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Income Tax Calculator
Filing income tax returns (ITR) is an essential financial responsibility for Indian taxpayers. However, the process can sometimes feel quite daunting due to the options of multiple tax slabs and complex calculations. ...Read More
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BASIC DETAILS
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ANNUAL INCOME DETAILS
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DEDUCTIONS UNDER 80C
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DEDUCTIONS UNDER 80D
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OTHER DEDUCTIONS (COMMONLY USED)
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TAXES PAID
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SUMMARY
01BASIC DETAILS1/7
02ANNUAL INCOME DETAILS2/7
03DEDUCTIONS UNDER 80C3/7
04DEDUCTIONS UNDER 80D4/7
05OTHER DEDUCTIONS (COMMONLY USED)5/7
06TAXES PAID6/7
07SUMMARY7/7
| Old Regime | New Regime | |
|---|---|---|
| Gross Income | ₹ | |
| Total Deduction (including Standard Deduction) | ||
| Net Taxable Income | ||
| Rebate under Section 87A | ||
| Tax Payable | ||
| Surcharge | ||
| Health and Education Cess | ||
| Taxes Already Paid | ||
| Net Tax Payable (Negative Value means Refund) |
What Is an Income Tax Calculator?
An income tax calculator is a convenient, free and easy-to-use tool which you can use to efficiently compute your taxable income. This tool also helps to calculate your tax liabilities and provides accurate results.
With an online income and tax calculator, you can skip the hassle of manual calculations. It helps you avoid any chances for errors and saves time and effort. You can find similar calculators on many websites. However, consider checking whether it is aligned with the latest changes in the Union Budget.
Keep reading to understand how to calculate and organise your taxes with an online IT tax calculator.
How to Use Income Tax Calculator Online for FY 2024-25 & AY 2025-26?
You firstly would need to enter your birth details.
Further ahead, there will be sections that would require information about your income details such as:
Basic salary
Interest income
Profits from business, etc.
Enter the details as per applicable to you.
Once that is done, you need to add your income from house property
Moving on, you need to add the details of your deductions under 80C.
After that, you need to add the details of your section 80d.
Then the Calculator will ask you to add the details of any other deductions that you may have.
Once that is done, you shall be able to calculate your income tax as per the latest tax regimes and calculations.
How to Understand Income Tax Slabs?
The income tax calculation in India happens following specific slabs. The slabs represent different taxpayer categories based on their annual income. With one glimpse of this slab, you can decipher that an increase in your income will result in higher tax rates. You will also see that there are two different tax slabs under the old and new regime.
To comprehend the tax slabs, you must be aware of three main categories in which taxpayers are divided under the old regime. These are:
- Individual taxpayers under the age group of 60 years for all residents and NRI citizens of India
- Resident senior citizens between 60 years to 80 years
- Resident super senior citizen individuals are the ones above 80 years old
However, under the new tax regime, the income tax slabs are common for all the above three categories of individuals. Moreover, the tax slabs are different for individuals, HUFs, companies, partnership firms, etc.
India follows a progressive tax system to ensure fair taxation. This means only the part of your taxable income that falls under a higher tax slab gets taxed at a higher rate.
Income Tax Rates for New and Old Regime
The new tax rate introduced in the Union Budget for financial year 2023-24 and assessment year 2024-25 differs significantly from the old tax regime. Several exemptions and deductions were applicable in the old tax regime, which are unavailable in the new rates. Nonetheless, the new regime offers lower tax rates and permits limited exemptions and deductions.
The following table will show you the difference between the two tax rates which an individual can choose as per their financial feasibility:
Income Tax Slabs |
New Tax Regime Slab Rate (AY 25-26) |
Old Tax Regime Slab Rate (AY 25-26) |
Rs. 0 to Rs. 2,50,000 |
Nil |
Nil |
Rs. 2,50,000 to Rs. 3,00,000 |
Nil |
5% |
Rs. 3,00,000 to Rs. 5,00,000 |
5% |
5% |
Rs. 5,00,000 to Rs. 6,00,000 |
5% |
10% |
Rs. 6,00,000 to Rs. 7,50,000 |
10% |
10% |
Rs. 7,50,000 to Rs. 9,00,000 |
10% |
15% |
Rs. 9,00,000 to Rs. 10,00,000 |
15% |
15% |
Rs. 10,00,000 to Rs. 12,00,000 |
15% |
20% |
Rs. 12,00,000 to Rs. 12,50,000 |
20% |
20% |
Rs. 12,50,000 to Rs. 15,00,000 |
20% |
25% |
More than Rs. 15,00,000 |
30% |
30% |
How to Calculate Gross Income from Different Sources of Income?
Income from Business or Profession
This category asks citizens to provide details of all their income from any form of business or entrepreneurship profession. Any sort of trade, company or manufacturing facility is considered a business. The word ‘profession’ refers to gaining specialised knowledge for use in commercial activity.
Income from Salary
This section is for those citizens who are salaried employees under a firm. The income from your salary will be composed of certain components like Dearness Allowance, basic pay, HRA, gratuity, travel allowance and any other allowances. You will find a detailed overview of all the components of your salary in your salary slip or payroll to calculate your gross income.
Income from Capital Gains
This category looks at your profits from capital assets like stocks, real estate and mutual funds. You can further divide capital gains into two categories, which are Long Term Capital Gains and Short Term Capital Gains. Your earnings are categorised as LTCG and STCG depending on the holding period of securities.
Income from House Property
This category involves the income which you might earn by renting, selling or leasing any commercial or residential property. This might include independent houses, apartments, hostels and office spaces.
Income from Other Sources
Any income which does not fall under the above categories comes under the umbrella of income from other sources. This can involve bank interests, lottery, income from dividends, pensions, royalties, etc.
Income Tax Calculation
We can understand how to calculate an individual’s income tax liability by using an example. Amit, a 45-year-old, earns INR 12, 00,000 per year. As per his income break-up, he gets HRA of INR 45,000 per month even though he pays monthly rent of INR 60,000. Additionally, he purchased a life insurance policy for himself, with a premium of INR 3, 00,000. He also pays the premiums for health insurance plans for himself and his mother, who is 70. Let’s take a look at how Amit should calculate his income:
Total Income: INR 12, 00,000
Standard Deduction: INR 50,000
HRA: INR 45,000
Interest on Home Loan- Self Occupied: INR 2, 00,000
Section 80C Deduction: INR 1, 50,000
Section 80D Deduction: INR 75,000
Amit’s total taxable income works out to: INR 6, 80,000.
His income tax liability is INR 12,500 + 20% of the taxable income above INR 5, 00,000
= INR 12,500 + 20% (6, 80,000 – 5,00,000)
= INR 12,500 + 20% of 1, 80,000
= INR 12,500 + 36,000
= INR 48,500 + INR 1,940 (48,500*4%)
So, the total tax Amit has to pay works out to INR 50,440
Now, let’s take a look at Varun’s situation. Varun earns INR 12, 00,000 per year. He does not make any investments, so he follows the new tax regime. After the standard deduction, his total taxable income is INR 11, 50,000.
As per the new tax regime, his income tax liability is INR 45,000 + 15% of the income above INR 9, 00,000
= INR 45,000 + 15% (11,50,000 – 9,00,000)
= INR 45,000 + 15% of 2,50,000
= INR 45,000 + 37,500
= INR 82,500+ INR 3,300 ( 82,500* 4%)
So, the total tax Varun has to pay works out to INR 85,800
How to Calculate Income Tax of a Salaried Employee?
The calculation of income tax for salaried employees requires an elaborate process. You can do this manually yourself or seek help from an expert. You can also opt for an income tax calculator available online to compute the taxes for a salaried employee.
To calculate income tax for salaried employees, you can consider following the steps below.
1 Start with Calculating Your Gross Income
In the space provided, enter your total income along with your allowances in the Income Tax Calculator. Certain allowances are tax-exempt; hence, they are not included in your total salary. The important components of your salary are Leave Travel Allowance (LTA) and House Rent Allowance (HRA). These will be excluded from your gross income subject to certain conditions.
To calculate the HRA, take the lowest value among the following points.
- Actual rent must be 10% of Basic Pay + DA monthly salary
- House Rent Allowance that your employer provides
- 40% of your basic salary, if your workplace is in non-metro cities or 50% of your basic salary, for metro cities
You should mention your income from different sources like capital gains or deposits. The final result will be your gross income. With the online income tax calculator, you can evaluate your gross pay by filling in the details of your income.
2 Compute Your Net Taxable Income
To calculate your taxable income, you have to add all applicable deductions under Chapter VI-A of the Income Tax Act. This includes all deductions from Section 80C to Section 80U. Most of these deductions are available under the old tax regime while the new tax regime only allows a select few of them.
You can also claim a standard deduction of Rs. 50,000 from your annual salary FY 2023-24. Note that this is applicable only to salaried employees.
The points below will provide a brief idea of the tax-saving instruments mentioned in this section.
1. Equity Linked Savings Scheme (ELSS)
2. Life Insurance
3. Public Provident Fund (PPF)
4. Mutual Fund
5. National Pension Savings Scheme (NPS)
6. Unit Linked Insurance Plan (ULIP)
The points below will take you through the sections in the Income Tax Act that allow you to avail different tax deductions.
- Section 80CCD (1B)
This section allows both salaried and self-employed citizens of India to avail an additional tax deduction of Rs. 50,000. You can combine the benefits of this section with Section 80C for a total maximum deduction of Rs. 2 lakh/year. Under this section, you can also provide your NPS contribution to calculate the NPS deduction from your taxable amount.
- Section 80CCD(1)
If you are contributing towards your retirement in the National Pension Scheme, this deduction is for you. The Section 80 CCD(1) offers a tax deduction for your NPS investment. To have a detailed idea about the deducted amount, you can use the income tax calculator available online.
According to this section, a salaried employee will receive a 10% tax deduction if his/her gross salary is below Rs. 1.5 lakh.
- Section 80C
Section 80C allows both HUF and individual citizens of India to claim deductions of up to Rs. 1.5 lakh in a financial year. You can access this benefit by investing in instruments like Life insurance policy, Public Provident Funds, National Savings Certificates, PPF, ELSS, and home loan repayment.
- Section 80D
You can receive deductions for the premium amount that you pay towards your health insurance under this section. To calculate the maximum tax deduction amount under Section 80D, you must consider the following points:
- A deduction of Rs. 25,000 is available on medical insurance for self, spouse or children
- An additional deduction of Rs. 25,000 is allowed for health insurance for parents below 60 years
- An additional deduction of Rs. 50,000 is allowed for self and parents belonging to the age group of 60+ years of age
It is important to note that the total tax deduction under this section cannot exceed Rs. 1 lakh. Also, you must make online payments of your premium to avail tax benefits under this section.
- Section 80E
Individuals paying interest towards education loans can avail tax deductions under this section. However, a person can enjoy tax deduction under Section 80E for a limited period which is 8 years.
- Section 80DD
Under this section, individuals and HUFs can opt for deductions for bearing the medical expenses of their dependent or disabled family members. However, you can avail a tax benefit up to Rs. 1.25 lakh depending on the person's disability.
3 Select the Tax Slab Based on Your Net Income
The tax slabs for FY 2023-24 have remained the same for the old regime. However, the 2023 Budget has made changes to the income tax slab under the new regime. Under it, the basic exemption limit has been increased to Rs. 3 lakh and the rebate under Section 87A has been doubled.
Once you are done subtracting your deductions from your annual income, you can evaluate your net taxable income under either of these regimes. Now, assess the result with the existing tax slab rates. This will let you know the income tax category you belong to.
You can get help from online income tax calculators to know your correct tax slab rate.
4 Calculate the Tax
After you have located the tax slab suiting your income, it is now time to pay net taxable income according to the tax slab. The calculation of your net income must rely on the following points.
Old Tax Regime
This is the only tax regime that was prevalent before the introduction of the new tax regime in FY 2023-24.
● Income Tax Slabs for Individuals and HUF
Tax Slabs |
Age Less than 60 years |
Age 60 years to 80 years |
Age More than 80 years |
Up to Rs. 2,50,000 |
Nil |
Nil |
Nil |
Rs. 2,50,001 to Rs. 3,00,000 |
5% (Tax rebate u/s 87A) |
Nil |
Nil |
Rs. 3,00,001 to Rs. 5,00,000 |
|
5% (Tax rebate u/s 87A) |
Nil |
Rs. 5,00,001 to Rs. 10,00,000 |
20% |
20% |
20% |
Above Rs. 10,00,000 |
30% |
30% |
30% |
New Tax Regime
The new tax regime has common tax rates for every individual and HUF taxpayer, unlike the old regime which differentiates taxpayers on the basis of their age. This regime was revamped in the Union Budget 2023. The new tax regime for FY 2022-23 FY 2023-24 is given below.
Tax Slabs |
Income Tax Rates |
||
Up to Rs. 3,00,000 |
Nil |
||
Rs. 3,00,001 - Rs.6,00,000 |
5% (tax rebate under section 87A) |
||
Rs. 6,00,001 - Rs. 9,00,000 |
10% (tax rebate under section 87A below Rs. 7 lakh) |
||
Rs.9,00,001 - Rs.12,00,000 |
15% |
||
Rs. 12,00,001 - Rs.15,00,000 |
20% |
||
Above Rs. 15,00,000 |
30% |
||
Up to Rs 50 lakh |
Nil |
||
More than Rs 50 lakh but up to Rs 1 crore |
10% |
||
More than Rs 1 crore but up to Rs 2 crore |
15% |
||
More than Rs 2 crore |
25% |
||
*Health and Educational cess of 4% tax will be applicable on the sum of income tax liability and surcharges of all cases.
Finally, you can seek a tax rebate under Section 87A of the Income Tax Act. A tax rebate is like an incentive that the government provides to individuals whose income falls below a specific limit. In this case, if your taxable income is below Rs. 5 lakh, you can claim a tax rebate of Rs. 12,500 under Section 87A.
Under the new tax regime, Section 87A allows rebates of up to Rs. 25,000 for a taxable income of up to Rs. 7 lakh. If your taxable income is above these limits, you will have to pay 4% health and education cess on the tax amount. With this, you can calculate your final taxable income.
Also, people whose income bracket falls within Rs. 50 lakh to Rs. 1 crore must pay a 10% surcharge. The highest surcharge rate is 37% applicable on income above Rs. 5 crore.
Advantages of Using an Income Tax Calculator
Managing taxes effectively is essential for financial stability and planning. An income tax calculator is a digital tool designed to simplify tax calculations, making the process more efficient and accurate. Here are the key advantages of using an online income tax calculator:
1. Accuracy
The accuracy of an income tax calculator is one of its main advantages. A number of factors, such as income sources, exemptions, deductions, and applicable tax rates, are taken into account while calculating taxes. Errors are more likely to occur when computations are done manually, which could result in an underpayment or overpayment of taxes. Using the most recent tax slabs and regulations, an income tax calculator ensures precise results by automating the procedure. This dependability is particularly important when filing returns because it reduces the possibility of fines for inaccurate tax reporting.
2. Fast and Easy
Calculating taxes can take a lot of time, especially for people who are not familiar with the tax laws. The income tax calculator online provides immediate results, which expedites the procedure. The application calculates the tax liability in a matter of seconds after users enter their income information, any available deductions, and other pertinent data. Taxpayers can concentrate on other crucial financial duties because this speed not only saves time but also lessens the stress that comes with laborious computations.
3. User-Friendly
Individuals with little technical or financial knowledge can use modern income tax calculators because they are made to be user-friendly. To guarantee use, they frequently have user-friendly interfaces, unambiguous instructions, and step-by-step guides. The majority of tools may be found online and do not require any further software downloads. To make them even more accessible, many now provide smartphone compatibility and language choices. This simplicity makes tax calculation a hassle-free experience for users from various backgrounds.
4. Improved Money Management and Tax Planning
An income tax calculator is a useful tool for financial planning in addition to being a tool for tax computation. These calculators assist people in estimating their post-tax income by offering information about their tax obligations. Planning investments and developing efficient budgets require this knowledge. Furthermore, several calculators provide recommendations for ways to reduce taxes, like deductions under Section 80C or 80D of the Indian Income Tax Act. This enables users to optimise their finances and reduce tax burdens legally.
5. Data Privacy
The majority of trustworthy and online income tax calculators put user privacy first in an era where data security is a top priority. These tools usually do not save sensitive data and perform computations locally or on secure servers. This guarantees that consumers can confidently compute their taxes without being concerned about the misuse of their financial information. To guarantee data confidentiality, it is best to choose income tax calculators from reliable platforms with strong privacy policies.
How to Calculate Total Income Tax Liability with the Calculator for New and Old Regimes?
The process of calculating income tax is a common query among taxpayers. An online income tax calculator makes it easier to estimate tax liability accurately. These calculators consider key factors to determine the tax payable by resident or non-resident Indians for a financial year. These factors include:
- The annual income earned from salary or business profits.
- Additional income sources like investments, rental income, etc.
- Applicable tax exemptions or deductions.
- Allowances such as house rent or transport allowances.
By entering precise details for these categories, individuals can calculate their total tax liability. After deducting taxes already paid through TDS, any remaining amount can be paid online using the government’s Challan 280 portal. If the tax paid exceeds the liability, the excess amount is refunded by the government, typically within 30 days of filing the claim.
It is crucial to file income tax returns before the deadline to avoid penalties. Late filing incurs interest under Section 234A and a penalty under Section 234F. Remember, the due date for filing returns depends on the taxpayer category. For salaried individuals, the deadline is generally July 31 of the assessment year.
Understanding these steps and adhering to deadlines ensures compliance and avoids unnecessary penalties, making the tax filing process smooth and hassle-free.
Income Tax Calculator Made Easy for Tax Filing
Select the assessment year to calculate the tax. For instance, if you are paying tax for FY 2023-24, choose AY 2024-25.
...Read More
Choose your age from the next field.
...Read More
Click on the income field and enter the required details like gross salary, and income from other sources if any.
...Read More
In the next field, enter the details of various deductions like standard deduction, rebate under 87A and deductions under the sections 80C, 80D, 80E, 80G, 80GG, 80 TTA, 80TTB, etc. Also, consider entering details of interests from educational loans and deposits in savings accounts.
...Read More
Enter details about your salary components like basic salary, DA, HRA and total rent, if you are paying any.
...Read More
Finally, select your residential place and whether it is a metro city or not and tap on the 'Calculate' icon to compute your tax dues.
...Read More
Benefits of Filing Income Tax Online
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![Filing Income Tax Online is Quick Process]( "Filing Income Tax Online is Quick Process")
You can complete the process quickly at your convenience
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![Faster electronic refunds with Online ITR Filing]( "Faster electronic refunds with Online ITR Filing")
Online filing allows faster electronic refunds
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![Instant confirmation of filing with Online ITR Filing]( "Instant confirmation of filing with Online ITR Filing")
You can get instant confirmation of filing and real-time updates on your ITR status
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![Online ITR Filing is Safe and very secure]( "Online ITR Filing is Safe and very secure")
The process is completely safe and very secure
-
![ITR serves as income and address proof]( "ITR serves as income and address proof")
ITR serves as income and address proof and can be used to apply for visas, loans and insurance
-
![Online ITR filing]( "Online ITR filing")
Online ITR filing helps you avoid any late fee or penalty since you can do it well before the cut-off date by yourself
Eligibility Criteria to File Income Tax
The individuals who are eligible to file income tax returns in India include:
Hindu Undivided Family (HUF)
Associations of Persons (AoP)
Resident citizens
Local authorities
Corporate firms
Companies
Body of Individuals (BoI)
Artificial Juridical Persons
Charitable and Religious Trusts
Income Tax Exemptions for Salaried Individuals
Let’s take a closer look at the income tax exemptions salaried individuals can enjoy under the old tax regime:
Standard deduction or INR 50,000
House Rent Allowance or HRA
Leave Travel Allowance or LTA for domestic travel only
Work-related expenses including telephone bills
Deductions under various sections of the Income Tax Act, 19611, such as:
-Sections 80C and 80CCD(1) for contributions to NPS, life insurance premium, ELSS, tuition fee, tax-saving FDs, etc.
-Section 80D for health insurance premiums
-Sections 80C, 24B and 80EEE or 80EEA against repayments for their home loan
-Section 80E for education loan interest payments
-Section 80G for contributions to valid charitable organisations
-Section 80TTA for the interest accrued on a savings account
Incomes That Are Exempt from Income Tax Under the New Tax Regime
According to the new tax regime, from April 1, 2023, you can claim the standard deduction of Rs. 50,000 on your salary. You can also avail an additional deduction under Section 80 CCD (2) of the Income Tax Act.
Besides this, few more income sources are tax-exempt under the new tax regime. Given below are some of the incomes that are exempt from taxation under the new regime.
-
-Withdrawal of funds from NPS on maturity or premature withdrawal
-
-The amount which you will receive after your PPF matures along with the annual interest that it accumulates
-
-The maturity amount and interest that you receive by investing in Sukanya Samriddhi Yojana
-
-Any kind of scholarship to meet educational expenses is tax-exempt
-
-Any leave encashment that you would receive at the time of resignation or retirement is also tax-exempt
-
-Interests that you receive from a Post Office Savings Account with an annual balance of up to Rs. 3,500 for each individual are tax-free
-
-As per section 10 (D), any bonus which you receive on surrender or maturity of life insurance is tax-free
-
-Deduction for family pension income under Section 57(iia)
FAQs on Income Tax Calculator
1 When can you file your income tax returns?
A person can file their annual ITR as soon as the new financial year begins, i.e., 1st of April every year. The due date by which you must complete the ITR filing procedure is July 31 of the same year.
2 What is the difference between exemption and deduction?
Tax deduction happens when you make certain investments that help lower or deduct your taxable income. The Government of India allows many deductions to encourage people to participate in retirement planning and long-term health plans. On the other hand, certain parts of a person's income are tax-free or tax-exempt from the very beginning. These are tax exemptions.
3 What are the major tax provisions introduced in the budget for Individual taxation?
Budget 2023 introduced a tax rebate in the new tax regime on income of up to Rs. 7 lakh. This means you do not have to file an ITR if your income is below Rs. 7 lakh. You will also receive a standard deduction of Rs. 50,000 under the new regime. The highest surcharge for people with income of more than Rs. 5 crore is also reduced to 25% from 37%.
4 Which deductions/exemptions are not available under the new tax regime?
Standard deduction, leave travel allowance, minor child income allowance, professional tax and entertainment allowance, house rent allowance and children education allowance are not allowed. Moreover, nearly all deductions under Chapter VI A of the IT Act are not allowed.
5 Is the Section 10(10D) exemption available under the new tax regime?
The exemption under Section 10 (10D) encompassing life insurance payouts is available under the new tax regime, subject to conditions mentioned in the section.
6 How will the new tax regime work for an individual?
According to the new tax regime, if your income is below Rs. 3 lakhs, there is no tax rate applicable to you. Further, rebate under Section 87A is also available upto taxable income of Rs 7 lakhs. This new tax regime is better for individuals with comparatively lower incomes with less number of investments than the old tax regime. It is also better for anyone who does not want to do complex calculations as it is the default option.
7 Is the new tax regime optional? Can I change the option once selected for any financial year?
The Government of India will consider the new tax regime as the default one. However, individual taxpayers can choose between the old or new tax regime at their convenience. A salaried individual can easily switch between new and old tax regimes every year while filing an ITR. On the other hand, if you are a self-employed taxpayer, you cannot switch between tax regimes.
8 What details do I need to provide while e-filing my ITR?
To file an ITR, you must provide documents like an Aadhaar Card, PAN card, Form 16, bank account details, home loan statement, tax saving instruments, rental income and details about capital gains, dividend income, and foreign income.
9 Does everybody have to file their income tax returns?
If your taxable income exceeds the basic exemption limit in the income tax slab, you must file your income tax returns. Companies and firms must file their income tax returns regardless of their total income.
10 Does the income tax calculator calculate TDS?
No, the income tax calculator does not calculate TDS. However, it can compute your tax liabilities for any given assessment year.
11 How can I calculate my income tax liability online?
You can opt for any income tax calculators available online to calculate your due taxes. All you need to do is choose the appropriate tax slab and enter the necessary fields. Following this, the tax calculator will compute your payable tax.
12 Is it compulsory to file income tax returns?
Yes, if your yearly income surpasses the basic exemption threshold set by the Income Tax Department, you must file income tax returns. In addition to allowing you to collect refunds, carry forward losses, and confirm your income information for financial or legal purposes, filing returns guarantees legal compliance.
13 How can I calculate income tax online?
You can use third-party software or the official calculator of the Income Tax Department to compute your income tax online. Enter your income, applicable information, exemptions, and deductions. Depending on whether you select the old or new regime, the calculator will calculate your taxable income and tax liability. For exact results, make sure the data is accurate.
14 How much tax should I pay on my salary in the new regime?
Although there are fewer exclusions and deductions under the new tax system, tax rates are lower. Your taxable income determines the tax rate, which starts at 5% for incomes over Rs. 3,00,000 and goes up to 30% for incomes above Rs. 15,00,000. Your precise liabilities under this scheme can be ascertained by using an income tax calculator.
15 How do I calculate tax on salary?
Total your income (base pay, bonuses, and any benefits) and subtract any exemptions, such as professional tax or HRA, to determine your salary tax. If opting for the previous regime, apply deductions under Sections 80C, 80D, etc. To calculate the liability, use the applicable tax slabs under your regime. This process is made simpler by online calculators.
16 Can I claim the income tax calculator facility on the Income Tax Department’s website?
Yes, the Income Tax Department provides a free online income tax calculator on its official portal. This tool helps you calculate your tax liability under both regimes. It’s user-friendly, requires essential income and deduction details, and generates accurate results to help you plan your taxes efficiently.
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Here's all you should know about life insurance.
We help you to make informed insurance decisions for a lifetime.
HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance solutions - protection, pension, savings, investment, annuity and health.
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- Tax benefits & exemptions are subject to conditions of the Income Tax Act, 1961 and its provisions. Tax Laws are subject to change from time to time. Customer is requested to seek tax advice from his Chartered Accountant or personal tax advisor with respect to his personal tax liabilities under the Income-tax law.
- If the policyholder has exercised the option to change premium payment term, Total Premiums Paid will include premiums paid only from the date of converting to Limited Pay
- In-built Terminal Illness cover under Life & Life plus plan options. In-built Accidental Death cover under Life Plus option. Optional benefit of Waiver of Premium on Total and Permanent Disability or diagnosis of Critical Illness.
- Guaranteed Income: This option offers a guaranteed regular income for a fixed term of 10 or 12 years.
- For Single premium, the special addition is 1% of the Single premium at inception only
ARN - ED/12/24/19205