Get your free downloadable Excel calculator for FY 2024-25 income tax. Simply enter salary and deductions to compare old vs new regimes, including Section 87A rebate and 4% cess. Fast, accurate, and works offline!
Introduction
Filing income tax can feel overwhelming, especially when you are unsure whether to choose the old tax regime or the new tax regime. Each has different slabs, deductions, and exemptions, which makes manual calculation tricky and time-consuming.
For the financial year 2024–25 (assessment year 2025–26), the government has updated tax slabs and retained both regimes, giving taxpayers the option to select whichever is more beneficial. But with so many numbers and rules to consider, how do you know which one saves you more money?
That’s where a simple and reliable solution comes in — a ready-to-use Excel-based income tax calculator. Instead of entering your details into multiple online tools, you can download a single file, update your salary and deductions, and instantly see your tax liability under both regimes.
In this article, you will get:
- A free downloadable Excel calculator for FY 2024–25.
- A step-by-step guide on how to use it.
- A clear breakdown of income tax slabs and deductions.
- Practical tips to choose between old vs new regime.
Whether you’re a salaried employee, a professional, or someone who just wants clarity, this article will help you calculate taxes quickly and accurately without depending on anyone else.
Why Use an Excel-Based Income Tax Calculator?
When most people think of tax calculators, they picture websites where you need to enter personal income details. While these online tools are useful, they come with limitations — you need internet access, you can’t always customize the formulas, and in some cases, you may be worried about data privacy.
An Excel income tax calculator, on the other hand, offers:
- Offline Access – Once downloaded, you don’t need the internet. Just open the file and start calculating.
- Plug-and-Play Simplicity – Enter your salary, deductions (like 80C, 80D, HRA), and the file will automatically show results.
- Customizable Format – You can tweak the sheet to match your specific needs, such as adding employer allowances or extra deductions.
- Safe & Private – Your salary and tax data stays with you. No need to enter sensitive financial details on third-party websites.
- Comparison Ready – See results for both Old and New Tax Regimes side by side, so you instantly know which saves you more.
With this free Excel calculator, you don’t just calculate tax — you also understand how it is computed step by step, which is crucial for making informed financial decisions.
Download Free Income Tax Calculator 2024-25 (Excel)
To save you time and effort, we’ve created a ready-to-use Excel income tax calculator for FY 2024–25 (AY 2025–26). This file is simple, accurate, and designed for both salaried individuals and professionals.
Download the Free Excel Calculator here
Once downloaded, you can open it in Microsoft Excel or even in Google Sheets. Just fill in your income and deductions in the Inputs tab, and the calculator will automatically show your tax liability under both the Old and New Regimes.
Important Notes:
- The calculator is based on the latest income tax slabs for FY 2024–25.
- It includes Section 87A rebate and 4% Health & Education Cess.
- It compares both regimes and highlights which one saves you more.
- It is 100% free, safe, and editable.
Tip: If you are not sure which regime to choose, enter your details once and compare the results in the Summary Sheet — the calculator will recommend the more tax-efficient option.
Key Features of This Excel Calculator
Here’s what makes this tool different and valuable:
1. Easy-to-Use Input Sheet
- Enter your gross salary, other income, HRA, standard deduction, and deductions like 80C, 80D.
- No need for complex formulas — the sheet calculates everything automatically.
2. Dual Regime Calculation
- The file includes separate sheets for Old Regime and New Regime.
- Each sheet shows slab-wise tax, cess, rebate, and final payable amount.
3. Automatic Comparison
- The Summary sheet compares tax under both regimes.
- It highlights the one that helps you save more tax.
- A simple bar chart makes it easy to visualize.
4. Updated for FY 2024-25
- Slabs, cess, and rebates are updated as per the latest rules.
- Works for incomes across different ranges — from entry-level salaries to high-income brackets.
5. Safe & Customizable
- Since it is Excel-based, all your data stays private on your computer.
- You can add new rows/columns if you want to track additional deductions or allowances.
How to Use the Excel Income Tax Calculator
Using this Excel tool is simple, even if you’re not familiar with formulas. Follow these quick steps:
Step 1: Download the File
- Click on the download link provided above.
- Save the file to your computer or open it directly in Google Sheets.
Step 2: Enter Your Details
- Go to the Inputs sheet.
- Fill in your Gross Salary, Other Income (like interest or rent), HRA received, and deductions such as 80C, 80D, or other exemptions.
Step 3: Check Old & New Regime Sheets
- Open the Old Regime sheet to see your tax liability after deductions.
- Open the New Regime sheet to view simplified slab-based tax without most deductions.
Step 4: Compare in Summary Sheet
- The Summary sheet shows both tax amounts side by side.
- It also highlights the recommended regime with potential savings.
- A built-in bar chart makes comparison quick and visual.
Step 5: Choose Your Regime Wisely
- Based on the results, select the regime while filing your ITR for FY 2024–25.
- Remember: once you opt for the new regime (especially for business/professional income), switching back is limited — so decide carefully.
Income Tax Slabs for FY 2024-25 (AY 2025-26)
Understanding the latest slabs is crucial before making your choice. Here’s a clear breakdown:
New Tax Regime Slabs (Default Regime)
- Up to ₹3,00,000 – Nil
- ₹3,00,001 to ₹7,00,000 – 5%
- ₹7,00,001 to ₹10,00,000 – 10%
- ₹10,00,001 to ₹12,00,000 – 15%
- ₹12,00,001 to ₹15,00,000 – 20%
- Above ₹15,00,000 – 30%
If your taxable income under the new regime is up to ₹7,00,000, you are eligible for a full rebate under Section 87A. This means your tax liability becomes zero.
Old Tax Regime Slabs
- Up to ₹2,50,000 – Nil
- ₹2,50,001 to ₹5,00,000 – 5%
- ₹5,00,001 to ₹10,00,000 – 20%
- Above ₹10,00,000 – 30%
In the old regime, if your taxable income is up to ₹5,00,000, you can claim a rebate under Section 87A (maximum ₹12,500), making your final tax zero.
Old vs New Tax Regime: Which One Should You Choose?
Since both regimes are available for FY 2024–25, taxpayers often wonder which is better. The answer depends on your income level and the deductions you can claim.
Benefits of the New Regime
- Lower tax rates across multiple slabs.
- Simpler structure with fewer calculations.
- No need to track or submit multiple deductions.
- Ideal for individuals who don’t invest much in tax-saving instruments.
Benefits of the Old Regime
- Allows deductions under 80C (₹1.5 lakh), 80D (medical insurance), HRA, home loan interest, education loan, and more.
- Suitable for salaried employees who maximize deductions and exemptions.
- Can reduce taxable income significantly if you plan your investments.
The Excel Calculator makes this comparison easy by showing your tax liability under both regimes side by side. It even highlights which regime will save you more money.
Common Deductions & Exemptions Explained
If you’re considering the old regime, here are some key deductions you can claim:
Section 80C – Up to ₹1.5 Lakh
Includes:
- Employee Provident Fund (EPF)
- Public Provident Fund (PPF)
- Equity Linked Saving Scheme (ELSS)
- Life insurance premiums
- Tax-saving fixed deposits
Section 80D – Medical Insurance
- Deduction for health insurance premium.
- Up to ₹25,000 for self & family, and an additional ₹25,000 for parents (₹50,000 if they are senior citizens).
House Rent Allowance (HRA)
- Exemption available for salaried individuals living in rented accommodation.
- Calculated based on salary, rent paid, and city of residence.
Home Loan Interest (Section 24)
- Deduction up to ₹2,00,000 on interest paid towards home loan (self-occupied property).
Other Deductions
- 80E – Education loan interest (no limit, for up to 8 years).
- 80G – Donations to charitable institutions.
Remember: These deductions are not allowed in the new regime, except for a few (like employer’s contribution to NPS). So if you use many deductions, the old regime might be more beneficial.
Benefits of Using Our Free Excel Calculator
While there are many tax calculators online, here’s why this Excel version stands out:
1. Saves Time
No need to search through slab tables or do manual math. Just input your figures and the calculator does everything in seconds.
2. Transparent & Reliable
Since it is Excel-based, you can actually see the formulas used. Nothing is hidden, so you know exactly how the tax is being calculated.
3. Works Offline
Unlike online calculators, you don’t need an internet connection. This is especially useful if you’re preparing taxes on the go or working in a secure environment.
4. Side-by-Side Comparison
The calculator doesn’t just give you one number — it shows your tax liability under both Old Regime and New Regime, and highlights which one is cheaper.
5. Free & Customizable
It’s completely free to download, and since it’s Excel, you can edit or expand it. For example, you can add extra columns for allowances or employer contributions.
6. Built for FY 2024–25 (AY 2025–26)
The calculator is updated with the latest slabs, cess, and rebate rules. You don’t need to worry about outdated data.
Conclusion
Calculating income tax doesn’t need to be complicated. With the Income Tax Calculator 2024–25 Excel, you can quickly:
- Enter your income and deductions,
- Compare the Old vs New Regime,
- See your tax liability instantly, and
- Choose the option that saves you more money.
This tool is free, accurate, private, and updated for FY 2024–25 (AY 2025–26). Whether you’re a salaried professional or a self-employed individual, it’s designed to simplify your tax planning and give you clarity before filing your ITR.
Download the Income Tax Calculator 2024–25 Excel Now and try it with your own numbers. In just a few minutes, you’ll know exactly how much tax you need to pay — and which regime is better for you.
Helpful Resources for Further Reading
To build your tax knowledge and stay updated, you can also check:
- Income Tax India Official Website – for filing ITR and latest circulars.
- CBDT Notifications – for official updates on slabs, rules, and exemptions.
Final Word
Every year, tax planning is one of the most important steps in personal finance. By using this Excel tax calculator, you not only calculate faster but also understand your taxes better.
Don’t leave money on the table — download the calculator today, compare both regimes, and file your return with confidence.
FAQ
1. What is the maximum Section 87A rebate for FY 2024-25?
For FY 2024-25 (AY 2025-26), under the **new tax regime**, individuals with taxable income up to ₹7 lakh can claim a rebate of up to ₹25,000. Under the **old regime**, rebate is up to ₹12,500 for income up to ₹5 lakh. :contentReference[oaicite:1]{index=1}
2. Can I use this Excel calculator for both salaried and self-employed income?
Yes. Enter salary in the Gross Salary field and other income like business, rental, or interest under “Other Income”. The calculator handles both regimes automatically.
3. Does this calculator apply standard deduction in both regimes?
Yes. For FY 2024-25, the standard deduction of ₹50,000 for salaried individuals applies to both old and new tax regimes. :contentReference[oaicite:2]{index=2}
4. How does the Excel calculator compare old vs new regimes?
It uses separate sheets to compute tax under both regimes, includes Section 87A rebate and 4% cess, then summarizes which regime saves more in a comparison chart.
5. Can I edit the Excel file to add extra deductions?
Absolutely. The file is fully editable. You can add extra columns for specific allowances or allowances specific to your case.
Please do not enter any spam link in comment box. Thank you!