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INCOME TAX CALCULATOR 2024 (Ver 12.0)
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JIJI MATHEW C, M.A, B.Ed, PGDCA
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OFFICE SUPERINTENDENT, JNV, PATHANAMTHITTA, KERALA STATE
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E MAIL : jiji1664@gmail.com, WEB : www.jijimathewc.webnode.in
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Mobile : 09448159910
"PRAISE THE LORD"
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"Do not neglect to do good and to share what you have, for such sacrifices are pleasing to God." -Hebrews 13:16
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INSTRUCTIONS :
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1This is a free software
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2Since it is an accounting software the accuracy of calculaton, Income tax rules on each session etc should be verified before finalizing the account.
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INCOME TAX CALCULATOR 20243Amendment in the rules by Income tax Dept. time to time should be taken care by the Users.
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4Accuracy in the Income tax calculation as per rule may be verified manually before finalizing, so this may be treated as supporting tool only.
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5In any case rows or columns should not be deleted.
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6Where ever formule and links used are locked from editing.
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Ver 12.07As per the latest Income tax rule intoduced in 2020, Part A & Part B of form 16 may be downloaded fromTraces www.tdscpc.gov.in.
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E & O E8Data are to be entered in the yellow col of Tax calculation sheet and Form 16 sheet only.
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9Corresponding rules of each section are given in the tax calculation sheet as comment, please place the cursor on the top of section given in the Col 'C' for reading the comment..
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10Total salary of each month may be entered in the col given in the Tax calculation sheet.
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11As per the income tax rules 2020, tax payee can opt special tax rates introduced, but there will not be any deductions of savings under VI A, 80C, 80 CCC, etc, only Employers share of NPS will be deducted from the Total income.
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12This option can be given in the calculation sheet at E8 as NORMAL/SPECIAL
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13Option form should be taken from all employees before finalizing the income tax of 2023-24
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14Under special income tax rates, professional tax etc are not allowed for deducations, so all are requested to kindly compare the tax in old and new rates before opting for the tax rates.
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15As per the available circulars opting new rates will be applicable for coming years too. "In case a taxpayer has a business income and exercised the option, he/she can withdraw from the option only once."
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16As per the new income tax rule u/s 87A, rebate is available upto 100% income tax or 12500 which ever is less for those who have Taxablel Income less than 500000 in old rates.
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17•Individuals with Net taxable income less than or equal to Rs 5 lakh will be eligible for tax rebate u/s 87A i.e. tax liability will be NIL in both – New and old/existing tax regimes.
*In Budget 2023, rebate under new regime has been increased and therefore, income upto Rs 7 lakh will be tax-free from FY 2023-24.
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18Under Sec. 16 i(a), Standard Deduction, Rs.50000/- or equel to salary which ever is lower (any salary person) can be deducted from the Income.
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19Health and Education cess 4% on income tax from 2018-19
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20Exemption of Transport Allowance (Rs.19200/-) Medical Reimbursement (Rs.15000/-) is removed from 2018-19.
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21Suggessions and advices are most welcomed for the betterment of the software.
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INCOME TAX RATE COMPARISON TABLE
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Old Tax Regime 2023-24New Tax Regime
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 Slabs< 60 years of age & NRIs> 60 to < 80 years> 80 yearsFY 2022-23FY 2023-24
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₹0 - ₹2,50,000NILNILNILNILNIL
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₹2,50,000 - ₹3,00,000
5%NILNIL5%NIL
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₹3,00,000 - ₹5,00,000
5%5% (tax rebate u/s 87A is available)NIL5%5%
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₹5,00,000 - ₹6,00,000
20%20%20%10%5%
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₹6,00,000 - ₹7,50,000
20%20%20%10%10%
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₹7,50,000 - ₹9,00,000
20%20%20%15%10%
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₹9,00,000 - ₹10,00,000
20%20%20%15%15%
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₹10,00,000 - ₹12,00,000
30%30%30%20%15%
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₹12,00,000 - ₹12,50,000
30%30%30%20%20%
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₹12,50,000 - ₹15,00,000
30%30%30%25%20%
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>₹15,00,00030%30%30%30%30%
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OLD : Net taxable income less than or equal to Rs 5 lakh will be eligible for tax rebate u/s 87A i.e. tax liability will be NIL
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NEW: Net taxable income less than or equal to Rs 7 lakh will be eligible for tax rebate u/s 87A i.e. tax liability will be NIL
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