Income Tax Calculator

Basic Details

Investment Details

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Female
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Age

Below 60 years

61-80 years

80 & above

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The investments u/s 80C/80CCC that qualify for income tax deduction are:

✓ Term Insurance Policies

✓ Unit Linked Insurance Plans

✓ Traditional Savings/Endowment Insurance Policies

✓ Retirement Insurance Plans

✓ 5 year Fixed Deposits

✓ Public Provident Fund

✓ Pension Funds

✓ Unit Linked Insurance Plans

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If you have invested in NPS, you can get additional deduction upto ₹50,000 u/s 80CCD(1B) which will be over and above deduction of ₹1,50,000 u/s 80C

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The premiums paid towards health insurance policies taken for self, spouse, children or parents is eligible for deduction u/s 80D of Income Tax Act 1961:

✓ The maximum limit for deduction for health insurance policy premium taken for self, spouse or children is ₹ 25,000 (The maximum limit is increased to ₹ 50,000 if the age of the person insured is above 60 years.Additional deduction up to ₹ 25,000 is allowed on health insurance premium paid towards covering parents (The maximum limit is increased to ₹ 50,000 if the age of the person insured is above 60 years. So, if person buys medical insurance for, self and parents who are senior citizen he/she will be allowed deduction up to ₹ 75,000 (Self 25,000 + Parents 50,000).

✓ If person who is senior citizen buys medical insurance for self and parents who are senior citizen he/she will be allowed deduction up to ₹ 1,00,000 (Self 50,000 + Parents 50,000).

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Interest paid on home loan is eligible for deduction

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Interest on Home Loan u/s 24

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This deduction is allowed on interest earned:

✓ From a savings account with a bank

✓ From a savings account with a co-operative society carrying on the business of banking

✓ From a savings account with a post office

This deduction is NOT allowed on interest earned on:

✓ Interest from fixed deposits

✓ Interest from recurring deposits

✓ Any other time deposits

Investments Summary

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Total Investment 0
HRA Exemption 0

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Old Tax Regime

New Tax Regime

Total Income

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Total Investment

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Standard Deduction

0

HRA Exemption

0

Taxable Income

0

Tax Payable

0

Total Income

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Total Investment

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Taxable Income

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0

Income Tax Calculator: Get Tax as per New & Old Regime Online

What Is an Income Tax Calculator?

Income Tax Slabs Under New and Old Regimes

 

In order to understand the income tax calculation process, you first need to know the rates applicable for different income limits under the new and the old regime.

Here is a table  comprising the income tax rates as per the old regime -

Income Slab

Tax Deduction

₹ 0 - ₹ 2,50,000

0%

₹ 2,50,000 to ₹ 5,00,000

5%

₹ 5,00,000 to ₹ 10,00,000

20%

More than ₹ 10,00,000

30%

Conversely, the following table lists the income tax rates applicable under the new regime. have a look -

Income Slab

Tax Deduction

₹ 0 - ₹ 2,50,000

0

₹ 2,50,000 to ₹ 5,00,000

5%

₹ 5,00,000 to ₹ 7,50,000

10%

₹ 7,50,000 to ₹ 10,00,000

15%

₹ 10,00,000 to ₹ 12,50,000

20%

₹ 12,50,000 to ₹ 15,00,000

25%

More than ₹ 15,00,000

30%

Cess

4% of total tax

Your income tax liability will be calculated depending on the regime you choose.

Now that you are aware of the applicable rates for respective income slabs under both regimes, let’s have a look at the calculation formula.

Income Tax Calculation Formula for New and Old Regimes

How to Calculate Total Income Tax Liability?

 

Using an income tax calculator, you can calculate the tax liability based on the following points -

1. Annual income coming from salary and other profits.

2. Earning from other sources like savings, investments, rent, etc.

3. Components of income eligible for exemptions.

4. Transport allowance and house rents.

5. Tax already paid through TDS.

 

Note that you need to pay tax on your gross taxable income, as is evident from the mentioned formula. This is your total income minus all applicable exemptions and already paid taxes.

Let's look at an illustration to understand this.

Following are your salary components and respective exemptions apply to them.

Salary Components and Amounts (in ₹)

Exemption Under Old Regime (in ₹)

Exemption Under New Regime (in ₹)

Basic Salary - 12,00,000

-

-

HRA - 6,00,000

3,60,000

-

Special Allowance - 2,52,000

-

-

Leave Travelling Allowance - 20000

12,000 (on submitting bills)

-

Standard Deduction

50,0000

-

Gross Taxable Income

16,50,000

20,72,000

Since the exemptions and applicable rates under the old and new regimes are different, here are 2 examples to illustrate the respective calculation processes.

Income Tax Liability Under Old Tax Regime

 

Calculation of income tax liability with an income tax calculator under the old regime is shown below -

Components

Amount (₹)

Total (₹)

Salary

16,50,000

-

Earning from Different Sources

20000

-

Total Income

-

16,70,000

Leave Travelling Allowance - 20000

12,000 (on submitting bills)

-

Deductions

-

-

Under Section 80C

1,50,000

-

Under Section 80D

12,000

-

Under Section 80TTA

8,000

1,70,000

Gross Taxable Income

-

15,00,000

Total Tax (including cess)

-

2,73,000

Income Tax Liability Under New Tax Regime

 

Calculation of tax liability by income tax calculator new regime is shown here -

Components

Amount (₹)

Total (₹)

Salary

20,72,000

-

Earning from Different Sources

20000

-

Gross Total Income

-

20,92,000

Total Tax (including cess)

-

3,79,704

What Are the Different Components Involved in the Old & New Regimes?

 

Different components considered under the tax regime are necessary to know how to calculate income tax. 

At first, you have to calculate income from all sources, including -

1. Salary. 

2. House property (rental income and interest paid for a home loan).

3. Capital gains or income from the sale or purchase of the house or any share of it.

4. Business or any professional service. 

5.Savings including fixed deposits, PPF, etc.

 

Next, you need to consider the following deductions according to your chosen regime -

 

Deductions Under Old Regime

Deductions Under New Regime

Section 80C – Up to ₹1.5 lakh on investments in PPF, LIC, fixed deposits, etc.

Not applicable

Section 80D – Up to ₹50,000 on the premium of medical insurance for self, spouse, children, and parents.

Not applicable

Section 80TTA – Up to ₹10,000 per year on income from interest from the savings account.

Not applicable

What Are the Benefits of Using an Income Tax Calculator?

Frequently Asked Questions