Part 2 – Calculate Tax as per Lower Tax Rate You will be able to see your tax liability instantly in the Tax Liability with Cess Section. The sheet contains inputs for various sections such as 80C, 80D, 80CCD, etc.Īfter filling up this detail you need to go to the bottom section where you need to make a selection of applicable tax slab by selecting Male/Female, Senior Citizen and Very Senior Citizen Options. In addition to that, you need to provide information about the investment made by you under various sections. To calculate your income tax liabilities as per the higher tax rate, you need to provide inputs such as your gross income, and exemption amount. The first sheet contains a calculator as per higher tax rate, where deductions & exemptions are allowed. Part 1 – Calculate Tax as per Higher Tax Rate Download Income Tax Calculator FY 2023-24 (AY 2024-25)ĭownload the latest income tax calculator FY 2023-24 (AY 2024-25) from the link given below and calculate your income tax liability easily. The option of switching between tax slab is not allowed if an individual or HUF have business income. They can switch between old and new tax regime. However, there are certain deductions you can still claim using the new tax regime and they are as below. The taxpayer is not allowed to claim any exemption under 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC. Income Tax Slabġ0% (With Tax Rebate under Sec.87A up to 7 Lakh) The new simplified tax regime with a lower tax rate is given below. If the taxpayer does not want to claim any exemptions new simplified tax regime is applicable. The second tax slab is with a lower tax rate. The tax slab in case exemption is claimed is given below. the tax rate with a higher rate is applicable. In case an individual or HUF wants to claim exemptions under 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, etc.
The first tax slab is with a higher tax rate. Option 1 – Regime 1 – Income Tax Slab 1 – Higher Tax Rate The new tax regime announced is more tax efficient and less complicated as you need not to exempt any income and remember any complicated tax exemptions such as 80C, 80CCD, 80D, 80DD etc. This means if you want to invest in 80C and save tax you can still use old tax regime.
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