Income Tax Calculator for Employees 2024 (FREE ONLINE IT SOFTWARE) in EXCEL Format 2024

Income Tax Calculator For Employees (FREE SOFTWARE) in EXCEL Format

Income Tax Calculator – Free Software for Employees 2024  for IT Calculation 

Income Tax Calculator Free Software in Excel Format 2024 Employees Income Tax Software 2024 | TS / AP Teachers IT Calculator Online Mobile Version Download with PRC 2024. Income Tax Calculator For Employees (FREE ONLINE IT SOFTWARE) in EXCEL Format 2024. Final Version New Slab rates and Old Slab rates Free IT Calculator Developed by C Ramanjaneyulu Income Tax Software 2024. TS / AP Teachers IT Calculator, Employees Income Tax Calculation Software 2024 & Online IT Calculator Working in Your Mobile.


SSC Exam Center Software 2024: Download (Updated)

Income Tax Calculator for Employees (Free Online IT Software) in EXCEL Format 2024

Income Tax Software 2024 TS / AP Teachers IT Calculator with PRC Arrears Form 10E Download. #Updated AP Teachers Income Tax Software 2024. TS Teachers Income Tax Software for Teachers Income tax Slab rates Employees Income Tax Calculation Financial year 2024 Income Tax Assessment year 2024-2025, 80c Saving limit FY 2024 AY 2024-25.

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 2024-25.

Income Tax Calculator FY 2024 (AY 2024-25) Excel Download|| Excel-based Income Tax Calculator for FY 2024 

Before you use the Income Tax Calculator FY 2024 Excel Free Download tool, you must first determine which tax regime is most advantageous to you. Budget 2024 is more or less the same as that of FY 2024 because there have been no major income tax-related changes.

 The 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 2024:

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-2024  -A.Y- 2024-25 Download

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Mobile Version Income Tax Software 2024 Download (AP Teachers & Employees)

 

Income Tax Calculator AY 2024-25 Excel Free Download tool:

Let us first look at the income tax slabs for FY 2024 and AY 2024-25 before using the Income Tax Calculator AY 2024-25 Excel tool

Old Tax Regime Income Tax Slabs for FY 2024 & AY 2024-25

ax Rate Individual Tax Payer
(Below 60 Years)
Senior Citizen
(61-80 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
20% 5,00,001-10,00,000 5,00,001-10,00,000 5,00,001-10,00,000
30% Above 10,00,000 Above 10,00,000 Above 10,00,000

New Tax Regime Income Tax Slabs FY 2024 & AY 2024-25

Tax Rate Individual Tax Payer
(Below 60 Years)
Senior Citizen
(61-80 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
10% 5,00,001-7,50,000 5,00,001-7,50,000 5,00,001-
7,50,000
15% 7,50,001- 10,00,000 7,50,001- 10,00,000 7,50,001- 
10,00,000
20% 10,00,001- 12,50,000 10,00,000- 12,50,000 10,00,000- 
12,50,000
25% 12,50,001- 15,00,000 12,50,001- 15,00,000 12,50,001- 
15,00,000
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:

  1. Tax calculation based on the latest tax laws and tax brackets
  2. Ability to enter personal information such as filing status, exemptions, and salary
  3. Option to calculate state and local taxes based on the employee’s location
  4. Option to adjust for deductions, pre-tax contributions to 401(k), and other tax-deductible expenses
  5. User-friendly interface for easy navigation and data entry
  6. 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 2024

IT Software 2024-2025: 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 2024-25.

INCOME RATES & SLAB RATES FOR F.Y. 2024

(Income Tax Rates & Slab for Individuals & HUF)

Taxable income Tax Rate
(Existing Scheme)
Tax Rate
(New Scheme)
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 2024  & AY 2024-25/ Income Tax Calculator Excel Download

Complete the form below to Download the Income Tax Calculator for Financial Year 2024 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 2024 or IT Software 2024 -2025 for IT calculation for the Financial Year 2024 The Assessment Year 2024-2025 from here. The instructions provided in the IT program 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 2024:

  • Download the FY 2024 Income Tax Calculator Excel to your device.
  • Provide income in the form of gross income for fiscal year 2024
  • 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. 
80U
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.
Sec.10 (13A)

HOW DOES THIS EXCEL INCOME TAX CALCULATOR HELP YOU

  1. This income tax calculator will assist you in understanding your income tax liability under the Old and New Tax Regimes.
  2. 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.
  3. It should be noted that investment deductions are only available in the Old Tax Regime.
  4. 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.
  5. This means that Standard Deductions of Rs. 50,000 are available only in the Old Tax Regime, not in the New Tax Regime.
  6. 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 2024 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
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