There are several Excel-based calculators available for FY 2024-25 that allow users to compare income tax liabilities under the old and new tax regimes. These calculators are designed to help taxpayers determine which regime is more tax-efficient based on their income, deductions, and exemptions. Key features of old vs new tax regime calculators in Excel for FY 2024-25 include:
- Input of actual income figures and eligible deductions (like 80C, 80D, HRA) for the old tax regime.
- Automatic calculation of tax liabilities under both old and new regimes using the latest tax slabs and rules.
- Support for all age groups including senior and super senior citizens.
- Inclusion of marginal relief calculations where applicable.
- Highlighting which tax regime results in lower tax liability.
- Some calculators also include an HRA exemption calculator and surcharge calculations.
- Easy to use with highlighted input cells only needing user data entry.
These Excel calculators offer accuracy, customized tax calculations, and side- by-side comparison to enable informed decisions about whether to opt for the old regime with deductions or the new lower-rate regime without most exemptions. They are particularly useful for salaried individuals and can be updated annually as tax laws change. Examples of sources providing downloadable Excel files for such calculators:
- Findtax.in Income Tax Calculator for FY 2024-25
- Comprehensive guides and downloadable Excel files from tax advisory sites like Arthik Disha, EZTax, and others.
The user typically needs to download the Excel file, input income details and deductions, and the sheet instantly shows the tax payable under both regimes along with a recommendation for the beneficial option.
If needed, I can help retrieve the actual Excel file link or a sample Excel template for FY 2024-25 to get started with. Would that be helpful?