Income Tax Calculator (India)

An Income Tax Calculator helps you estimate your tax liability based on your annual income, applicable tax slabs, and selected tax regime. It provides a quick and accurate way to calculate how much tax you need to pay under the latest income tax rules.

How to Use Income Tax Calculator?

• Enter your annual income
• Select Old or New Tax Regime
• Click on calculate to get instant results

Income Tax Slabs (New Regime)

• 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%

Income Tax Slabs (Old Regime)

• 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%

Old vs New Tax Regime

The new tax regime offers lower tax rates but removes most deductions and exemptions. The old tax regime allows deductions like Section 80C, HRA, and 80D, which can help reduce taxable income.

Benefits of Using Income Tax Calculator

• Instant tax calculation
• Compare old and new tax regimes
• Helps in financial and tax planning
• Reduces calculation errors

Who Should Use This Calculator?

This calculator is useful for salaried employees, freelancers, business owners, and anyone who wants to estimate their income tax liability.

Important Notes

• Rebate under Section 87A may apply based on income limits
• Health and education cess of 4% is applicable
• Deductions are only applicable under the old regime

FAQs

1. What is the basic exemption limit?
₹2.5 lakh (old regime) and ₹3 lakh (new regime).

2. Which tax regime is better?
It depends on your deductions and income level.

3. Is this calculator accurate?
Yes, it uses the latest tax slab rates for estimation.