salary income tax calculator excel sheet free download

Step 4 Enter details of other income and interest paid on self occupied house property (if any).Step 3 Enter details of your estimated House Rent Allowance, Leave Travel Allowance, telephone reimbursement and other claims (more about it here).With this calculator, you can check your take home salary using both the schemes to see which one gives you a better deal. But you can consider NEW scheme if you don’t claim much tax exemptions under HRA, LTA or deductions like 80C, 80D etc. The general rule of thumb is that the old scheme is more beneficial and this is the default selection. Step 2 Choose if you want to opt for OLD Tax Slab Scheme ( WITH Benefit of tax exemptions and deductions) or NEW Scheme of Taxation (Lower Tax rates WITHOUT benefit of exemptions, deductions).The calculator is updated for the Financial Year 2022-23 Step 1 Download our Excel Calculator Tool and enter your CTC breakup as per the offer letter in the Input Sheet.Just follow the simple steps below to calculate your take home salary from CTC using this excel calculator: Take Home Salary Calculator India Excel Tool (How to Use) You can download our excel calculator to do the math for you. If you know the components of your CTC, you can easily calculate your monthly take-home salary from it (the amount you get in your bank account).

The calculator gives you both the options to choose either the “OLD” regime (with benefit of tax exemptions and deductions) or “NEW ” regime WITHOUT the benefit of exemptions and deductions to arrive at the tax to be deducted from your salary.

In the February 2020 budget, the option of new lower tax rate slabs was introduced if you DON’T take the benefit of any exemptions and deductions. Does the gap between your CTC and take home salary (in-hand salary) confuse you? In this post, you will get a complete guide on how to calculate take home salary from CTC including an excel calculator tool that makes this super easy.

Salary income tax calculator excel sheet free download