Download India Old Versus New Tax Regime for AY 2024-25 Free Excel Template

Filter by Categories
Select all
Business Statements
Federal Income Tax
Gantt Chart
GST India
Health, Logs and Personal Trackers
Invoice/ Bill
Payroll & HR
Project Reports & Timelines
Purchase Order/Requisition
Rental Ledger
Risk Registers
Sales/ Marketing
SWOT Analysis
Timesheet/ Attendance
Filter by File Types

Download free excel template for comparing total tax payable in India under Old Tax Regime and New Tax Regime for Financial Year 2023-2024. This template is useful for individuals and professionals for tax planning and selection of tax regime.

This is a template for Old Tax Regime Vs. New Tax Regime Updated Calculator for Financial Year 2023-24 i.e. Assessment Year 2024-25 after considering new tax slabs proposed by Union Budget 2023.

Understanding Key Changes in the Tax Regime

For the AY 2024-25, the basic exemption limit for New Tax Regime has been increased to Rs. 3 lakhs and number of tax slabs has bene reduced to five as under:

Taxable Income Tax Rate
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 Lakh 30%

The Finance Bill 2020 (26 of 2020) has inserted new sections namely section 115BAC to introduce the new Scheme of Taxation on income of Individuals and HUFs.

The Budget 2023-24 proposes to make the New Tax Regime u/s 115BAC as the default one. However the taxpayers shall have an optional to choose old 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. 6 lakhs 5% 20%
From >Rs. 6 lakhs to Rs. 9 Lakhs 10% 20%
From > Rs 9 lakhs to Rs 10 lakhs 15% 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%

Going by the above table alone, its seems a perfect gift to the taxpayers where tax rates have been slashed and more tax brackets have been provided to reduce the tax burden. But this lucrative New Tax Regime comes with a condition that many taxpayers would not appreciate.

Under the New Tax Regime, the assesse 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 relief however is that the new Regime is only optional and is totally at the wisdom of the assesse whether to choose it or not.

Taxpayers are in a fix what to do. Whether to continue existing payments towards insurance premium, provident fund etc. or whether defer their housing loan etc. The helpless individual taxpayers which do not have access to a tax expert are finding hard to determine which tax regime is beneficial to them.

How to use this template ?

Below is the basic instruction on how to use this comparison tool/ excel template –

  • Download the Income Tax Calculator FY 2023-24 Excel on your device
  • Provide Income as Gross Income for FY 2023-24
  • Provide Investments including Standard Deduction, Section 80C investments, Section 80CCD(1B) investments and other tax saving options you are eligible for. Total amount of investments need to be entered. Standard Deduction of Rs. 50,000 is applicable for Employees.
  • Enter TDS amount that is already deducted from your salary in financial year
  • After providing all these parameters, income tax will be calculated based on Old and New Tax Regime

Download and use India Old Tax Regime Vs. New Tax Regime Comparison Excel template for FY 23-24

To use this free comparison excel template, you should have Microsoft Office/ Microsoft Excel installed in your system.

After installing Excel or Spreadsheet, download the zip file of this template. Extract the template using WinRAR or 7Zip decompressing software.

Once extracted, you can open the file using Excel and start entering data or customizing the template.

Click the button below to Download India Old Versus New Tax Regime for AY 2024-25 Excel Template

By Downloading this Free Excel Template, it is implied that you comply with Download Instructions

Download Instructions

If the excel templates can not be downloaded, Leave us a feedback at We will solve the related problems/ query for you as soon as possible. All Excel templates and dashboards and tools are sole property of As a User, you can download and use the excel templates, dashboards and calculators for personal and business use with no payment i.e. for free. But without permission, you can not distribute it on the Internet website or any other online or offline medium !

Without permission granted from us/ management team of, use of these excel templates and dashboards is not allowed. However, if you want to share this templates and dashboards with your friends and peers, we have provided sharing option in various social media and platform via which you can share our content.

We hope that you can get our help in making your personal and business activities easier with the use of free excel templates and dashboards, and at the same time, support the construction of our website by considering our efforts and aforesaid instructions.