Income Tax Calculator

Calculate your income tax liability under both old and new tax regimes. Get personalized recommendations on which regime is better for you.

Enter Your Details

Personal Information

Your age affects tax slabs and certain deductions
Select the financial year for tax calculation
Your residential status affects your tax liability

Income Details

Enter your annual income from all sources. For accurate calculations, include all income received during the financial year.

Annual basic salary before any deductions
Annual HRA received from employer
Annual LTA received from employer
Special allowance, transport allowance, etc.
Interest from savings account, FDs, etc.
Annual income from rented property
Capital gains, business income, etc.

Deductions & Exemptions

These deductions are applicable only under the Old Tax Regime. The New Tax Regime does not allow most deductions but offers lower tax rates.

PPF, ELSS, LIC, etc. (Max: ₹1,50,000)
Health insurance premium (Max: ₹25,000 for self, ₹50,000 including parents)
Interest paid on home loan (Max: ₹2,00,000)
Interest paid on education loan (No limit)
Additional deduction for NPS (Max: ₹50,000)
Annual rent paid (for HRA exemption calculation)

Income Tax Slabs (FY 2024-25)

Old Tax Regime

Income Range Tax Rate
Up to ₹2,50,000 Nil
₹2,50,001 to ₹5,00,000 5%
₹5,00,001 to ₹10,00,000 20%
Above ₹10,00,000 30%
* Senior citizens (60-80 years): Basic exemption limit is ₹3,00,000
* Super senior citizens (above 80 years): Basic exemption limit is ₹5,00,000

New Tax Regime

Income Range Tax Rate
Up to ₹4,00,000 Nil
₹4,00,001 to ₹8,00,000 5%
₹8,00,001 to ₹12,00,000 10%
₹12,00,001 to ₹16,00,000 15%
₹16,00,001 to ₹20,00,000 20%
Above ₹20,00,000 30%
* No differentiation based on age
* Most deductions and exemptions are not available

Pro Tip

Health and Education Cess of 4% is applicable on the income tax amount for both regimes. The calculator automatically includes this in the final tax liability.

How to Use the Tax Calculator

1

Enter Personal Information

Start by entering your age and selecting the financial year. Your age affects tax slabs and certain deductions, especially for senior citizens.

2

Fill Income Details

Enter your income from all sources including salary, allowances, interest, rent, and any other income. Be comprehensive for accurate results.

3

Add Deductions & Exemptions

Enter all eligible deductions under various sections like 80C, 80D, home loan interest, etc. These apply only to the Old Tax Regime.

4

Calculate & Compare

Click "Calculate Tax" to see your tax liability under both regimes. The calculator will recommend which regime is better for you based on your inputs.

Understanding Your Results

The calculator shows your tax liability under both the Old and New Tax Regimes. It also provides a recommendation on which regime would be more beneficial for you based on your specific financial situation.

Remember that the Old Regime allows various deductions and exemptions, while the New Regime offers lower tax rates but fewer deductions. The best choice depends on your individual circumstances.

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