Old vs New Income Tax Regime calculator in excel 2025
Filing your income tax is challenging but more challenging is choosing correct tax regime. In India there are two tax regime prevailing one is Old tax regime , another new tax regime u/s 115BAC. Which tax regime is actually better for you? It can be confusing to figure out! That’s why I have created a super simple tool using Excel. Download Old vs New Income Tax Regime calculator in excel free now. The given tax calculator in excel is for calculating tax for the AY 2025-26 i.e. FY 2024-25.
Income Tax Regime for AY 2025-26:
- Old Tax Regime: The traditional method where you can claim deductions and exemptions (like 80C, HRA, etc.) to lower your taxable income. It’s been around forever and has higher tax rates but more tax-saving options.
- New Tax Regime: Introduced in 2020 and made the default option since FY 2023-24. It has lower tax rates but scraps most deductions and exemptions, except for a few. Read more on New Tax Regime
Why is this Excel calculator helpful?
- Won’t spam you: Being an Excel tool, your data stays with you. No need to enter mobile or email anywhere.
- It’s Free and Accessible: You probably already have Excel on your computer. No need to pay for fancy software/tools.
- Personalized: You enter your own specific income, exemptions, and deductions.
- It’s Transparent: You can see exactly how the calculations are done.
How to Get Started:
- Open a new Excel workbook.
- In the “Income” sheet, add different income sources and enter your gross income amounts.
- In the “Exemption Deductions” sheet, enter your amounts under the “Paid Amount” column (Column C).
- In the “Tax” sheet:
- Clearly display the tax amount for both regimes so you can compare.
Disclaimer:
Remember, this is a simplified tool to help you get a good estimate. Tax laws can be complex, and your specific situation might have nuances. It’s always a good idea to consult with a tax professional for personalized advice, especially if you have a complicated financial situation.
