India Income Tax Calculator
Calculate your Income Tax in India based on the old and new tax regimes. Determine which tax regime is better for you.
Understanding Income Tax in India
Income tax in India is levied by the Central Government on the taxable income of individuals, Hindu Undivided Families (HUFs), companies, firms, and other entities. Recently, the government introduced a "New Tax Regime" with lower tax rates but fewer deductions, alongside the "Old Tax Regime" which has higher rates but allows for various exemptions and deductions.
New vs. Old Tax Regime
The old tax regime allows you to claim deductions like Section 80C (up to ₹1.5 lakh for investments like PPF, ELSS, Life Insurance), 80D (health insurance premiums), HRA, and LTA. The new tax regime generally does not allow these deductions, but provides a simpler tax slab structure with lower rates. From FY 2023-24, the new tax regime is the default regime.
How to use the calculator
Enter your gross annual income, select the tax regime you want to evaluate, and (if selecting the old regime) input any applicable deductions under Section 80C or 80D. The calculator will automatically apply standard deductions, calculate your tax based on the applicable slabs, apply the Section 87A rebate if eligible, and add the 4% Health & Education Cess.