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Income Tax Calculator
India FY2024-25 new & old regime
Total Tax Payable
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Base Tax
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4% Cess
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Net Tax
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Take-Home
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📊 Income Breakdown
❓ FAQs
How does this calculator work?▼
Enter the required values and click Calculate. Results appear instantly using standard financial formulas.
Is this free?▼
Yes, completely free. No login or signup required.
Are calculations accurate?▼
Yes, industry-standard formulas. For large decisions, consult a financial advisor.
📊 What is the Income Tax Calculator and How Does It Work?
Indian income tax uses progressive slabs. The new regime has lower rates but fewer deductions. The old regime allows 80C, 80D, HRA, and others. This calculator computes both and shows which saves more for your profile.
Formula
Tax = Sum of applicable slab rates on taxable income | New regime 87A rebate: nil tax if income ≤ ₹7 lakh🪓 Step-by-Step: How to Use This Calculator
- Enter total annual income from all sources
- Select assessment year (FY 2024-25)
- Choose old or new tax regime
- Enter eligible deductions (80C, 80D, HRA) for old regime
- Click Calculate to see tax liability and effective rate
📌 Example Calculation
₹12L income, old regime with 80C ₹1.5L + 80D ₹25K: taxable ₹10.25L, tax ~₹1,24,500. New regime: ~₹1,33,000. Old regime saves ₹8,500 here.
✅ Benefits of Using This Calculator
- Compare old vs new regime instantly
- Plan investments to maximise deductions
- Estimate advance tax to avoid penalties
- Understand your effective tax rate
- Plan salary restructuring for tax efficiency
- Calculate tax on bonus and other income
⚙️ Key Factors That Affect Results
- Gross income from all sources
- Eligible deductions (80C, 80D, HRA, LTA, standard ₹50K)
- Capital gains if applicable
- Tax regime chosen
- Age category — below 60, senior, super-senior
- State professional tax
❓ Frequently Asked Questions
Which tax regime is better?▼
New regime suits those with few deductions. Old regime benefits those maximising 80C, 80D, and HRA. Use this calculator to compare.
What is Section 87A rebate?▼
Under the new regime, income up to ₹7 lakh has zero tax due to the rebate — a major advantage for that income range.
What is the standard deduction?▼
₹50,000 for salaried individuals under both regimes. Applied automatically — no documents needed.
What is income tax surcharge?▼
For income above ₹50 lakh, an additional 10–25% surcharge on tax applies, separate from the 4% education cess.
Do I need to file ITR if tax is zero?▼
Yes, if income exceeds the basic exemption limit. ITR serves as important income proof for loans and visas.