12.3. Tax Calculator – Old/New Regime

This module provides a summary of the computed tax under both, the Old and New Regime. It is done on the basis of the tax computation data for each employee as provided in the Annexure II of Form 24Q – Quarter 4.

This will help in determining the regime that is beneficial for the employee. In order to do so click on Utilities > Tax Calculator – Old/ New Regime, as shown below :-

Tax Calculator -Old/New Regime

The following screen will get displayed :-

Tax Calculator 2

Select ‘Financial Year’ – Select the FA year for which the tax needs to be calculated.
Select ‘Company’ – Select the company, for which the tax needs to be calculated.
Click on ‘Load’ .

The system will fetch the tax computation data for each employee as provided in the Annexure II of Form 24Q – Quarter 4. It will calculate and display the Tax amount in the Old and New Regime as shown below :

Tax Calculator 3

The above report displays the following: -
Serial No. – The running serial number of records fetched PAN – The PAN of each Employee
Name – Name of the employee
Category – Indicates whether the employee is in General Category or Women or any other specific category.
Regime – Indicates whether the employee is in Old regime or New Regime. Blank indicates Old regime
Taxable Income (Old regime) – The Taxable income calculated under the Old regime
Tax Amount (Old regime) – The Tax liability calculated under Old regime
Taxable Income (New regime) – The Taxable income calculated under the New regime
Tax Amount (New regime) – The Tax liability calculated under New regime
Beneficial – On the basis of the data provided and calculated, the system determines if the regime selected is beneficial for the employee. In case it is not beneficial, the system will indicate the same.
Export – In order to export this data in Excel, click here.
View – In order to see the detailed break-up of the tax calculation of each employee, click on ‘View’, the following screen will get displayed :

Tax Calculator 4