Excel Old vs New Tax Regime Calculator to compare Tax under old and new Personal Tax Regime u/s 115BAC for AY 2025-26. Old vs new tax regime calculator in excel.
Release of excel tax calculator for New Tax Regime for AY 2025-26. This Excel Calculator utility has been made to compare Tax under existing old and new Personal Tax Regime u/s 115BAC. The scheme of New Tax Regime was introduced by the Union Budget 2023-24 when everybody was expecting tax benefits in the form of substantial increase in basic threshold of income tax exemption and increase in deductions particularly in Section 80C of the Income Tax Act, 1961.Â
However, the Government kept the existing tax exemption limit and available deductions/rebates unchanged but introduced the New Personal Tax Regime. For the first year i.e. for AY 2023-24 it was optional but from AY 2024-25Â the new tax regime has been made the default one.
For the AY 2024-25, the tax slabs and rate of taxes under New Simplified Personal Income Tax Regime was as under:
| Up to Rs. 3 lakhs | Nil |
| Income more than Rs. 3 lakhs up to 6 lakh | 5% |
| Income more than Rs. 6 lakhs up to 9 lakh | 10% |
| Income more than 9 lakhs upto 12 lakhs | 15% |
| Income more than 12 lakhs up to 15 lakhs | 20% |
| Income above Rs. 15 Lkahs | 30% |
The Union Budget 2024 slightly amended the above tax slabs and rates for the AY 2025-26 as under:
| Up to Rs. 3 lakhs | Nil |
| Income more than Rs. 3 lakhs up to 7 lakh | 5% |
| Income more than Rs. 7 lakhs up to 10 lakh | 10% |
| Income more than 10 lakhs upto 12 lakhs | 15% |
| Income more than 12 lakhs up to 15 lakhs | 20% |
| Income above Rs. 15 Lkahs | 30% |
Also, a higher Standard Deduction of Rs. 75000/- was made available for salaried employees under New Tax Regime as against the limit of Rs. 50000/- for those choosing old tax regime.
Unlike the existing tax regime consisting of three taxable slabs with minimum tax rate of 5% and highest being 30%, the New Tax Regime consists of five taxable brackets with minimum tax rate of 5% with 5% incremental rise for each higher tax brackets except for fifth slab where incremental rise is 10%..
A comparative chart of the tax brackets and rates under both Regime is as under:
| Tax Brackets | Tax rate (Existing Regime) | Tax Rate (New Regime) |
| Upto Rs 2.50 Lakhs | Nil | Nil |
| From > Rs. 2.50 lakhs to Rs. 3.00 lakhs | Nil | 5% |
| From > Rs 3 Lakhs to Rs 5 Lakhs | 5% | 5% |
| From > Rs. 5 lakhs to Rs. 7 lakhs | 5% | 20% |
| From >Rs. 7 lakhs to Rs. 10 Lakhs | 10% | 20% |
| From > Rs. 10 lakh to Rs. 12 Lakhs | 15% | 30% |
| From Rs 12 Lakhs to Rs 15 Lakh | 20% | 30% |
| Above Rs 15 Lakhs | 30% | 30% |
Under the New Tax Regime, the assessee shall not be entitled to most of the exemptions and deductions that a common taxpayers has relied upon extensively not only to make investments but also to plan and reduce his tax. The notable deductions/exemptions that would be unavailable in the new Tax Regime include standard deduction on salaries, housing loan interest, section 80C deductions (for insurance premium, P.F., tuition fees, etc.) etc.
The decision to choose New Tax Regime or not is totally at the wisdom of the assessee.
Excel Old vs. New Tax Regime calculator for AY 2025-26Â
The ABCAUS Excel calculator compares tax incidence under the old tax regime and the New Simplified Personal Tax Regime and attempts to provide a handy tool to the taxpayers to choose their course of action in future.
If the users get a security risk message like the following:
Right click on the excel file icon and check the box as under:
Personal Tax Regime is now default one. Consequence & precautions for tax payers Read More >> |
Download Excel New Tax Regime Calculator for AY 2025-26 Click Here >>
Download Excel old and New Tax Regime tax Calculator for AY 2024-25Â Calculator 115BAC >>Â
Download Excel old and New Tax Regime tax Calculator up to AY 2023-24Â Click Here >>
- ICAI defers applicability of Peer Review Mandate for CA Firms covered under Phase III & IV
- No delay in filing appeal as CPC intimation u/s 143(1) received on email after 30 days
- CBDT issues clarification on applicability of DTVSVS-2024 where appeal time was available
- No revision u/s 263 when assessment made after obtaining approval of the Range Head
- Order passed u/s 148A(d) quashed as it incorrectly mentioned that no reply was filed
If total brokerage / commission income is Rs. 10 lakh can i show total net income of Rs. 80,000/- or 6% / 8% only
you are required to show the real profit earned not just 6% or 8%. These % are indicator of minimum profit only
Standard Deduction on salary income Rs. 50000 FY 2024-25 under new tax regime not considered.
thanks. updated now
Std deduction should be 50000
download updated version
Standard deduction shown in your excel file is restricted to 40000/- , is it not be 50000/-
corrected