The Income Tax Calculator for FY 2024-25 (AY 2025-26) is in Excel and is free to download.
Table of Contents
Tax Calculation Heads for individuals.
- Salary income
- Pension
- Family Pension
- House Property
- Other Sources (Interest, Dividends etc.)
The Download link is available at the end of this Post.
Highlights of New Tax Regime.
Default Tax Regime : From FY 2023-24, the new tax regime is the default regime, while the option of selecting the old tax regime is also available.
Discourage Investments : New tax regime discourage investment. Because the deduction is not available on the tax saving investments made. This made the taxpayers have more money in their hands to spend, but this will affect their investments result reducing their wealth and wealth creation habit.
Increase of Standard Deduction : The standard deduction under the old regime remained unchanged of Rs. 50,000/-. The standard deduction under new regime is increased from Rs. 50,000/- to Rs. 75,000/-.
Income Tax rebate u/s 87A :
| Old tax regime :
Having taxable income less than Rs. 5,00,000/- |
Equal to income tax payable on Rs. 5,00,000
Or Rs. 12,500 Whichever is less |
| New Tax regime :
Having taxable income less than Rs. 7,00,000/- |
Equal to income tax payable on Rs. 7,00,000
Or Rs. 25,000 Whichever is less (This gives a max of Rs. 20,000 only) |
| New Tax regime :
If taxable income exceeding Rs. 7,00,000/-. |
1. Taxable income – Rs. 7,00,000
2. Tax on total taxable income 3. If step 2 is more than step 1, Then rebate is step 2 – step -1 This Income Tax Calculator for FY 2024-25 provided will calculate this automatically. |
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 2024-25). |
|||||||
|
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 (New tax regime) :
The tax is calculated @ below rates.
New Regime – Income Tax slabs (Income Tax Calculator for FY 2024-25). |
Rate |
| Up to ₹ 3,00,000 |
Nil |
| ₹ 3,00,001 to 7,00,000 |
5% |
| ₹ 7,00,001 to 10,00,000 |
10% |
| ₹ 10,00,001 to 12,00,000 |
15% |
| ₹ 12,00,001 to 15,00,000 |
20% |
| Above ₹ 15,00,000 |
30% |
Surcharge FY 2024-25 :
| Total Income (Income Tax Calculator for FY 2024-25) |
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% |
Download Income Tax Calculator for FY 2024-25
Health and Education Cess @ 4% on Tax+Surcharge will be calculated by this Income Tax Calculator for FY 2024-25.
Please click here to download the calculator FY 2023-24
Please click here for the article on Salary Structure. 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.
