Excel Free Download |verified| — Old Vs New Tax Regime Calculator

To automate the calculation, use a nested IF formula or the VLOOKUP function in Excel to determine the tax for each slab.

Apply a rebate of up to ₹25,000 in the New Regime if income is ≤is less than or equal to ₹7 lakh. In the Old Regime, it's ₹12,500 for income ≤is less than or equal to ₹5 lakh. Health & Education Cess: Multiply the final tax by 4% . 3. Which Regime Should You Choose? Income Tax Slab Rates in India for FY 2024-25 (AY 2025-26) old vs new tax regime calculator excel free download

The Union Budget 2024 introduced significant changes to the New Tax Regime to make it more attractive for middle-income earners. New Tax Regime Slabs (Default) To automate the calculation, use a nested IF

=MIN(300000, Income)*0 + MAX(0, MIN(700000, Income)-300000)*0.05 + MAX(0, MIN(1000000, Income)-700000)*0.10 Step 3: Add Cess and Rebate Health & Education Cess: Multiply the final tax by 4%