Tax Calculator

1. This Excel utility does not required any external plugin
2. This calculator help to calculate Income Tax for FY 2023-24
3. Every column have some specific instruction. Please follow such instructions carefully and fill data accordingly
4. Please fill data in “White” Blank Cells
5. Please do not alter “Green ” cells .
6. Please do not enter any Row or Column as it may affect the algorithm of calculator
7. We have try to include all amendments incorporated by Finance Bill 2023, however tax matter are subject to change.
8. Utility is designed & developed by “FINTAXPRO ADVISORY LLP”
9. Calculator is based on the amendments as per Finance BILL 2023
10. Marginal Relief is not considered in this utility. Please calculate it manually
11. Special Rate Income is not consider in this calculator
12. Interest on self occupied property need to calculate manually
13. Tax Calculation of Senior Citizen & Super Senior Citizen is not incorporated in this version

Disclaimer – This calculator is for the benefit of general public if you found any issue in calculator report it to info@fintaxpro.in . Also it is advisable to consult a tax professional before filing Income Tax Return

As per Budget 2023, the income tax slabs under the new income tax regime will now be as follows:(effective April 1, 2023).

Refer above image for rates

Budget 2023 has hiked the basic exemption limit to Rs 3 lakh from Rs 2.5 lakh under the new revised tax regime, this will save you Rs 2500.

The highest surcharge rate, which formerly applied to people with incomes beyond Rs 5 crore, was 37%; it has since been reduced to 25%. As a result, beginning on April 1, 2023, a 25% surcharge would be applied to any income over Rs 2 crore.

The changes announced on February 1, 2023, will become applicable from April 1, 2023, for FY 2023-24 once the proposals are passed by Parliament.

For financial year 2023-24, which starts on April 1, 2023, the changes announced in the new tax regime are as follows:
For financial year 2023-24, which starts on April 1, 2023, the changes announced in the new tax regime are as follows:

• Under the new income regime, the basic exemption amount has been increased from Rs 2.5 lakh to Rs 3 lakh.
• The new tax structure becomes the taxpayers’ default option. They do, however, have the option of returning to the previous tax structure.
• Under the new tax regime, income tax slabs have been revised..

• Under the new tax structure, a standard deduction of Rs 50,000 has been implemented for salaried and pensioners only.

·  The Section 87A rebate has been increased under the new tax regime for taxable incomes up to Rs 7 lakh. Individuals with taxable income of less than Rs 7 lakh will not have to pay any taxes if they choose the new tax regime in FY 2023-24.

For FY 2023–2024, no changes have been made to the old tax system. For FY 2023–24, the income tax rates and slabs under the old tax regime remain in effect. The deductions and exemptions that were permitted under the old tax system remain unchanged as well. If taxable income does not exceed Rs 5 lakh, a rebate under Section 87A is available under the old tax regime.

Depending on the taxpayer’s age, the old tax regime offered different basic income exemption levels. The basic income exemption cap is Rs 2.5 lakh for everyone under the age of 60. The basic exemption limit for seniors 60 years of age and older but under 80 years is Rs 3 lakh. The basic exemption level is Rs. 5 lakh for super elderly citizens who are 80 years of age or older.

From FY 2023-24, the new tax regime will be the default option. Every fiscal year, an individual or Hindu Undivided Family (HUF) must select between the old and new tax regimes. If they do not have any business income, this is applicable.
Individual taxpayers and HUFs with business income are eligible to choose the new income tax regime. However, once they have opted in, they will only have a once-in-a-lifetime opportunity to return to the old tax structure. They cannot choose the new income tax regime in future fiscal years once they have chosen the old one.

The amount of the Section 87A rebate available under both income tax regimes has also been changed. Under the old tax regime, a maximum Rs 12,500 rebate was given if the taxable income did not exceed Rs 5 lakh. However, beginning April 1, 2023, the new tax regime would provide a Rs 25,000 rebate if taxable income does not exceed Rs 7 lakh. Under the old tax regime, rebate of Rs 12,500 will continue for incomes up to Rs 5 lakh.

If a salaried individual does not specify that he or she prefers the old tax regime, their employer will deduct taxes on salary income based on the new tax regime by default, beginning April 1, 2023. It should be noted, however, that once a regime has been selected, it cannot be changed within the fiscal year. However, while filing the income tax return, he or she might choose any tax regime, regardless of the tax regime stated by the employer.

An individual cannot avail commonly availed deductions under the new tax regime. However, after April 1, 2023, an individual will be able to claim a basic deduction of Rs 50,000 on salary income as well as a deduction under Section 80 CCD (2) of the Income-tax Act of 1961. The employer’s contribution to the Tier-I NPS account can be deducted under Section 80CCD (2). In a fiscal year, the maximum deduction that can be claimed is 10% of basic pay plus dearness allowance (DA). The highest deduction available to government employees is 14% of basic salary plus dearness allowance.
If an individual taxpayer opts for the new tax regime, then he/she cannot claim tax deductions and exemptions except for deduction under section 80CCD(2) of the Income-tax Act, 1961.

Only salaried individual can switch, if you have income from PGBP your can’t switch.

A consultant’s income is charged as business income and not salary income. Therefore, individuals who work as consultants will not be eligible to switch between the new and old regimes every year.

In new tax regime taxpayer can avail deduction under section 80CCD(2), 80CCH(2) & 80JJAA along with the standard deduction of 50000.