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Finshots Calculator For Tax Regime

This spreadsheet summarizes the key differences between the old and new tax regimes in India for an annual income of 500,000 rupees. It shows the exemptions/deductions, taxable income, and tax amounts calculated under both regimes. A disclaimer notes that the union budget could impact the accuracy and advises consulting a tax expert. The notes section provides additional information on rebates, surcharges, and marginal tax relief.

Uploaded by

Santosh mudaliar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
127 views6 pages

Finshots Calculator For Tax Regime

This spreadsheet summarizes the key differences between the old and new tax regimes in India for an annual income of 500,000 rupees. It shows the exemptions/deductions, taxable income, and tax amounts calculated under both regimes. A disclaimer notes that the union budget could impact the accuracy and advises consulting a tax expert. The notes section provides additional information on rebates, surcharges, and marginal tax relief.

Uploaded by

Santosh mudaliar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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A simple tax spreadsheet by Finshots

We all hate doing our taxes! But maybe a simple spreadsheet can make things a little better? We do have to
say that it works better for salaried folks. But we hope it helps!
Don't forget to subscribe to www.finshots.in and spread the word!
Oh, only change cells highlighted in yellow.

How can you access it?


You don't need "Edit" permission to use the Finshots tax spreadsheet. You can just follow these steps:
1. Click on File
2. Make a copy (it will be saved on your personal Google Drive and you can edit your copy from there) or Download -> Microsoft

Disclaimer
The Union Budget on 1st February could turn things on its head, so keep an eye on that.
And hey, this isn't tax advice! We've tried to make it as accurate as possible. And do check
the "Notes" section at the bottom of the next page. But maybe consult a tax expert or CA
before you make a decision?
here) or Download -> Microsoft Excel File
Annual Income ₹500,000

Old Regime

Exemptions/Deductions Amount
Standard Deduction ₹0
House Rent
Section 80C Allowance
(EPF, PPF,(HRA)
ELSS, Life insurance, FD, Home loan ₹0
principal) ₹0
Section 80CCD (National Pension Scheme ) ₹0
Section 24 (Home loan interest) ₹0
Section 80E (Education loan) ₹0
Section 80D (Medical insurance for self and family) ₹0
Section
Section 80D (Medical
80TTA/B insurance
(income for parents)
from savings bank/savings + ₹0
deposits) ₹0
Others deductions ₹0

Taxable Income ₹500,000

Up to Rs. 2.5 lakhs 0%


Rs. 2.5 - 5 lakhs 5%
Rs. 5 - 10 lakhs 20%
Rs. 10 lakhs and above 30%

Total
Cess 4%

Tax to be paid

Notes
1. If total income is lower than ₹5,00,000, then you can claim a
rebate of ₹12,500 in tax under both regimes
2. If taxable income exceeds a certain value, there is an
additional surcharge on the tax that's payable
> ₹50 lakhs 10%
> ₹1 crore 15%
>₹2 crores 25%
>₹5 crores 37%
3. If you do have to pay surcharge, there's also something called
a Marginal Tax Relief. Do read up a bit about it.
income, freelance income, rental
income etc...

New Regime

Comments
For salaried employees and Exemptions/Deductions
pensioners
exemptions have certain rules — like Not Applicable
whether or not you live in a metro
Maxiumum of ₹1,50,000
Maxiumum of ₹50,000
Maxiumum of ₹2,00,000
Only on interest component
Max
Max of
of ₹₹25,000
25,000. Or ₹50,000 is
they're senior
limit is ₹10,000citizens.
and only includes
interest from a savings account.

₹0 Up to Rs. 2.5 lakhs 0%


₹12,500 Rs. 2.5 - 5 lakhs 5%
₹0 Rs. 5 - 7.5 lakhs 10%
₹0 Rs. 7.5 - 10 lakhs 15%
Rs. 10 - 12.5 lakhs 20%
Rs. 12.5 - 15 lakhs 25%
Rs. 15 lakhs and above 30%

₹12,500 Total
₹500 Cess 4%

₹13,000 Tax to be paid


₹0
₹12,500
₹0
₹0
₹0
₹0
₹0

₹12,500
₹500

₹13,000

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