Income Tax Calculator AY 2023-24 Excel: In this article we will provide a simple guide to calculate income tax for 15 years starting from Assessment Year 2010-11 to Assessment Year 2024-25.
You can use Income Tax Calculator AY 2023-24 Excel not only for Assessment Year 2023-24 but for last 15 years starting from Assessment Year 2010-11 to Assessment Year 2024-25.
Calculating income tax for AY 2023-24 and 2024-25 can involve several steps, and the specifics will depend on your individual circumstances. Here’s a general guide:
Step 1: Choose your tax regime:
- New Tax Regime: Introduced in 2020, this regime offers lower tax rates but eliminates most deductions except for a standard deduction of ₹50,000.
- Old Tax Regime: This regime offers various deductions and exemptions under sections like 80C, 80D, etc., but has higher tax rates.
Step 2: Calculate your gross income:
- Include all your taxable income from various sources like salary, rental income, capital gains, interest income, etc.
Step 3: Apply deductions and exemptions:
- Under the new regime, you can use the standard deduction of ₹50,000.
- Under the old regime, you can claim various deductions for investments, expenses, donations, etc., under relevant sections of the Income Tax Act.
Step 4: Determine your taxable income:
- Subtract deductions and exemptions from your gross income.
Step 5: Apply tax rates:
- Refer to the tax slabs and rates specific to your chosen regime and income range for AY 2023-24 and 2024-25. These can be found on the Income Tax Department website or various tax calculators.
Step 6: Calculate surcharge and cess:
- Apply the applicable surcharge and health and education cess on your calculated tax amount.
Remember:
- This is a simplified overview, and your specific situation might require additional considerations.
- Consulting a tax professional is recommended for personalized guidance and ensuring accurate tax calculations.
Additional notes:
- For AY 2023-24, individuals with a net taxable income up to ₹5 lakh under the old regime get a full rebate under section 87A, effectively paying no income tax.
- For AY 2024-25, this rebate under section 87A applies to individuals with a net taxable income up to ₹7 lakh under the new regime.
- Income Tax Calculator AY 2023-24 Excel : Apart from calculating the Income Tax for AY 2023-24,You can visit the official website of Income Tax Department at the following link where you will be able to calculate Income Tax for the last 15 years starting from AY 2010-11 to AY 2024-25:
Income and Tax Calculator (incometaxindia.gov.in)
Also Read:
How to Earn Tax Free Salary of 20 Lakh ? – MoneyInsight
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