Income Tax Calculator AY 2024-25 AY 2023-24 (Old Tax Regime and New Tax Regime)

IncomeTaxCalculatorv10
  Income Tax Calculator    
  Financial Year   
 
 
  Your Age  
 
 
     
    INCOME DETAIL    
    Income from Salary     
       
    Income from Interest    
       
    Rental Income (Let out)     
       
    Other Income    
       
 
    Deduction    
    Deduction 80C (Insurance Premium)    
       
    Medical Insurance 80D (Including Self and Parents)    
       
    Interest on Education Loan 80E    
       
    Donation to charity u/s 80G    
       
    Interest on Housing Loan 80EEA    
       
    Interest on Deposits in Saving Account u/s 80TTA/80TTB    
       
    Tax Calculation    
        Old Tax Regime
(AY 2023-24)
New Tax Regime
(AY 2023-24)
 
Total Income 
Deduction/Exemption
 Standard Deduction N/A
Rental Income Deduction
Chapter VI A Deduction N/A
Taxable Income
Tax Payable
Income Tax
Rebate u/s 87A
Surcharge
Health & Education Cess
Total Tax 
Alerttax.in
                 
    Tax Calculation    
        Old Tax Regime
(AY 2024-25)
New Tax Regime
(AY 2024-25)
 
Total Income 
Deduction/Exemption
Standard Deduction
Rental Deduction
Chapter VI A Deduction N/A
Taxable Income
Tax Payable
Income Tax
Rebate u/s 87A
Surcharge
Health & Education Cess
Total Tax 
Alerttax.in
             

Income Tax Calculator AY 2024-25 AY 2023-24 (Old Tax Regime and New Tax Regime): Many people are confused about the old tax regime and the new tax regime after the budget for A.Y. 2024-25. We have made an income tax calculator for both assessment years, so don’t worry about it. This calculator is up to date with the finance bill 2023 being passed. The latest amendment to rebates under section 87A is also included in the new tax regime.

Choose Between the Old Tax Regime and the New Tax Regime

For the financial years 2022-23 & 2023-24 (the assessment years 2023-24 & 2024-25), individuals can choose either the old or new tax system to calculate their payable income tax.

To use our income tax calculator, you should enter details of your income, such as salary, rental income, interest income, business income, and other income.

Then the calculator will tell you how much tax you owe under the old system for both ay 2024-25 and ay 2023-24 and how much under the new system.

This way, you can compare them and decide which one saves more money in terms of taxes, given your particular financial situation.

Since each year has different categories of income taxes, rates, and deductions; therefore, use an updated tool for calculating the correct amount of taxable figures.

How to Use Income Tax Calculator (AY 2024-25 FY 2023-24)

You can estimate your income tax liability based on your earnings, deductions, etc, by using an online income tax calculator. Here’s how:

 

Step#1: Firstly, gather all the information related to what you have earned throughout a fiscal year, i.e., salary package/earnings from job or profession; interest obtained on savings account balance kept with banks/post offices; rent received from property owned by self-used others as tenants, etc.

Step#2: Deduct certain deductions before calculating tax. There are many types of deductions like contributions to retirement accounts, charitable donations, mortgage interest payments, life insurance premiums (80C), medical insurance premiums (80D), etc.

Step#3: Select the Assessment year and age.

 

Step#4: Provide your income and deduction details – that’s it!

You will get the tax calculation under the old regime and new tax regime for both assessment years 2023-24 and 2024-25.

The calculator requires income information along with deductions. Tax liability can be estimated using this calculator. Make sure to validate the results. It should always be remembered that an income tax calculator is only an estimator; hence, consult a tax professional regarding specific tax advice.

Advantages of Income Tax Calculator AY 2024-25

Here are some advantages of our income tax calculator:

This tool allows businesses or individuals to ascertain their exact tax obligations by inputting relevant details about their incomes, deductions, credits etc., thereby giving them certainty on what they need to pay.

Those individuals who have multiple sources of earnings or are running their own businesses need a lot more effort in calculating taxes on earnings, which consumes much time too, but don’t worry, our tool will do it quickly for you so that time can be saved.

To plan and manage your finances more effectively, you can use an income tax calculator AY 2023-24/2024-25. They will be able to estimate their tax liability so that they might put away money for unexpected expenses and avoid financial distress.

Income tax calculators also enable people to find out about possible deductions from their taxes. The most tax-efficient way of structuring income and expenses can be determined using a tax calculator.

An individual may ensure that they are in compliance with all applicable laws and regulations by using an income tax calculator. Penalties or other legal consequences could arise from miscalculating taxes.

This is an income tax calculator (AY 2024-25 / AY 2023-24). It can be very helpful for individuals who want to accurately determine what they owe in taxes and better organize their financial records.

Download Income Tax Calculator in Excel Format AY 2024-25 & AY 2023-24

3 thoughts on “Income Tax Calculator AY 2024-25 AY 2023-24 (Old Tax Regime and New Tax Regime)”

  1. Request you to add other deduction option in your calculator it will be help to get proper tax amount

    Reply

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