Income Tax Calculator – Free Software for Employees 2023-2024 for IT Calculation
Income Tax Calculator Free Software in Excel Format 2023-2024 Employees Income Tax Software 2023-24 | TS / AP Teachers IT Calculator Online Mobile Version Download with PRC 2023. Income Tax Calculator For Employees (FREE ONLINE IT SOFTWARE) in EXCEL Format 2023-24. Final Version New Slab rates and Old Slab rates Free IT Calculator Developed by C Ramanjaneyulu Income Tax Software 2023. TS / AP Teachers IT Calculator, Employees Income Tax Calculation Software 2023-2024 & Online IT Calculator Working in Your Mobile.
Income Tax Calculator for Employees (Free Online IT Software) in EXCEL Format 2023
Income Tax Software 2023-24 TS / AP Teachers IT Calculator with PRC Arrears Form 10E Download. #Updated AP Teachers Income Tax Software 2023. TS Teachers Income Tax Software for Teachers Income tax Slab rates Employees Income Tax Calculation Financial year 2023-24 Income Tax Assessment year 2023-2024, 80c Saving limit FY 2023-24 AY 2023-24.
1.What is About the Meaning of income Tax Calculator …?
“The Income Tax Calculator is an Online Calculator That Calculates your Income Tax, Taxable Income, HRA Exemption, And Much More Using Data From your pay slips”.
An income Tax Calculator is a Simple Online Tool that Allows you to Estimate your Taxes Based on your Income After the Union Budget is presented. We have updated our Tool to Reflect the proposed Income Tax Changes in the Union Budget 2023-24.
Income Tax Calculator FY 2023-24 (AY 2023-24) Excel Download|| Excel based Income Tax Calculator for FY 2023-24
Before you use the Income Tax Calculator FY 2023-24 Excel Free Download tool, you must first determine which tax regime is most advantageous to you. Budget 2023 is more or less the same as that of FY 2021-22 because there have been no major income tax-related changes.
Basic differences between the two different tax regimes are as follows.
|Old Tax Regime||New Tax Regime|
|It Encourages Investment in Tax Saving Instruments||It Discourages Investments in Tax Saving Instruments|
|Existing income tax deductions are allowable||Major existing deductions are disallowed|
|Standard deductions and Professional Tax are deducted from income (Max Rs.52,400)||No deduction is permissible for Standard Deduction & Professional Tax|
|Benefit of Housing Loan interest payment is allowed U/S 24(b)||Housing loan interest payment deduction is not permitted|
|Only 3 tax slabs — 5%, 20% and 30% applicable||6 tax slabs — 5%, 10%, 15%, 20%, 25% and 30% applicable|
|5% Tax rate is basically non-functional as tax negated by Rebate U/S 87||For every ₹2.5 Lakh, the tax slab changes by 5%|
|Deductions under Chapter VIA are allowed||No deductions under Chapter VIA are allowed except Employer’s contribution to NPS|
|This tax regime is more beneficial for income up to ₹15 Lakh||This tax regime is more beneficial for income above ₹15 Lakh|
Limitations of New Tax Regime FY 2023-24:
A taxpayer who chooses the new income tax Regime is Not Eligible to Claim the Following income Tax Deductions, According to Section 115BAC:
- Leave Travel concession U/S section 10(5);
- House Rent allowance U/S section 10(13A);
- Allowance for the income of Minor as Contained in section 10(32);
- Standard Deduction, Entertainment Allowance and Professional Tax as contained in U/S 16;
- Deduction on Account of Interest paid U/S 24 i.r.o self-occupied or let out house property;
- Set off of Carried Forward losses and Depreciation are not permitted Now;
- Deductions Under Chapter VIA such as section 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC, 80IA, 80-IAB, 80-IAC, 80-IB, 80-IBA.
Income-Tax-Calculator-for-F.Y-2023-24 -A.Y- 2023-24 Download
Mobile Version Income Tax Software 2023-24 Download (AP Teachers & Employees)
Income Tax calculator AY 2023-24 Excel Free Download tool:
Let us first look at the income tax slabs for FY 2023-24 and AY 2023-24 before using the Income Tax Calculator AY 2023-24 Excel tool
Old Tax Regime Income Tax Slabs for FY 2023-24 & AY 2023-24
|ax Rate||Individual Tax Payer
(Below 60 Years)
|Super Senior Citizen
(Above 80 Years)
|NIL||Upto ₹2,50,000||Up to ₹3,00,000||Upto ₹5,00,000|
|5%||₹2,50,001- ₹500,000||₹3,00,001- ₹5,00,000||NIL|
|30%||Above ₹10,00,000||Above ₹10,00,000||Above ₹10,00,000|
New Tax Regime Income Tax Slabs FY 2023-24 & AY 2023-24
|Tax Rate||Individual Tax Payer
(Below 60 Years)
|Super Senior Citizen
(Above 80 Years)
|NIL||Upto ₹2,50,000||Upto ₹3,00,000||Upto ₹5,00,000|
|5%||₹2,50,001- ₹500,000||₹3,00,001- ₹5,00,000||NIL|
|15%||₹7,50,001- ₹10,00,000||₹7,50,001- ₹10,00,000||₹7,50,001-
|20%||₹10,00,001- ₹12,50,000||₹10,00,000- ₹12,50,000||₹10,00,000-
|25%||₹12,50,001- ₹15,00,000||₹12,50,001- ₹15,00,000||₹12,50,001-
|30%||Above ₹15,00,000||Above ₹15,00,000||Above ₹15,00,000|
Income Tax Calculator For Employees uses and Specifications
An income Tax Calculator for Employees is a Tool Used to Estimate the Amount of Federal, State, and local income Tax that an individual Employee owes Based on their Salary and personal Exemptions. Some of the key Specifications and Features of an income Tax Calculator for Employees include:
- Tax calculation based on the latest tax laws and tax brackets
- Ability to enter personal information such as filing status, exemptions, and salary
- Option to calculate state and local taxes based on the employee’s location
- Option to adjust for deductions, pre-tax contributions to 401(k), and other tax-deductible expenses
- User-friendly interface for easy navigation and data entry
- Option to print or save the tax calculation results
The primary use of an income tax calculator for employees is to help them estimate their tax liability and understand the tax implications of their salary and other income sources. It can also be useful for employers as a tool to help their employees understand the taxes they owe and plan their finances accordingly.
IT Income Tax Software 2023-2024
IT Software 2023-2024: IT Excel Program file download links are provided. If someone is prepared on this, the user can read the information and download the excel files without hesitation. Income Tax Calculator For Employees (FREE ONLINE IT SOFTWARE) in EXCEL Format 2023-24.
INCOME RATES & SLAB RATES FOR F.Y. 2023-24
(Income Tax Rates & Slab for Individuals & HUF)
|Taxable income||Tax Rate
|Up to Rs. 2,50,000||Nil||Nil|
|Rs. 2,50,001 to Rs. 5,00,000||5% (tax rebate u/s 87a is available)||5% (tax rebate u/s 87a is available)|
|Rs. 5,00,001 to Rs. 7,50,000||20%||10%|
|Rs. 7,50,001 to Rs. 10,00,000||20%||15%|
|Rs. 10,00,001 to Rs. 12,50,000||30%||20%|
|Rs. 12,50,001 to Rs. 15,00,000||30%||25%|
|Above Rs. 15,00,000||30%||30%|
Download Excel based Income Tax Calculator for FY 2023-24 & AY 2023-24/ Income Tax Calculator Excel Download
Complete the form below to Download the Income Tax Calculator for Financial Year 2023-24 in Excel. After you provide your information, you will receive an email with a link to download Excel. Also, before using this Income Tax Excel Calculator, read the instructions. If you are a salaried employee or a business owner, you can use this excel calculator to calculate your income tax.
Download Income Tax Software 2023-2024 or IT Software 2023 -2024 for IT calculation for the Financial Year 2023-2024 – The Assessment Year 2023-2024 from here. The instructions provided in the IT programme file should be followed when using the IT software. When preparing an IT Bill, always start with a fresh copy. Enter the information in the IT Software datasheet carefully, one by one.
INSTRUCTIONS TO USE INCOME TAX EXCEL CALCULATOR FY 2023-24:
- Download the FY 2023-24 Income Tax Calculator Excel to your device.
- Provide income in the form of gross income for fiscal year 2023-24.
- Investments include the Standard Deduction, Section 80C investments, Section 80CCD(1B) investments, and any other tax-saving options that you are eligible for. The total amount of investments must be
- Entered. Employees are subject to a standard deduction of Rs. 50,000.
- Enter the amount of TDS that has already been deducted from your salary for the fiscal year.
- After entering all of these parameters, the income tax will be calculated using the Old and New Tax Regimes.
Deductions Under Section 80
|Deductions||Under Section 80|
|New Pension Fund:- Payment subject to maximum of Rs.l to keep in force any annuity plan of the L.I.C. or any other insurer for Receiving pensions from the fund.||80CCC|
|80CCD(1 B): Any amount period in the National Pension Scheme(Pension Fund) upto Rs.50,000/-|
|80CCD (2) (CPS): Employee shall be allowed a deduction from his total income(Pay + DA) contributed by the Central Govt. subject to a limit of 10% of his salary(Pay + DA). This deduction shall be excluded from the limit of Rs. 1,50.000/-. Deductions under 80C, 80CCC and 80 CCD(I) shall not exceed FRS.|
|Medical Insurance – Any Premium paid by CHEQUE for medical insurance subject to a maximum of Rs.25,000/- (Rs.50,000/- in case of Senior Citizens)||80D|
|Handicapped dependent: -If any expenditure is incurred towards Treatment/ maintenance/rehabilitation of a physically handicapped/ Blind/ mentally retarded dependent relative, subject to maximum of Rs.75,000. (Rs.1 in the case of severe disability)||80DD|
|Deduction for medical treatment: -Special Deduction of actual expenditure up to Rs.40,000/- to the patient or guardian of a patient incurred on the medical transfer of such disease or aliment as may be specified in Rules 1 IDD i.e. Neurological diseases and 40% & above disability caused by Cancer, Full-blown Aids, Chronic Renal Failure, Nemophiha & Thalassemia. (The DDO cannot take this deduction into account.)||80DDB|
|Education Loan: Interest paid by an individual on a loan taken for the purpose of higher education for self/spouse/children can be deducted until the loan is paid off or for a period of seven years, whichever comes first. There are no limits to the amount that can be claimed.||80E|
|Handicapped Assesses:- If the employee is a person with disability, an amount of Rs.75,000/- or Rs.1,25,0000/- as the case may be, shall be deducted from the total income. The following disabilities are regarded as permanent physical disability:-
a) Permanent physical disability of more than 50% in one limb; or
b) Permanent physical disability of more than 60% in two or more limbs; or
c) Permanent deafness with hearing impairment of 71 decibels and above; or
d) Permanent and total loss of voice.
|Interest on HBL (Sec 24): Prior to 1-4-1999, the maximum deduction for interest borrowed capital in respect of self-occupied property was Rs.30,OOO/-. This limit was raised to Rs.2.00 lakhs for loans obtained after 1-4-1999, provided that the construction/acquisition is completed within three (3) years of the end of the fiscal year in which the loan was borrowed. (Please provide a copy of the sanction letter.) H.B.A (REPAIRS) Interest – maximum allowable deduction-Rs.30,000/-||24(b)|
|A deduction of maximum Rs. 10,000/- against interest income from 80 TTA savings A/c only with a bank, Co-operative Society or Post office||80 TTA|
|A deduction from HRA is permitted if it is the smallest of the following Sec. 10 deductions (1 3A)
HRA was actually received.
40% of the salary (Salary includes Pay and DA only)
Rent paid less 10% of salary.
If the employee’s annual rent paid exceeds Rs.1,00,000/-p.a., the employee must produce a rent receipt along with the PAN NO. and address of the HOUSE OWNER. If the house owner does not have a PAN, a declaration from the house owner is required, along with the house owner’s name and address.
HOW DOES THIS EXCEL INCOME TAX CALCULATOR HELP YOU
- This income tax calculator will assist you in understanding your income tax liability under the Old and New Tax Regimes.
- You can choose which tax regime to use based on the calculations. You should choose a tax regime that will result in you paying less income tax.
- It should be noted that investment deductions are only available in the Old Tax Regime.
- You cannot claim any investment deductions to save income tax under the new tax regime. This is due to the new tax regime’s lower tax slab rates.
- This means that Standard Deductions of Rs. 50,000 are available only in the Old Tax Regime, not in the New Tax Regime.
- The calculator can assist you in this manner. You can compare your Tax outgo and decide how much you can invest more to pay less income tax if you choose the Old Tax Regime.
OLD TAX REGIME VS NEW TAX REGIME SLAB RATES
|Income||Old Tax Regime||New Tax Regime|
|Rs. 0 to Rs. 2.5 Lacs||0%||0%|
|Rs. 2.5 Lacs to Rs. 5 Lacs||5%||5%|
|Rs. 5 Lacs to Rs. 7.5 Lacs||20%||10%|
|Rs. 7.5 Lacs to Rs. 10 Lacs||20%||15%|
|Rs. 10 Lacs to Rs. 12.5 Lacs||30%||20%|
|Rs. 12.5 Lacs to Rs. 15 Lacs||30%||25%|
|more than Rs. 15 Lacs||30%||30%|
INCOME TAX CALCULATOR APP – FINCALC – Download Android App
|S.No.||Income Tax Calculator Developer Name 2023||Download|
|1||C Ramanjaneyulu||Click Here|
|2||KSS Prasad||Click Here|
|3||Putta Srinivas Reddy||Click Here|
|4||Medakbadi Vijay Kumar||Click Here|
|5||Mobile Version||Click Here|
|6||AP Teacher Seshadri||Click Here|
|7||Model School Teachers Income Tax Software||Click Here|
|8||Pensioners / Retired Employees IT Software||Click Here|