Income Tax Calculator
Calculate your income tax liability for FY 2023-24 (AY 2024-25) under both old and new tax regimes.
Tax calculations are based on the latest tax slabs for FY 2023-24 (AY 2024-25).
Understanding Income Tax in India
Income tax in India is a direct tax levied by the government on the income earned by individuals and entities. The tax rates and slabs vary based on the chosen tax regime and the total income earned during a financial year.
Old vs New Tax Regime
Old Tax Regime
The old tax regime offers various deductions and exemptions like HRA, LTA, Section 80C, 80D, etc., but has higher tax rates.
- Allows for multiple deductions and exemptions
- Higher tax rates compared to the new regime
- Beneficial for those with significant investments and deductions
New Tax Regime
The new tax regime offers lower tax rates but eliminates most deductions and exemptions.
- Simplified tax structure with lower rates
- Very limited deductions available
- Beneficial for those with minimal investments and deductions
Income Tax Slabs for FY 2023-24 (AY 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% |
New Tax Regime
| Income Range | 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% |
Common Deductions and Exemptions
Section 80C (Up to ₹1,50,000)
- Employee Provident Fund (EPF)
- Public Provident Fund (PPF)
- Life Insurance Premium
- Equity Linked Savings Scheme (ELSS)
- National Pension System (NPS)
- Tax Saving Fixed Deposits
- Home Loan Principal Repayment
Other Important Deductions
- Section 80D: Medical Insurance Premium (Up to ₹25,000 for self and family, additional ₹25,000 for parents)
- Section 80CCD(1B): Additional NPS contribution (Up to ₹50,000)
- Section 24: Home Loan Interest (Up to ₹2,00,000 for self-occupied property)
- Section 80E: Education Loan Interest (No upper limit)
- Section 80G: Donations to specified funds and charitable institutions
How to Use This Calculator
- Enter your income details from various sources
- Add applicable deductions and exemptions
- The calculator will automatically compute your tax liability under both old and new regimes
- Compare the results to determine which regime is more beneficial for you
Disclaimer
This calculator provides an estimate of your income tax liability based on the information provided. For precise tax calculations and advice, please consult a tax professional. Tax laws and rates are subject to change, and this calculator may not reflect the most recent changes.