![]() They can switch between old and new tax regime. However, there are certain deductions you can still claim using the new tax regime and they are as below. The taxpayer is not allowed to claim any exemption under 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC. Income Tax Slabġ0% (With Tax Rebate under Sec.87A up to 7 Lakh) The new simplified tax regime with a lower tax rate is given below. If the taxpayer does not want to claim any exemptions new simplified tax regime is applicable. The second tax slab is with a lower tax rate. The tax slab in case exemption is claimed is given below. the tax rate with a higher rate is applicable. ![]() In case an individual or HUF wants to claim exemptions under 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, etc. The first tax slab is with a higher tax rate. Option 1 – Regime 1 – Income Tax Slab 1 – Higher Tax Rate The new tax regime announced is more tax efficient and less complicated as you need not to exempt any income and remember any complicated tax exemptions such as 80C, 80CCD, 80D, 80DD etc. This means if you want to invest in 80C and save tax you can still use old tax regime. The new Tax Slab FY 2023-4 is given below. The new tax slab would be default tax slab. New Income Tax Slab is allowed in the Budget 2023. Before downloading excel based income tax calculator let’s get acquainted with Latest Income Tax Slab for FY 2023-24 and the Income Tax changes made in the Budget 2023. Simple excel based formulas and functions are used in creating this calculator. The calculator is created using Microsoft excel. You can calculate your tax liability and decide on tax-efficient investment options and the suitable tax regime for FY 2023-24. This calculator will work for both old and new tax slab rate which were released in 2023. It is a simple and user-friendly income tax calculator for salaried individuals. ![]() Download Income Tax Calculator FY 2023-24 (AY 2024-25) in Excel Format.
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