Income Tax Calculator for FY 2023-24 (AY 2024-25): New Tax Scheme vs Old Tax Scheme
For the convenience of Taxpayers, we have developed the Income Tax Calculator where you can calculate your Tax Liability with in seconds and know whether New Tax Scheme is beneficial for you... We have also incorporated HRA & Deduction Calculator also in this for the benefit of Taxpayers
Please wait for 10 seconds for display of Calculator as we have used calculator based on Excel so that while filling their particulars Taxpayers can use formula like plus, minus, multiplication, divide etc.
* Tax is calculated excluding of surcharge and Cess (4%). Surcharge is applicable when Total Income exceeds 50 Lakhs.
Notes
In the row of Other Allowances, other income if any may also be filled.
You can apply Excel Formulas in Cells while punching figures like Add, Minus, Multiply, Divide etc.
We have incorporated HRA Calculator also for the convenience of Taxpayers, Metro City Means: Bombay, Delhi, Kolkata & Madras, Please select Yes or No from Drop Down.
In case of Rent-out Property, borrowing cost can be deducted from the Rental Income, however any loss from income from house property can not be adjusted from Salary Income under New Scheme.
Maximum Additional Deduction for NPS is 50000 under 80CCD(1B) under Old Scheme.
Tax is excluding Surcharge and Cess.
Option shall be exercised for every year in case where individual does not have business income, for others once exercised for New Scheme will not be allowed to change in subsequent Years.
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Though we have exercised due care in designing the article and calculator, you are advised to consult your Tax Adviser before taking any decision.
We request you to share any discrepancy in the calculator to our Notice at fabgyan2018@gmail.com..