income tax
The Automatic Calculator in Excel format for Financial Year 2022-23 (Assessment Year 2023-24) and Financial Year 2023-24 (Assessment Year 2024-25) is an all-encompassing tool designed to simplify tax calculations. It includes a Salary Statement, Computation Sheets, and Form-16, tailored to assist taxpayers in navigating the recent changes in tax regimes.
In Budget 2020, the Government introduced a new tax regime featuring lower tax rates, which has continued into FY 2022-23. This new regime remains optional; however, in Budget 2023, the Government has strongly encouraged taxpayers to adopt it. For FY 2023-24, this new tax regime is set as the default option. Individuals may still choose to retain the traditional income tax regime when their employers are deducting TDS or during the filing of their Income Tax Returns (ITR).
Choosing the more favorable tax regime can be challenging for taxpayers without performing a comparative tax calculation between both options. The automated income tax calculator assists in evaluating tax obligations, allowing users to determine the preferred regime with lower tax implications during TDS deductions and ITR filings for both financial years.
This comprehensive tax calculator tool offers: