Income Tax Calculator FY 2024-25 Ashwini | All Staff IT Calculator |

income tax calculator ay 2024-25 excel free download, income tax calculator ay 2024-25 excel, income tax calculator ay 2024-25 excel taxguru, Income t

 

INCOMETAX CALCULATION FOR F.Y. 2024-25 IN EXCEL

All Staff IT Calculator

आयकर गणना प्रपत्र 2024 - 25

एक्सेल सॉफ्टवेर updated with HRA 10%,20%

With HRA Calculation

Difference between both New and Old Tax regime

• How to calculate income tax for AY 2024-25?

• What is the new tax regime for 2024 25?

• How to calculate income tax formula?

• इनकम टैक्स फॉर्मूला कैसे कैलकुलेट करें?

1. Understand the Tax Regime

India offers two tax regimes:

• Old Tax Regime: Allows deductions like HRA, 80C, 80D, etc.
• New Tax Regime (default): Lower tax rates but limited deductions.

Choose the regime based on your financial situation.

---

2. Identify Your Total Income

Your total income includes:

• Salary income: Basic salary + allowances - exemptions (like HRA or LTA).
• Income from house property
• Income from business/profession
• Capital gains
• Other income: Interest, dividends, etc.

---

3. Subtract Allowable Deductions and Exemptions

• In the Old Tax Regime, apply deductions like:
  • Section 80C: Investments (e.g., PPF, ELSS, LIC) up to ₹1.5 lakh.
  • Section 80D: Health insurance premium.
  • Section 80TTA/TTB: Savings account/interest income exemption.
  • Standard deduction: ₹50,000 for salaried individuals.
• In the New Tax Regime, limited exemptions (e.g., employer NPS contribution) apply.

---

4. Compute Taxable Income

Subtract exemptions and deductions from your total income to get the taxable income.

---

5. Apply the Tax Slabs

New Tax Regime FY 2024–25 (Expected):

Income Slab (₹)	Tax Rate
0 – 3,00,000	Nil
3,00,001 – 6,00,000	5%
6,00,001 – 9,00,000	10%
9,00,001 – 12,00,000	15%
12,00,001 – 15,00,000	20%
Above 15,00,000	30%

Old Tax Regime FY 2024–25:

Income Slab (₹)	Tax Rate
0 – 2,50,000	Nil
2,50,001 – 5,00,000	5%
5,00,001 – 10,00,000	20%
Above 10,00,000	30%

Note: Senior citizens (60+ years) and super senior citizens (80+ years) get higher exemption limits.

---

6. Add Surcharge and Cess

• Surcharge: Applicable for income above ₹50 lakh, progressively increasing up to 37%.
• Health and Education Cess: 4% of total tax.

---

Example Calculation:

For a taxable income of ₹10,00,000:

• New Regime:
  • ₹3,00,001 – ₹6,00,000: 5% of ₹3,00,000 = ₹15,000
  • ₹6,00,001 – ₹9,00,000: 10% of ₹3,00,000 = ₹30,000
  • ₹9,00,001 – ₹10,00,000: 15% of ₹1,00,000 = ₹15,000
  • Total Tax = ₹60,000 + 4% cess = ₹62,400
• Old Regime:
  • ₹2,50,001 – ₹5,00,000: 5% of ₹2,50,000 = ₹12,500
  • ₹5,00,001 – ₹10,00,000: 20% of ₹5,00,000 = ₹1,00,000
  • Total Tax = ₹1,12,500 + 4% cess = ₹1,17,000

Video Link For More Detail ::

[See the Video ##youtube-square##]

Income tax slabs under new tax regime for FY 2024-25
Income tax slabs (Rs)	Income tax rate (%)
From 0 to 3,00,000	0
From 3,00,001 to 7,00,000	5
From 7,00,001 to 10,00,000	10
From 10,00,001 to 12,00,000	15
From 12,00,001 to 15,00,000	20
From 15,00,001 and above	30
Income tax slabs for individuals under old tax regime
Income tax slabs (Rs)	Income tax rates (%)
From 0 to 2,50,000	0
From 2,50,001 to 5,00,000	5
From 5,00,001 to 10,00,000	20
From 10,00,001 and above	30

Excel Program Fully Automatic::🙈🙈

[Income Tax Calculation F.Y. 2024-25 for all Staff  ##eye##]

[आयकर लेखाविज्ञ 2024-25 ##eye##]

CALCULATE YOUR HRA EXEMPTION NOW !

HRA is an exemption, ie. the part of your salary which is nontaxable provided you fulfill all conditions. Use our HRA calculator to understand how much tax you could save on your HRA.

HOW IS EXEMPTION ON HRA CALCULATED ?

The exemption on HRA is calculated as per 2A of Income Tax Rules. As per Rule 2A, the least of the following is exempted from salary under Section 10(13A) and does not form part of the taxable income.

Actual HRA received from employer

For those living in metro cities: 50% of (Basic salary + Dearness allowance)

For those living in non-metro cities: 40% of (Basic salary + Dearness allowance)

Actual rent paid minus 10% of (Basic salary + Dearness allowance)

[Subscribe my Youtube Channel ##youtube-square##]

[Like On Facebook ##facebook-square##]

[Join Telegram channel ##telegram##]

[Join WhatsApp Group ##whatsapp##]

Excel Programmer::

• [Ashwini Kumar ##eye##]

• [Heera Lal Jat ##eye##]

• [C P Kurmi ##eye##]

• [Hans Raj Joshi ##eye##]

• [Keshav Das Gupta ##eye##]

• [Abhishek Sharma ##eye##]

• [Kushal Ram Chaudhary ##eye##]

• [BHAGWATI LAL SANADHAYA ##eye##]

• [VIJAY KUMAR PRAJAPAT ##eye##]

• [Madhusudan Acharya ##eye##]

• [PANKAJ JAIN ##eye##]

• [Pravesh Kumar Sharma ##eye##]