Income Tax Calculator
This Income Tax Calculator helps individuals estimate their income tax liability in India by comparing the Old Tax Regime and the New Tax Regime as per the latest income tax slabs.
Enter your gross annual income and applicable deductions to instantly calculate taxable income, income tax, health and education cess, and total tax payable under both regimes.
What Is Income Tax in India?
Income tax is a direct tax levied by the Government of India on the income earned by individuals and businesses during a financial year. The Income Tax Act, 1961 governs how income is taxed in India.
Salaried individuals, freelancers, and professionals are required to calculate their tax liability and file income tax returns every year.
Income Tax Calculator
Compare Old vs. New tax regimes for FY 2023-24 (AY 2024-25).
Old vs New Tax Regime Explained
The Income Tax Department allows taxpayers to choose between two tax regimes:
Old Tax Regime
- Allows multiple deductions and exemptions such as 80C, 80D, HRA, and LTA
- Suitable for individuals with significant investments and deductions
New Tax Regime
- Lower tax rates but fewer deductions
- Includes a standard deduction of ₹50,000
- Rebate under Section 87A available up to ₹7 lakh income
Income Tax Slabs Used in This Calculator
This calculator is based on income tax slabs applicable for FY 2023–24 (Assessment Year 2024–25).
New Tax Regime Slabs
- Up to ₹3,00,000 – Nil
- ₹3,00,001 to ₹6,00,000 – 5%
- ₹6,00,001 to ₹9,00,000 – 10%
- ₹9,00,001 to ₹12,00,000 – 15%
- ₹12,00,001 to ₹15,00,000 – 20%
- Above ₹15,00,000 – 30%
A Health and Education Cess of 4% is applied on the calculated income tax.
How This Income Tax Calculator Works
This calculator compares both tax regimes and highlights the option with lower tax liability.
- Automatically applies standard deduction and rebates where applicable
- Calculates cess separately for transparency
- Shows a side-by-side comparison of Old and New regimes
- Highlights the most tax-efficient option
Who Should Use This Calculator?
This Income Tax Calculator is useful for:
- Salaried employees
- Freelancers and consultants
- Individuals planning tax-saving investments
- Anyone comparing Old vs New tax regimes
Disclaimer
This Income Tax Calculator is provided for informational and educational purposes only. Tax calculations are based on standard assumptions and applicable tax laws at the time of development. Actual tax liability may vary depending on individual circumstances, income sources, deductions, and changes in tax laws. Please consult a qualified tax professional or refer to official Income Tax Department resources before filing returns or making financial decisions.