
20% |
₹ 5 to 10 Lakhs |
20% |
||
| Above ₹ 10 lakhs |
30% |
Above ₹ 10 lakhs |
30% |
Above ₹ 10 lakhs |
30% |
||
Option / alternative 2 (in the New regime) :
The tax is calculated @ below rates.
New Regime – Income Tax slabs (Income Tax Calculator for FY 2023-24). |
Rate |
| Up to ₹ 3,00,000 |
Nil |
| ₹ 3,00,001 to 6,00,000 |
5% |
| ₹ 6,00,001 to 9,00,000 |
10% |
| ₹ 9,00,001 to 12,00,000 |
15% |
| ₹ 12,00,001 to 15,00,000 |
20% |
| Above ₹ 15,00,000 |
30% |
Comparison of Deductions in Old and New Tax Regine FY 2023-24.
| Particulars |
Section |
Old Tax Regime |
New tax Regime |
New Tax Regime |
|
Till 31st March’23 |
From 1st April’23 |
|||
| Rebate available on income up to |
₹ 5,00,000 |
₹ 5,00,000 |
₹ 7,00,000 |
|
| Standard Deduction | ₹ 50,000 | – |
₹ 50,000 |
|
| Effective Tax-Free Salary Income for Salaried / Pensioner Assessee |
₹ 5,50,000 |
₹ 5,00,000 |
₹ 7,50,000 |
|
| Rebate u/s 87A |
₹ 12,500 |
₹ 12,500 |
₹ 25,000 |
|
| Exemption on gratuity | 10(10) |
Yes |
Yes |
Yes |
| Exemption on Leave encashment | 10(10AA) |
Yes |
Yes |
Yes |
| Exemption on voluntary retirement | 10(10C) |
Yes |
Yes |
Yes |
| HRA Exemption | 10(13A) |
Yes |
No |
No |
| Other allowances including a food allowance @ Rs 50/- per meal subject to 2 meals a day | 10(14) |
Yes |
No |
No |
| Daily Allowance | 10(14)(i) |
Yes |
Yes |
Yes |
| Conveyance Allowance | 10(14)(ii) |
Yes |
Yes |
Yes |
| Transport Allowance for a specially-abled person |
Yes |
Yes |
Yes |
|
| Leave Travel Allowance (LTA) | 10(5) |
Yes |
No |
No |
| Standard Deduction (Rs 50,000) | 16(i) |
Yes |
No |
Yes |
| Entertainment Allowance and Professional Tax | 16(iii) |
Yes |
No |
No |
| Perquisites for official purposes | 17(2) |
Yes |
Yes |
Yes |
| Interest on Home Loan u/s 24b on: Self-occupied or vacant property | 24B |
Yes |
No |
No |
| Interest on Home Loan u/s 24b on: Let-out property | 24B |
Yes |
Yes |
Yes |
| Gifts upto Rs 50,000 | 56(2) |
Yes |
Yes |
Yes |
| Deduction on Family Pension Income | 57 |
Yes |
Yes |
Yes |
| Deductions u/s 80C (EPF | LIC | ELSS | PPF | FD | Children’s tuition fee etc) | 80C |
Yes |
No |
No |
| Employee’s (own) contribution to NPS | 80CCD(1) |
Yes |
No |
No |
| Employer’s contribution to NPS | 80CCD(2) |
Yes |
Yes |
Yes |
| All contributions to Agniveer Corpus Fund | 80CCH |
Yes |
NA |
Yes |
| Medical insurance premium | 80D |
Yes |
No |
No |
| Interest on education loan | 80E |
Yes |
No |
No |
| Interest on Electric vehicle loan | 80EEB |
Yes |
No |
No |
| Donation to Political party/trust etc | 80G |
Yes |
No |
No |
| Savings Bank Interest | 80TTA, 80TTB |
Yes |
No |
No |
| Disabled Individual | 80U |
Yes |
No |
No |
| Chapter VI-A deductions |
Yes |
No |
No |
Surcharge FY 2023-24 :
| Total Income (Income Tax Calculator for FY 2023-24) |
Rate |
| Income is less than ₹ 50 Lakhs |
Nil |
| ₹ 50 Lakhs to ₹ 1 Crore |
10% |
| ₹ 1 Crore to ₹ 2 Crores |
15% |
| Income Exceeding ₹ 2 Crore (other than Income u/s 111A or 112A) |
25% |
| Income Exceeding ₹ 2 Crore (Income u/s 111A or 112A) |
15% |
Health and Education @ 4% on Tax + Surcharge
Please click here to download the calculator FY 2022-23
Please click here for the post on Salary Structure. And click here to read about how to Negotiate the Salary.
Please click here to go to the Income Tax site for all other information and filing of returns. (Income Tax Calculator for FY 2023-24)
