Income Tax Calculator

  • Basic Details
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  • Income
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  • Deductions
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See how the latest budget impacts your tax calculation. Updated as per latest budget on 1 February, 2023

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Return to be filed for AY 2024-2025

FY 2023-2024
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Return to be filed for AY 2023-2024

FY 2022-2023

Age

< 60 years

61-80 years

> 80 years

Male

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Male
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Female
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Transgender
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It includes the amount received by an employee without any tax deductions.

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It includes income from other sources like freelancing, interest, gifts, etc.

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Profits from the sale of an asset such as shares of stock, business, land or artwork.

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It includes rental income from your let-out property.

Basic Deduction - 80C

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It allows a maximum deduction of Rs 1.5 lakh

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It includes Life Insurance Premium.

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Amount invested in tax saver FD, PF(EPF + PPF) & tax saving mutual funds/ELSS.

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It includes other investments under 80C like NSC, school fees, home loan repayment, Sukanya Samriddhi Yojana, ULIP, etc.

Total deduction

₹0

80D

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It allows a maximum deduction of up to 1 Lakh

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It includes Health Insurance Premium of You & Your Family. Upto ₹25000 (not Sr. Citizen)

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It includes Health Insurance Premium of Your Parents. Upto ₹25000 (not Sr. Citizen)

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It includes Health Check Up of You and Your Family Upto Rs 10000 within their existing limit of 80D.

Total deduction

₹0

Loan Interests

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It includes interest on higher education loan for self/ dependent relatives.

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It includes interest of EV car loan upto ₹150000.

Total deduction

₹0

80G

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Entire donation amount paid to NGO, Political Party or Scietific Research/Agriculture.

Total deduction

₹0

80DD

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It allows a maximum deduction of up to 2.25 Lakh

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Individuals can claim deduction upto ₹75000 for the expenses of a disabled dependent and upto ₹125000 if disability is more than 80%.

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Deduction allowed upto ₹40,000 and upto ₹1,00,000 for senior citizens.

Total deduction

₹0

80TTA

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It allows a maximum deduction of 10 Thousand

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Amount of interest gain on savings account by individuals, upto a maximum of ₹10000.

Total deduction

₹0

Section 24

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A 30% standard deduction on total rental income from own rental property.

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Deduction allowed upto ₹2 lakhs.

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No limit on deduction amount.

Total deduction

₹0

NPS

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It allows a maximum deduction of up to 50 Thousand

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Deduction of up to ₹50,000 on own contribution.

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Maximum deduction for private sector employees is 10% of their salary (basic+DA), and for government employees is 14%.

Total deduction

₹0

HRA Exemption

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This is the amount paid to the employee without any additions or allowances

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Cost of living adjustment allowance paid to Government employees and pensioners. Please enter "0" if you do not receive dearness allowance.

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Component of the salary given by a company to its employee to meet house renting expenses

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Total rent paid by the employee in a year

Do you live in metros like Delhi, Mumbai, Kolkata or Chennai?*

Old Tax Regime

New Tax Regime

Total Income

0

Total Investment

0

Standard Deduction

0

HRA Exemption

0

Taxable Income

0

Total Deduction

0

Income Tax

0

Health and Education Cess(4%)

0

Surcharge

0

Total Tax Payable

0

Total Income

0

Total Investment

0

Standard Deduction

0

Taxable Income

0

Income Tax

0

Health and Education Cess(4%)

0

Surcharge

0

Total Tax Payable

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

[Source]

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

Taxable Income

-

15,00,000

Total Tax (including cess)

-

2,73,000

Calculation of Tax amount on the taxable Income:

Slab

Tax rate

Tax amount (Rs)

0 to 2,50,000

0%

0

2,50,000 to 5,00,000

5% ( 2,50,000*5%)

12,500

5,00,000 to 10,00,000

20% (5,00,000*20%)

1,00,000

More than 10,00,000

30% ( 5,00,000*30%)

1,50,000

Total

-

2,62,500

Add. Cess

4%

10,500

Total Tax payable

-

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

-

Total Income

-

20,92,000

Total Tax (including cess)

-

3,79,704

Calculate the Tax amount under the new tax regime on taxable income of Rs 20,92,000.

Slab Under New Tax Regime

Tax rate

Tax amount in Rs

0- 2,50,000

0%

0

2,50,001-5,00,000

5%(2,50,000*5%)

12,500

5,00,001-7,50,000

10% (2,50,000*10%)

25,000

7,50,001-10,00,000

15% (2,50,000*15%)

37,500

10,00,001-12,50,000

20% (2,50,000*20%)

50,000

12,50,001-15,00,000

25% (2,50,000*25%)

62,500

More than 15,00,001

30% (5,92,000*30%)

1,77,600

Total

-

3,65,100

Add cess

4%

14,604

Total Tax

-

3,79,704

How to Use the Income Tax Calculator?

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