Income Tax Calculator
Calculate and compare tax liability for Old vs New Tax Regimes
Gross Income
0
Taxable Income
0
Total Tax Payable
0
Effective Rate
0%
Tax Regime Comparison
New Tax Regime
Taxable Income
0
Basic Income Tax
0
Health & Edu Cess (4%)
0
Total Annual Tax
0
Monthly Tax
0
Old Tax Regime
Taxable Income
0
Basic Income Tax
0
Health & Edu Cess (4%)
0
Total Annual Tax
0
Monthly Tax
0
Introduction
The Income Tax Calculator is a simple and useful online tool that helps you calculate your estimated tax liability based on your income. If you find it confusing to manually calculate figures related to your annual salary, interest income, income from house property, or other sources, this tool can make the process much easier. You can select your country and currency, choose the financial year, and view calculations based on your preferred tax regime. The tool also includes an option to compare the Old and New Tax Regimes.
In this Income Tax Calculator, you can enter details regarding your annual salary or gross income, income from interest, income or loss from house property, and income from other sources. Additionally, the tool allows you to include deductions applicable under the Old Tax Regime, such as those under Section 80C, Section 80D, and other eligible categories. For Section 80C inputs, the calculator considers a maximum limit of ₹1,50,000.
After performing the calculation, the calculator displays the Gross Income, Taxable Income, Total Tax Payable, and Effective Tax Rate. It also provides a detailed comparison between the New Tax Regime and the Old Tax Regime, showing figures such as taxable income, basic income tax, the 4% Health & Education Cess, total annual tax, and the monthly tax amount. The Income Tax Calculator tool does not require any login or sign-up; it has been built with user needs in mind. Although the tool will be rebuilt with updated features in the future, no login or sign-up options will be added even then. You can use both the current version and the future rebuilt version of the tool for free.
The primary purpose of this tool is to make tax calculation easy, quick, and understandable. The calculator compares the estimated tax amounts under both tax regimes and highlights the one with the lower tax liability as the recommended option. If the tax under the New Tax Regime is lower, the Income Tax Calculator tool displays potential tax savings; if the Old Tax Regime is better, it recommends the Old Regime. You can gain a better understanding of these recommendations.
Features of Income Tax Calculator
- Old & New Tax Regime
- Annual Salary Calculation
- Interest Income Input
- House Property Income/Loss
- Other Income Support
- Section 80C and 80D Deduction
- Tax Regime Selection
- Gross & Taxable Income
- 4% Health & Education Cess
- Monthly Tax Estimate
- Lower-Tax Regime Recommendation
How to Use This Tool
- Select country and currency
- Choose the financial year
- Select the tax regime
- Enter annual salary
- Add additional income
- Enter applicable deductions
- Click on 'Calculate Tax'
- Check tax results
- Compare old vs. new regime
- Check the recommended regime
Example Calculation:
| Annual Salary | Interest Income | House Property Income/Loss | Other Sources of Income | Section 80C | Section 80D | Other Eligible Deductions | Preferred Tax Regime |
|---|---|---|---|---|---|---|---|
|
₹15,00,000 |
₹0 |
₹0 |
₹0 |
₹0 |
₹0 |
₹0 |
New Tax Regime |
Result:
| Gross Income | Taxable Income | Basic Income Tax | Health & Education Cess (4%) | Total Annual Tax | Monthly Tax |
|---|---|---|---|---|---|
|
₹15,00,000 |
₹14,25,000 |
₹93,750 |
₹3,750 |
₹97,500 |
₹8,125 |
Benefits of Income Tax Calculator
- Easy Tax Calculation
- Less Manual Effort
- Regime Comparison
- Quick Taxable Income
- Annual & Monthly Tax
- Effective Tax Rate
- Deduction Support
- Multiple Income Sources
- Tax Difference Check
- Beginner-Friendly Use
Frequently Asked Questions (FAQs)
What is an income tax calculator?
It is an online tax calculation tool.
Which income can be added?
Salary, Interest, House Property and Other Income.
Can the Section 80A deduction be added?
Yes, you can add the Section 80A deduction.
What is Section 80D?
It is for the health insurance deduction.
What is the effective tax rate?
The tax percentage is based on gross income.
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