An income tax calculator estimates your total tax payable based on your taxable income and applicable deductions.
About this calculator
An income tax calculator estimates your total tax payable based on your taxable income and applicable deductions. In India, taxpayers can choose between the old tax regime (with deductions) and the new tax regime (lower rates but fewer deductions).
The old regime allows deductions under Section 80C, 80D, HRA, LTA, and others. The new regime offers lower slab rates but eliminates most deductions. It shows which regime saves you more tax.
Common uses
- Calculate total income tax payable for the current financial year
- Compare old vs new tax regime to find which saves more tax
- Estimate advance tax installments
- Plan investments to maximize deductions under Section 80C
Frequently asked questions
What are the income tax slabs in India for FY 2024-25?
Under the new regime: 0% up to ₹3 lakh, 5% for ₹3–7 lakh, 10% for ₹7–10 lakh, 15% for ₹10–12 lakh, 20% for ₹12–15 lakh, and 30% above ₹15 lakh. The old regime has slabs of 0%/5%/20%/30% with various deductions available.
What is the standard deduction for salaried individuals?
Salaried individuals get a standard deduction of ₹75,000 under the new tax regime (increased from ₹50,000 in FY 2024-25 budget). Under the old regime, the standard deduction is ₹50,000.
What is the Section 80C deduction limit?
Under the old tax regime, deductions under Section 80C (EPF, PPF, ELSS, life insurance, home loan principal) are available up to ₹1.5 lakh per year. The new tax regime does not allow Section 80C deductions.