Income Tax Calculator
Calculate your income tax liability based on the latest tax slabs for both new and old tax regimes in India. Plan your finances better with our easy-to-use tax calculator.
Note: This calculator is for estimation purposes only and is based on the Indian income tax structure. The actual tax liability may differ based on various factors including additional income sources, specific exemptions, and surcharges.
New vs Old Tax Regime
New Tax Regime
- Introduced in Budget 2020 and modified in Budget 2023
- Lower tax rates compared to the old regime
- Most deductions and exemptions are not available
- Simplified tax structure with more slabs
- Default regime from FY 2023-24 unless opted out
Old Tax Regime
- Traditional tax structure with higher base rates
- Various deductions and exemptions available
- Includes benefits like HRA, LTA, Section 80C, etc.
- May be beneficial for those with significant deductions
- Must be specifically opted for from FY 2023-24
Common Tax Deductions (Old Regime)
Section 80C
Up to ₹1,50,000 for investments in PPF, ELSS, life insurance, etc.
Section 80D
Up to ₹25,000 for health insurance premiums (₹50,000 for senior citizens)
House Rent Allowance
Exemption based on actual rent paid, salary, and city of residence
Home Loan Interest
Up to ₹2,00,000 for interest on self-occupied property
Standard Deduction
Flat ₹50,000 for salaried individuals
NPS Contribution
Additional deduction of up to ₹50,000 under Section 80CCD(1B)
Tax Planning Tips
- Compare both tax regimes to determine which is more beneficial for you
- Plan your investments and expenses to maximize tax benefits under the old regime
- Consider tax-efficient investment options like ELSS, PPF, and NPS
- Maintain proper documentation for all deductions and exemptions claimed
- File your tax returns on time to avoid penalties and interest
- Consult a tax professional for personalized tax planning advice