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AIWEALTH CALCULATORS.COM

Income Tax Calculator

Calculate your income tax liability with our easy-to-use calculator. Get accurate tax estimates based on the latest tax slabs and regulations.

Updated for FY 2024-25 Supports both Old & New tax regimes

Income Tax Calculator

Calculate your income tax liability for the financial year and plan your finances efficiently.

Select Tax Regime

Basic Details

Income Details

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Deductions & Exemptions

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House Rent Allowance (HRA)

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Income Tax Slabs & Information

New Tax Regime Slabs (FY 2024-25)

Income Slab Tax Rate
Up to ₹3,00,000 Nil
₹3,00,001 to ₹6,00,000 5%
₹6,00,001 to ₹9,00,000 10%
₹9,00,001 to ₹12,00,000 15%
₹12,00,001 to ₹15,00,000 20%
Above ₹15,00,000 30%

Standard deduction of ₹50,000 is available under the new tax regime. Most other deductions and exemptions are not available.

Old Tax Regime Slabs (FY 2024-25)

Income Slab Tax Rate
Up to ₹2,50,000 Nil
₹2,50,001 to ₹5,00,000 5%
₹5,00,001 to ₹10,00,000 20%
Above ₹10,00,000 30%

Various deductions like 80C, 80D, HRA, home loan interest, etc. are available under the old tax regime.

Surcharge & Cess Details

Surcharge Rates:

  • Income up to ₹50 lakhs: No surcharge
  • Income > ₹50 lakhs but ≤ ₹1 crore: 10% of income tax
  • Income > ₹1 crore but ≤ ₹2 crores: 15% of income tax
  • Income > ₹2 crores but ≤ ₹5 crores: 25% of income tax
  • Income > ₹5 crores: 37% of income tax

Health & Education Cess:

4% of income tax and surcharge is applicable for all taxpayers.

Frequently Asked Questions

What is the difference between the old and new tax regimes?

The new tax regime offers lower tax rates but eliminates most deductions and exemptions. The old tax regime has higher tax rates but allows for various deductions under sections like 80C, 80D, HRA exemptions, etc.

Which tax regime should I choose?

If you have significant investments and deductions like home loans, medical insurance, and other tax-saving instruments, the old regime might be beneficial. If you have fewer deductions, the new regime might offer a lower tax liability.

What are the major deductions available under Section 80C?

Section 80C includes investments in PPF, ELSS mutual funds, life insurance premiums, NSC, tax-saving fixed deposits, home loan principal repayment, tuition fees, and more. The maximum deduction available is ₹1,50,000.

How is HRA exemption calculated?

HRA exemption is the minimum of: (1) Actual HRA received, (2) 50% of basic salary for metro cities (40% for non-metro), or (3) Rent paid minus 10% of basic salary.