Income Tax Calculator
Calculate your payable income tax under new and old regimes.
What is Income Tax Calculator?
An income tax calculator estimates the tax you need to pay on your annual income under the Indian Income Tax Act. It considers your salary, deductions, and the tax regime you choose.
India currently offers two tax regimes — the old regime with deductions (80C, 80D, HRA, etc.) and the new regime with lower rates but fewer deductions. This calculator helps you compare both and pick the better option.
How does the Income Tax Calculator work?
The calculator adds up your taxable income (salary, interest, rental income, etc.) and applies the applicable tax slabs after subtracting eligible deductions.
It also accounts for the standard deduction, Section 87A rebate, and health and education cess (4%) to give you the final tax liability.
How to use the Income Tax Calculator?
- Enter your annual gross salary and other income.
- Enter your deductions under Section 80C, 80D, HRA, and other sections.
- Select the tax regime (old or new).
- The calculator shows your taxable income, tax payable, and effective tax rate.
Example
Try the calculator with your own numbers
- Enter your values in the input fields above.
- Adjust the values to match your situation.
- The result updates instantly as you change the inputs.
Benefits of using the Income Tax Calculator
- Plan your tax-saving investments before the financial year ends.
- Compare old and new tax regimes to choose the better one.
- Avoid last-minute tax surprises.
- Understand your effective tax rate.
Who should use the Income Tax Calculator?
- Individuals planning loans, investments, or retirement savings.
- Salaried employees estimating taxes, EMIs, and take-home pay.
- Small business owners tracking costs, margins, and cash flow.
- Students learning personal finance and investment concepts.
Tips for getting the most out of the Income Tax Calculator
- Use realistic return rates — past performance does not guarantee future returns.
- Re-run the calculation whenever your income, expenses, or goals change.
- Compare a few scenarios (conservative, moderate, aggressive) before making a decision.
Frequently Asked Questions
Which tax regime is better — old or new?
It depends on your deductions. If you claim significant deductions (80C, 80D, HRA), the old regime may be better. Otherwise, the new regime with lower rates often wins.
What is the standard deduction?
The standard deduction of ₹50,000 (₹75,000 in the new regime from FY 2024-25) is available to salaried individuals and pensioners.
What is Section 87A rebate?
Under Section 87A, you get a rebate of up to ₹25,000 (new regime) or ₹12,500 (old regime) if your taxable income is below the specified limit, which can reduce your tax to zero.
Planning your finances is easier when you can see the numbers clearly. Use this calculator regularly to stay on top of your goals and make informed decisions.
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