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!
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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

Disclaimer
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?
hese steps:

from there) or Download -> Microsoft Excel File

Annual Income ₹500,000

Old Regime

Exemptions/Deductions Amount
Standard Deduction ₹0
House
SectionRent
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 80D (Medical insurance for parents) ₹0
Section 80TTA/B (income from savings bank/savings + 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