Income Tax Calculator
Income Details
Tax Calculation
Gross Total Income
₹10,00,000
Total Deductions
₹0
Taxable Income
₹10,00,000
Tax on Income
₹60,000
Surcharge
₹0
Health & Education Cess
₹2,400
Total Tax Liability
₹62,400
Tax Breakup
Other Tax Calculators
Tax Slabs
FY 2024-25 (AY 2025-26) - New Tax Regime
- • Up to ₹3 lakh: Nil
- • ₹3-6 lakh: 5%
- • ₹6-9 lakh: 10%
- • ₹9-12 lakh: 15%
- • ₹12-15 lakh: 20%
- • Above ₹15 lakh: 30%
- • Standard Deduction: ₹50,000
FY 2024-25 (AY 2025-26) - Old Tax Regime
- • Up to ₹2.5 lakh: Nil
- • ₹2.5-5 lakh: 5%
- • ₹5-10 lakh: 20%
- • Above ₹10 lakh: 30%
FY 2023-24 (AY 2024-25) - New Tax Regime
- • Up to ₹3 lakh: Nil
- • ₹3-6 lakh: 5%
- • ₹6-9 lakh: 10%
- • ₹9-12 lakh: 15%
- • ₹12-15 lakh: 20%
- • Above ₹15 lakh: 30%
FY 2023-24 (AY 2024-25) - Old Tax Regime
- • Up to ₹2.5 lakh: Nil
- • ₹2.5-5 lakh: 5%
- • ₹5-10 lakh: 20%
- • Above ₹10 lakh: 30%
Understanding Income Tax Calculation
Income tax calculation in India involves various components including income sources, deductions, exemptions, and tax slabs. The tax liability depends on the chosen regime and applicable rates.
New Regime
Lower tax rates but fewer deductions
Old Regime
Higher rates with more deductions
Deductions
Various sections for tax savings
How to Use This Calculator
- Select assessment year
- Choose tax regime (new/old)
- Enter income details
- Add applicable deductions
- Get detailed tax calculation
Frequently Asked Questions
Which tax regime should I choose?
The choice between new and old tax regime depends on your income level and available deductions. Generally, if you have significant deductions, the old regime might be beneficial.
What are the major changes in FY 2024-25?
The new tax regime includes a standard deduction of ₹50,000 from FY 2024-25. Tax slabs remain the same as the previous year.
What deductions are available in old regime?
Major deductions include Section 80C (₹1.5 lakh), 80D (health insurance), HRA, LTA, and NPS additional deduction (₹50,000). Standard deduction of ₹50,000 is also available.