Income Tax Calculator India
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Tax payable
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Online Income Tax Calculator – Easily Estimate Your Tax Liability
What is an Income Tax Calculator?
An income tax calculator is an online tool that helps individuals estimate their tax liability based on their income, deductions, and applicable tax slabs. It simplifies tax planning and helps in better financial decision-making.
class="wp-block-heading">How to Use the Online Income Tax Calculator?
Using an online income tax calculator is simple and requires the following steps:
- Enter Your Income Details: Provide details such as salary, business income, rental income, or any other sources of income.
- Select the Financial Year: Choose the relevant assessment year for accurate tax calculation.
- Apply Deductions & Exemptions: Input applicable deductions like Section 80C, 80D, HRA, and other tax-saving investments.
- Choose Tax Regime: Select between the old and new tax regime to compare your tax liability.
- Click Calculate: The tool will instantly compute your estimated tax liability.
Tax Slabs for Financial Year 2024-25
Below is a comparison of the old and new tax regimes for individual taxpayers:
| Income Slab (₹) | Old Tax Regime (with deductions) | New Tax Regime (without deductions) |
|---|---|---|
| Up to 2,50,000 | Nil | Nil |
| 2,50,001 – 5,00,000 | 5% | 5% |
| 5,00,001 – 7,50,000 | 20% | 10% |
| 7,50,001 – 10,00,000 | 20% | 15% |
| 10,00,001 – 12,50,000 | 30% | 20% |
| 12,50,001 – 15,00,000 | 30% | 25% |
| Above 15,00,000 | 30% | 30% |
Note: Income up to ₹5 lakh is eligible for tax rebate under Section 87A.
Benefits of Using an Income Tax Calculator
- Accurate Tax Estimation: Get a precise calculation of your tax liability.
- Compare Tax Regimes: Understand which tax regime is more beneficial for you.
- Plan Investments: Identify tax-saving opportunities under various deductions.
- Time-Saving: Instantly compute taxes without manual calculations.
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Frequently Asked Questions (FAQs)
1. What is the purpose of an income tax calculator?
An income tax calculator helps individuals estimate their tax liability based on their income and deductions, making tax planning easier.
2. Can I use the tax calculator for business income?
Yes, you can enter business income details to calculate tax liability accurately.
class="wp-block-heading">3. Is the tax calculator free to use?
Yes, our online income tax calculator is completely free and accessible to everyone.
4. How is the new tax regime different from the old tax regime?
The new tax regime offers lower tax rates but does not allow most deductions. The old tax regime includes deductions but has higher tax rates.
5. Does the tax calculator consider tax exemptions?
Yes, you can input deductions and exemptions such as Section 80C, HRA, and medical insurance to get an accurate tax estimation.
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tart using our free income tax calculator today to manage your finances better!