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Financial Year 2023-2024Income Tax Calculator (Old & New Tax Regimes) for Salaried Individuals below 60 Yrs AgeAssesment Year 2024-2025
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Heads of Drawals42%46%Totals
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MarAprMayJunJulAugSepOctNovDecJanFeb
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Basic404004040040400404004040040400404004040040400404004160041600487200
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DA169681696816968169681858418584185841858418584185841913619136217648
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HRA0000000000000
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TPA25562556255625562628262826282628262826282628262831248
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PLI (Incentive)0019660042811578520000014492
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RPLI (Incentive)00194000492936600005489
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CEA000538520000000053852
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Bonus000000013786000013786
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Transfer/Tour TA Advance0000000000000
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TA Reimbursment0000000000000
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NPS Employer Contribution80328032803280328258825882588258825882588503850398679
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Totals6795667956701161218086987070298863778454269870698707186771867922394
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Heads of DeductionsMarAprMayJunJulAugSepOctNovDecJanFebTotals
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NPS Employee Cont (10%)
57375737573757375898589858985898589858986074607470485
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Professional Tax2002002002002002002002002002002002002400
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Postal Relief Fund606060606060606060606060720
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Union Subscription1001001001001001001001001001001001001200
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CGEGIS303030303030303030303030360
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Income Tax0002625138814012586000008000
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Totals61276127612787527676768988746288628862886464646483165
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TAX CALCULATION (OLD TAX REGIME)TAX CALCULATION (NEW TAX REGIME)
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Gross Salary922394BalanceGross Salary922394Balance
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Standard Deduction (-)50000872394Std Ded (-)50000872394
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Less Professional Tax (-)
2400869994NPS Employer Cont (-)98679773715
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Deductions Under 80C (-)150000719994Net Taxable Income =773715
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Deductions Under 80D (-)16794703200
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NPS Employer Contrib (-)98679604521
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NPS Emp Contribution (-)50000554521
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House Rent Allowance (-)
0554521
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Any other Exemptions (-)0554521
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Any other Exemptions (-)0554521
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Any other Exemptions (-)0554521
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Net Taxable Income after Deductions is =554521
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Annual Income% TaxTax ApplicableTax AmtAnnual Income% TaxTax ApplicableTax Amt
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upto 250000NilNil0upto 3 LakhsNilNil0
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Rs. 250001 to Rs. 5000005%Rs. 125000Above 3 Lakhs to 6 Lakhs5%Rs. 150000
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Rs. 500001 to Rs. 100000020%Rs. 12500 + 20% of Amount23404Above 6 Lakhs to 9 Lakhs10%Rs. 15000 + 10% of Amount32372
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Rs. 1000001 & above30%Rs. 112500 + 30% of Amount0Above 9 Lakhs to 12 Lakhs15%Rs. 45000/- + 15% of Amount0
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Total Tax23404Above 12 Lakhs to 15 Lakhs20%Rs. 90000/- + 20% of Amount0
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Rebate if any0Above 15 Lakhs30%Rs. 150000/- + 30% of Amount0
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Tax Amount After Rebate23404Total Tax32372
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Health & Education Cess @ 4%936Rebate if any0
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Net Tax Payable (Old Tax Regime) = 24340Net Tax Payable (New Tax Regime) = 32372
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Advance Tax Recoverd from Pay = 8000Advance Tax Recoverd from Pay = 8000
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Balance Tax to Be Recoverd = 16340Balance Tax to Be Recoverd = 24372
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For Any Suggestions / Corrections e-Mail to cvakabr86@gmail.comPrepared by C Siva Kabeer
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Note:LSG SPM, Edavalli - 523356
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Exclusively for Dept of Post Employees covered under NPS
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GPF or Non NPS Employees also can use by making NPS Emp Contribution as ZERO (Shown in Red Color and Italic) in Old Regime Calculation Part
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Easily Compare How Much Tax You have to Pay in both Old and New Tax Regimes and Opt accordingly
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Instructions :
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Enter only in Yellow Colored Cells
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