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Income Tax Calculator
Estimate your income tax liability for the financial year. This tool provides a simplified calculation for both the old and new tax regimes in India.
About This Tool
This calculator helps you estimate your income tax based on your annual income and total deductions. You can compare the tax payable under both the Old and New Tax Regimes to decide which is more beneficial for you.
How to Use This Tool
- Enter your Gross Annual Income.
- Enter the total amount of tax deductions you are eligible for (this mainly applies to the Old Regime).
- Select your preferred tax regime (New or Old) from the dropdown.
- Click "Calculate Tax" to see the estimated tax liability.
Frequently Asked Questions
Which tax regime is better?+
It depends on your income and the deductions you can claim. If you have significant deductions (like HRA, home loan interest, 80C investments), the Old Regime might be better. If you have fewer deductions, the lower tax rates of the New Regime might be more beneficial. Use this calculator to compare both.
Are deductions applicable in the New Tax Regime?+
Most common deductions like those under Section 80C, 80D, and HRA are not available under the New Tax Regime. However, a standard deduction of ₹50,000 is available for salaried individuals.