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

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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.

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 -

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%

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

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

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

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

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

Income Tax Calculation Formula for New and Old Regimes

How to Calculate Total Income Tax Liability?

Income Tax Liability Under Old Tax Regime

Income Tax Liability Under New Tax Regime

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

What Are the Benefits of Using an Income Tax Calculator?

Frequently Asked Questions

✓ What are the most important parameters to use a new income tax calculator??

✓ Is Section 80C exemption available under the new income tax calculation regime?

Important Calculators & Financial Tools

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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