Income Tax Calculator

Estimate your income tax liability for the current financial year.

Your Income Details

Enter your total annual income before deductions.
Total amount of eligible tax deductions.

Net Taxable Income

0

Total Tax Liability

0

Average Tax Rate

0 %

Tax Breakdown

Income Slab Tax Rate Tax Amount

Income Tax Calculator India FY 2024-25 - Free Online Tool

Free income tax calculator for India. Calculate your income tax liability under old and new tax regime for FY 2024-25. Plan deductions and save more tax.

💰 Income Tax Calculator India - Old vs New Regime Comparison

Calculate your income tax for FY 2024-25 (AY 2025-26). Compare both regimes, maximize tax savings, plan smartly!

Compare Regimes

Old vs New side-by-side

Latest Slabs

FY 2024-25 updated rates

Deductions

80C, 80D, HRA, LTA

Tax Breakup

Base tax, surcharge, cess

How to Calculate Income Tax Online

Know your exact tax liability in 4 simple steps.

1
Enter Personal Details

Select age group (<60, 60-80, 80+), residential status, and applicable tax regime.

2
Input Gross Income

Salary, rental income, interest, capital gains, business income, other sources.

3
Add Deductions & Exemptions

80C investments, 80D mediclaim, HRA, LTA, standard deduction, home loan interest.

4
View Tax Calculation

See detailed tax breakup, compare both regimes, download comprehensive report.

What You Need Ready:
  • Form 16: Salary details and TDS deducted by employer
  • Interest Certificates: Home loan, car loan, personal loan statements
  • Investment Proofs: LIC, PPF, ELSS, NSC, 5-year FD receipts
  • Rent Receipts: If paying rent for HRA exemption
  • Mediclaim Premium: Health insurance policy details for 80D
  • Capital Gains: Equity/debt mutual fund, property sale details
  • Other Income: Interest from savings account, fixed deposits
  • Donation Receipts: 80G eligible charitable contributions

Who Should Use This Tax Calculator?

Essential tool for salaried professionals, freelancers, and businesses to plan taxes efficiently.

Salaried Employees

Optimize tax planning, choose right regime

  • Scenario: Annual package ₹15 lakhs, confused between old vs new regime
  • Old Regime: With 80C (₹1.5L), HRA (₹2L), 80D (₹25K) → Tax: ₹1.95 lakhs
  • New Regime: Lower rates but no exemptions → Tax: ₹2.10 lakhs
  • Decision: Old regime saves ₹15,000 if you have valid proofs
Freelancers & Consultants

Calculate advance tax, plan quarterly payments

  • Scenario: Freelance income ₹12 lakhs, expenses ₹3 lakhs
  • Taxable Income: ₹9 lakhs (after 50% presumptive or actual expenses)
  • Advance Tax: Pay in 4 installments (Jun 15%, Sep 30%, Dec 60%, Mar 100%)
  • Benefit: Avoid interest penalty u/s 234B/C for late payment
Small Business Owners

Presumptive taxation vs regular computation

  • Scenario: Shop owner with ₹40 lakhs turnover
  • Section 44AD: Presumptive 6% income = ₹2.4 lakhs taxable
  • Regular Method: Actual profit ₹5 lakhs after expenses
  • Savings: Presumptive scheme reduces compliance burden, lower audit requirements
Homeowners with Loan

Maximize home loan tax benefits

  • Scenario: Self-occupied house, home loan interest ₹3 lakhs/year
  • Section 24(b): Deduction up to ₹2 lakhs on interest
  • Principal Repayment: Additional ₹1.5 lakhs u/s 80C
  • Total Benefit: ₹3.5 lakhs deduction reduces tax by ₹1.05 lakhs (30% slab)
Critical Decision: Old vs New Tax Regime (FY 2024-25)
Feature Old Regime (With Exemptions) New Regime (Lower Rates)
Tax Slabs 0-2.5L: Nil
2.5-5L: 5%
5-10L: 20%
10L+: 30% 		0-3L: Nil
3-7L: 5%
7-10L: 10%
10-12L: 15%
12-15L: 20%
15L+: 30%
Standard Deduction ₹50,000 (salaried only) ₹75,000 (salaried only) ✅
80C Deduction Up to ₹1.5 lakhs ✅ Not allowed ❌
HRA Exemption Available (rent paid) ✅ Not available ❌
Medical Insurance (80D) Up to ₹25,000 (₹50K for seniors) ✅ Not available ❌
Best For Calculate both ways! Depends on your specific deductions and income level

Pro Tip: Use our calculator to compute tax under both regimes instantly—don't guess, calculate!

Frequently Asked Questions

It depends on your total deductions and taxable income:

Choose OLD Regime If:
  • ✓ Total exemptions > ₹3.5 lakhs annually
  • ✓ Pay significant HRA (metro cities)
  • ✓ Max out 80C (PPF, ELSS, LIC)
  • ✓ Have home loan interest > ₹2 lakhs
  • ✓ Senior citizen with high medical costs
Choose NEW Regime If:
  • ✓ Total exemptions < ₹2.5 lakhs
  • ✓ Young professional, no major deductions
  • ✓ Don't pay HRA (live in own house)
  • ✓ No home loan, minimal investments
  • ✓ Want simplicity, lower compliance

Example: For ₹15 lakh income with ₹3.5L+ deductions, old regime saves ~₹20,000. Without deductions, new regime saves ~₹40,000.

Maximum tax-free limit varies by age and regime:

Age Group Old Regime New Regime
Below 60 years ₹2.5 lakhs ₹3 lakhs
Senior Citizens (60-80) ₹3 lakhs ₹3 lakhs
Super Seniors (80+) ₹5 lakhs ₹3 lakhs
Rebate u/s 87A: Even if income exceeds basic exemption, no tax payable if taxable income ≤ ₹5 lakhs (both regimes). This makes effective tax-free income higher!

Maximum 80C limit: ₹1.5 lakhs per financial year

Popular 80C Investment Options:
Instrument Lock-in Period Expected Return Risk
EPF (Employees' PF) Till retirement 8.15% Low
PPF (Public PF) 15 years 7.1% Very Low
ELSS (Equity Linked Savings) 3 years 12-15% Moderate-High
NSC (National Savings Certificate) 5 years 7.7% Low
Tax-saving FD 5 years 6.5-7.5% Low
LIC Premium Policy term 4-6% Low

Tax Saved: At 30% slab, investing ₹1.5L in 80C saves ₹45,000 + ₹1,800 cess = ₹46,800 total savings!

HRA exemption is lowest of these 3 amounts:

  1. Actual HRA received from employer
  2. 50% of Basic Salary (for metro cities: Delhi, Mumbai, Chennai, Kolkata)
    OR 40% for non-metro cities
  3. Rent paid minus 10% of Basic Salary
    (Actual rent - 10% × Basic)
Example Calculation:
  • Basic Salary: ₹60,000/month
  • HRA Received: ₹24,000/month
  • Rent Paid: ₹18,000/month (Mumbai - metro)
Exemption Calculation:
  1. Actual HRA = ₹24,000
  2. 50% of Basic = ₹30,000 (60,000 × 50%)
  3. Rent - 10% Basic = ₹12,000 (18,000 - 6,000)
  4. Lowest = ₹12,000/month = ₹1.44 lakhs/year exempt!

Yes, but you get a special deduction:

Section 80TTA - Savings Account Interest:
  • Deduction: Up to ₹10,000 per year
  • Applies to: Savings account with banks, post office, co-operative societies
  • Not applicable to: Fixed deposits, recurring deposits
  • Taxability: Interest above ₹10,000 added to income, taxed as per slab
For Senior Citizens (60+): Section 80TTB
  • Higher Deduction: Up to ₹50,000 per year
  • Covers: All interest income (savings + FD + RD + bonds)
  • Benefit: First ₹50K interest completely tax-free!
TDS Alert: Bank deducts 10% TDS if interest > ₹40,000 (₹50,000 for seniors). Submit Form 15G/H to avoid TDS if total income below taxable limit.

Benefits of Using Our Income Tax Calculator

Tax Planning Advantages
  • Informed Decisions: Choose optimal tax regime based on calculations
  • Maximize Savings: Identify best deductions for your situation
  • Avoid Surprises: Know exact tax liability before filing returns
  • Cash Flow Planning: Plan for advance tax payments, avoid interest
  • Scenario Analysis: "What-if" calculations for salary hikes, bonuses
  • Compliance: Ensure accurate tax payments, reduce notice risk
Tool Features
  • Updated for FY 2024-25: Latest tax slabs, surcharge rates
  • Side-by-Side Comparison: Both regimes displayed together
  • Detailed Breakup: Base tax, surcharge, 4% health & education cess
  • All Deductions: 80C, 80D, 80G, HRA, LTA, home loan benefits
  • Age-Specific: Different exemption limits for senior citizens
  • Free & Private: No login, unlimited calculations, data stays on device

Calculate Your Tax Now!

Optimize your tax planning in 5 minutes—save thousands legally!