Income Tax Calculator
-
Basic Details
1
-
Income
-
Deductions
See how the latest budget impacts your tax calculation. Updated as per latest budget on 23 July 2024
Return to be filed for AY 2026-2027
Return to be filed for AY 2025-2026
Age
< 60 years
61-80
> 80 years
Male
It includes the amount received by an employee without any tax deductions.
It includes income from other sources like freelancing, interest, gifts, etc.
Profits from the sale of an asset such as shares of stock, business, land or artwork.
It includes rental income from your let-out property.
It includes income from cryptocurrency, NFTs, etc.
Basic Deduction - 80C
It allows a maximum deduction of Rs 1.5 lakh
It includes Life Insurance Premium.
Amount invested in tax saver FD, PF(EPF + PPF) & tax saving mutual funds/ELSS.
It includes other investments under 80C like NSC, school fees, home loan repayment, Sukanya Samriddhi Yojana, ULIP, etc.
Total deduction
₹0
80D
It allows a maximum deduction of up to 1 Lakh
It includes Health Insurance Premium of You & Your Family. Upto ₹25000 (not Sr. Citizen)
It includes Health Insurance Premium of Your Parents. Upto ₹25000 (not Sr. Citizen)
It includes Health Check Up of You and Your Family Upto Rs 10000 within their existing limit of 80D.
Total deduction
₹0
Loan Interests
It includes interest on higher education loan for self/ dependent relatives.
It includes interest of EV car loan upto ₹150000.
Total deduction
₹0
80G
Entire donation amount paid to NGO, Political Party or Scietific Research/Agriculture.
Total deduction
₹0
80DD
It allows a maximum deduction of up to 2.25 Lakh
Individuals can claim deduction upto ₹75000 for the expenses of a disabled dependent and upto ₹125000 if disability is more than 80%.
Deduction allowed upto ₹40,000 and upto ₹1,00,000 for senior citizens.
Total deduction
₹0
80TTA
It allows a maximum deduction of 10 Thousand
Amount of interest gain on savings account by individuals, upto a maximum of ₹10000.
Total deduction
₹0
Section 24
A 30% standard deduction on total rental income from own rental property.
Deduction allowed upto ₹2 lakhs.
No limit on deduction amount.
Total deduction
₹0
NPS
It allows a maximum deduction of up to 50 Thousand
Deduction of up to ₹50,000 on own contribution.
Maximum contribution for both private and government sector employees is 14% of their salary (basic+DA)
Total deduction
₹0
HRA Exemption
This is the amount paid to the employee without any additions or allowances
Cost of living adjustment allowance paid to Government employees and pensioners. Please enter "0" if you do not receive dearness allowance.
Component of the salary given by a company to its employee to meet house renting expenses
Total rent paid by the employee in a year
Old Tax Regime
New Tax Regime
Total Income
₹ 0
Total Investment
₹ 0
Standard Deduction
₹ 0
HRA Exemption
₹ 0
Taxable Income
₹ 0
Total Deduction
₹ 0
Income Tax
₹ 0
Health and Education Cess(4%)
₹ 0
Surcharge
₹ 0
Total Tax Payable
₹ 0
Total Income
₹ 0
Standard Deduction
₹ 0
Taxable Income
₹ 0
Income Tax
₹ 0
Health and Education Cess(4%)
₹ 0
Surcharge
₹ 0
Total Tax Payable
₹ 0
Income Tax Calculator for FY 2025-26 (AY 2026-27): Calculate Tax as per New & Old Regime Online
The income tax calculator, old vs new regime, helps you gauge the impact of the old and new regimes of tax liability on your income. It serves you with a proper assessment of which regime to select and get most of the benefit.
Want to know more about its utility?
Keep reading!
What is an Income Tax Calculator?
Income Tax Slabs Under Old Tax Regime
In order to understand the income tax calculation process, you first need to know the rates applicable for different income limits under the new and the old regime.
The Income Tax Slab Rates for Individuals and HUF below 60 years of age as per the existing (old) income tax regime are as follows:
Income Tax Slabs Under New Tax Regime
The Union Budget of February 2025 has proposed changes in the income tax slabs of the New Tax Regime, which will be applicable for computing tax from April 1, 2025, onwards. Here are the new tax slabs:
Under this revised tax structure for FY 2025-26, individuals with earnings up to ₹12,00,000 will not have to pay any tax thanks to an increased rebate of ₹60,000.
[Source]
Your income tax liability will be calculated depending on the regime you choose.
Now that you are aware of the applicable rates for respective income slabs under both regimes, let’s have a look at the calculation formula.
Income Tax Calculation Formula for New and Old Regimes
Note that irrespective of the chosen regime, the basic income tax calculation formula remains the same.
Here is the formula used by an online calculator for tax
Total income tax = {Total income - (exempted limit + all applicable deductions + TDS)} x applicable tax rate as per income slab + cess
How to Calculate Total Income Tax Liability?
Using an income tax calculator, you can calculate the tax liability based on the following points:
- The annual income comes from salary and other profits.
- Earning from other sources like savings, investments, rent, etc.
- Components of income eligible for exemptions.
- Transport allowance and house rent.
- Tax has already been paid through TDS.
Note that you need to pay tax on your gross taxable income, as is evident from the mentioned formula. This is your total income minus all applicable exemptions and already paid taxes.
Let's look at an illustration to understand this.
The following are your salary components, and the respective exemptions apply to them.
Since the exemptions and applicable rates under the old and new regimes are different, here are 2 examples to illustrate the respective calculation processes.
Income Tax Liability Under Old Tax Regime
Â
Calculation of income tax liability with an income tax calculator under the old regime is shown below:
Calculation of income tax on the taxable income:
Income Tax Liability Under New Tax Regime
Â
Calculation of tax liability using new tax regime calculator is shown here:
Calculate the tax amount under the new tax regime on the taxable income of ₹19,97,000.
Different Components Involved in Old & New Tax Regimes
Different components considered under the tax regime are necessary to know how to calculate income tax.
At first, you have to calculate income from all sources, including -
- Salary
- House property (rental income and interest paid for a home loan)
- Capital gains or income from the sale or purchase of the house or any share of it
- Business or any professional service
- Savings including fixed deposits, PPF, etc.
Next, you need to consider the following deductions according to your chosen regime-
Benefits of Using an Income Tax Calculator Online
The benefits of an income tax calculator are as follows:
- Planning your tax liabilityÂ
- Precise, easy, and comprehensive
- Saving time
- Getting the right information
- Free tool
- No login or credentials are required
- Shows details about the calculation
- Can select any option between the new and old regimes
An old vs new tax regime calculator is very helpful in understanding your tax liability for both new and old tax regimes based on the data provided. This way, you can choose the tax regime most suitable for you.
FAQs about Income Tax Calculator
What is an income tax calculator?
An income tax calculator is an online tool that helps you calculate the estimated tax liability for old and new tax regimes, based on your income, deductions, investments, and other financial details. Â
What are the most important parameters to use a new income tax calculator??
To use a new income tax calculator following data are required -
- Income
- Expense
- Investment
- Age
- TDS paid
Is Section 80C exemption available under the new income tax calculation regime?
No, Section 80C deduction is restricted only to the old income tax calculation regime.
How much tax will be deducted from my salary?
The tax will be deducted based on the income slab you belong to. You can refer to the income tax slabs and rates table given or can use the income tax calculator online on our website or app.
Is the tax filing due date the same for every taxpayer in India?
No, the due date for filing income tax varies. For individual taxpayers, the due date is set on 31st July of the assessment year.
How do I use an income tax calculator?
To use an income tax calculator online, provide your income details, filing status, deductions, and credits. The calculator will then estimate your tax liability for the selected financial year.
Why should I use a new tax regime calculator?
Using an income tax calculator can help you plan your finances better by giving you an estimate of your tax liability as per the new tax regime.
How to reduce tax in a new regime?
To reduce tax liability under the new tax regime, you can invest in the limited options available for exemptions under new tax regime.Â
Can I switch between old and new tax regime while filing for ITR?
Yes, individual taxpayers with non-business income can switch between the new and old tax regimes every year before the ITR due date. However, an individual, HUF, AOP (not being co-operative societies), BOI or Artificial Juridical Person with business or professional income are not eligible to do so. Â
What information do I need to use an old vs new tax regime calculator?
You will need your income details, filing status, deductions, credits, and any other relevant financial information to use an income tax calculator effectively.
What is the period for income tax calculation?
Income tax is calculated on a yearly basis. Under the Income Tax Act, the period between 1st April and 31st March of the next calendar year is considered as a year for income tax calculation.
Can TDS be also calculated using the income tax calculator?
No, the income tax calculator does not calculate TDS. Â
How much tax do I need to pay if my income is ₹12 lakh?
Under the new income tax regime, no tax is payable for income up to ₹12 lakh.
Are income tax liabilities different for women in India?
No, since FY 2012-13 tax slabs are same for all genders and are determined solely based on an individual’s income and age.
Is it mandatory to file Income Tax Returns?
Yes, every individual falling under the income tax slabs need to file their income tax returns.