Income Tax Calculator

1. Enter Gross Income: Provide salary, business income, or other sources of earnings.
2. Choose Tax Regime: Select between the old or new tax regime.
3. Add Deductions: Include exemptions such as 80C (LIC, PPF), 80D (medical insurance), and HRA.
4. Compute Tax: The calculator applies relevant tax slabs and deductions.
5. View Taxable Income & Payable Tax: Displays net tax liability or refund eligibility.

Income tax is generally calculated using the following formula:

Taxable Income = Gross Income − Deductions Taxable Income=Gross Income−Deductions

Income Tax = ( Taxable Income × Applicable Tax Slabs ) − Rebates and Exemptions

For example, under the new tax regime in India (FY 2024-25):

₹0 - ₹3,00,000 → 0% tax

₹3,00,001 - ₹6,00,000 → 5% tax

₹6,00,001 - ₹9,00,000 → 10% tax

₹9,00,001 - ₹12,00,000 → 15% tax

₹12,00,001 - ₹15,00,000 → 20% tax

₹15,00,001 and above → 30% tax

1. Quick & Accurate:

   Instantly calculates tax liability based on income and deductions.

2. Tax Planning:

   Helps in better financial planning by showing potential tax savings.

3. Comparison of Tax Regimes:

   Compares tax under old and new regimes to choose the best option.

4. Deductions & Exemptions:

   Displays applicable deductions like Section 80C, 80D, HRA, etc.

5. Avoids Manual Errors:

   Automates complex calculations and minimizes mistakes.