Income Tax Calculator (India)
PopularCalculate Indian income tax
Income Tax Calculator (India)
Calculate Indian income tax under old and new tax regimes
Enter Details
Tax Calculation Results
Taxable Income
₹4,50,000
Income Tax
₹10,000
Health & Education Cess (4%)
₹400
Total Tax Payable
₹10,400
How to Use the Income Tax Calculator (India)
Our Income Tax Calculator for India helps you estimate your tax liability under both the old and new tax regimes. Simply enter your annual income, deductions, and select your preferred tax regime to get instant calculations.
Step-by-Step Guide:
- Enter your gross annual income from all sources
- Input your eligible deductions (HRA, LTA, standard deduction, etc.)
- Choose between Old Tax Regime or New Tax Regime
- View your taxable income and total tax liability
- Download the calculation results for your records
Features of Our Income Tax Calculator
Dual Tax Regime Support
Calculate tax under both old and new tax regimes to compare and choose the best option
Comprehensive Deductions
Account for all major deductions including HRA, LTA, standard deduction, and more
Real-time Calculations
Get instant tax calculations as you input your income and deduction details
Health & Education Cess
Automatically calculates the 4% Health & Education Cess on your tax liability
Download Results
Save your tax calculation results as a text file for record-keeping
Tax Slab Breakdown
View detailed breakdown of tax calculation across different income slabs
Why Use Our Income Tax Calculator?
Planning your taxes effectively requires accurate calculations and understanding of the tax slabs. Our calculator helps you make informed decisions about your tax planning strategy.
Benefits:
- ✓Compare old vs new tax regimes
- ✓Understand tax slab calculations
- ✓Plan deductions effectively
- ✓Estimate quarterly tax payments
Use Cases:
- ✓Salary planning and budgeting
- ✓Investment tax planning
- ✓Tax-saving investment decisions
- ✓Advance tax calculation
Who Should Use This Calculator?
This calculator is designed for individuals and professionals who need to understand their tax obligations and plan their finances accordingly.
Salaried Individuals
Calculate tax on salary income and plan deductions
Business Owners
Estimate tax liability for business income and profits
Freelancers
Plan tax for freelance and professional income
Investors
Understand tax implications of investment income
Tax Consultants
Quick tax calculations for client consultations
Students
Learn about Indian tax system and calculations
Understanding Indian Income Tax System
Tax Regimes in India
India offers two tax regimes: the Old Tax Regime and the New Tax Regime (introduced in Budget 2020). Each regime has different tax slabs and deduction benefits.
Old Tax Regime
- • Up to ₹2.5 lakh: Nil
- • ₹2.5 lakh to ₹5 lakh: 5%
- • ₹5 lakh to ₹10 lakh: 20%
- • Above ₹10 lakh: 30%
- • Allows various deductions
- • Standard deduction: ₹50,000
New Tax Regime
- • Up to ₹3 lakh: Nil
- • ₹3 lakh to ₹7 lakh: 5%
- • ₹7 lakh to ₹10 lakh: 10%
- • ₹10 lakh to ₹12 lakh: 15%
- • ₹12 lakh to ₹15 lakh: 20%
- • Above ₹15 lakh: 30%
- • Standard deduction: ₹50,000
Common Deductions
- • House Rent Allowance (HRA)
- • Leave Travel Allowance (LTA)
- • Conveyance Allowance
- • Medical Insurance Premium
- • Education Loan Interest
- • Employee's Provident Fund (EPF)
- • Life Insurance Premium
- • National Pension Scheme (NPS)
- • Home Loan Interest
- • Donations to Charity
Health & Education Cess
In addition to income tax, taxpayers are required to pay a 4% Health & Education Cess on the calculated income tax. This cess is used for funding health and education initiatives in India.
Frequently Asked Questions
What is the difference between old and new tax regimes?
The new tax regime offers lower tax rates for higher income slabs but removes most deductions. The old regime has higher tax rates but allows various deductions like HRA, LTA, home loan interest, etc.
What deductions can I claim under Section 80C?
Section 80C allows deductions up to ₹1.5 lakh for investments in PPF, ELSS, life insurance, home loan principal, children's education, etc. This deduction is available only under the old tax regime.
How is advance tax calculated?
Advance tax is paid quarterly if your tax liability exceeds ₹10,000 in a year. It should be paid by 15th June, 15th September, 15th December, and 31st March.
What is the standard deduction?
Standard deduction is ₹50,000 for both tax regimes. It reduces your taxable income without requiring any actual expenditure or investment proof.
How do I choose between old and new tax regimes?
Compare your tax liability under both regimes after accounting for all deductions you're eligible for. Choose the regime that results in lower tax liability. Most taxpayers with deductions prefer the old regime.
What is the surcharge on income tax?
Surcharge is an additional tax on high-income earners. It applies to income above ₹50 lakh (10%), ₹1 crore (15%), and ₹2 crore (25%) for individuals. Our calculator includes surcharge calculations.