Income Tax Calculator 2024-25 for Salaried Persons • Galaxy World

I am sharing the Income Tax Calculator 2024-25 for Salaried Persons. This calculator to calculate income tax on salary is effective from 1^st July 2024. The employees can easily calculate their monthly and annual tax on their salaries. The details are as follows:

Download Income Tax Calculator 2024-25 for Salaried Persons

The calculation of income tax with this calculator or Excel sheet is simple. You will have to enter just the monthly gross salary and you will get the following results:

Annual Income
Monthly Tax amount
Annual tax amount

Income Tax Calculation

It is to mention here that the employees having a gross salary of 50,000/- per month will have to pay no income tax. In other words, if their annual gross salary is 600,000/- then they are exempted from income tax. If their amount exceeds the above amount till 100,000/- per month or 12,00,000/- per year then they will have to pay tax on the exceeded amount from 50,000/- per month or 600,000/- per annum. If the amount exceeds 1 lac per month then the employee will have to pay 30,000/- lump sum per year and 15% on the amount exceeding 100,000/-.

Note: Teaching staff has some rebate in tax

Examples

If the employee is getting 150,000/- gross salary per month then he has to pay income tax on 50,000/- I,e total annual taxable amount becomes 600,000/-. Total annual tax becomes Rs. 90,000/- + 30,000/- = 120,000/-. In this way, the monthly tax amount is 10,000/-

Previous Tax Amount Calculation

Before the introduction of new tax rates, we calculate the tax on the same amount.

Total annual taxable income = 600,000/-

Tax amount @ 12.5% = 75,000/-

Lump Sum Tax = 15,000/- per annum

Total per annum tax = 75,000/- + 15,000/- = 90,000/-

Per month Tax = 90,000/ 12 = 7500/-

Difference of Tax before and after = 2500/-

As the Government has increased the salaries as per budget speech 2024-25 for the federal Government @ 25% and 22%. So the employees will not feel much burden of tax. The tax amount will be a burden for the private sector if they do not get an increase in their salaries.