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Income Tax Calculator

Calculate your income tax liability under both old and new tax regimes.

Taxable Income

₹0

Total Tax

₹0

Effective Tax Rate

0%

Take Home Income

₹0

Tax Breakdown

Income Slab Tax Rate Tax Amount

New Tax Regime (FY 2023-24)

Income Slab Tax Rate
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%

Old Tax Regime Benefits

  • Section 80C: Up to ₹1,50,000 deduction
  • Section 80D: Up to ₹25,000 for health insurance
  • HRA Exemption: Based on actual rent paid
  • Standard Deduction: ₹50,000
  • Other deductions under various sections

Important Notes

  • Health and Education Cess of 4% is applicable on the tax amount
  • Surcharge is applicable for income above ₹50 lakhs
  • New tax regime is default from FY 2023-24
  • Choose regime based on your deductions and exemptions

Conclusion

Choose the tax regime that aligns with your financial situation and plan for tax savings.

frequently asked questions

What is the Income Tax Calculator?

The Income Tax Calculator is a tool designed to help individuals calculate their tax liabilities under both old and new tax regimes.

How do I use the Income Tax Calculator?

Follow these steps to use the Income Tax Calculator:

  1. Select the tax regime (old or new) and enter your annual income.
  2. Adjust the sliders or use the input fields to set the values.
  3. Review the calculated results, including the taxable income, total tax, effective tax rate, and take-home income.
  4. Use the chart to visualize the tax distribution over different income slabs.
Can I use the Income Tax Calculator for multiple tax regimes?

Yes, you can use the Income Tax Calculator for both old and new tax regimes.

Can I use the Income Tax Calculator for tax deductions and exemptions?

Yes, you can use the Income Tax Calculator to calculate your tax liability based on your deductions and exemptions.

Can I use the Income Tax Calculator for tax calculations under different tax regimes?

Yes, you can use the Income Tax Calculator to calculate your tax liability under both old and new tax regimes.