Income Tax Calculator India

Use this income tax calculator to calculate your tax liability under Old Regime and New Regime. Compare both regimes and choose the best option to save tax.

Tax Slabs (FY 2024-25)

Income Slab New Regime Old Regime
Up to ₹2.5L Nil Nil
₹2.5L – ₹5L 5% 5%
₹5L – ₹10L 10% – 15% 20%
Above ₹10L 30% 30%
Tip: New Tax Regime is default from FY 2023-24, but you can still choose Old Regime if it saves more tax.

What is Income Tax?

Income tax is a tax charged by the Government of India on the income earned by individuals and businesses. The tax amount depends on income level and selected tax regime.

Frequently Asked Questions (FAQ)

1. What is the difference between Old and New Tax Regime?

Old regime allows deductions like 80C, HRA, and 80D, while the new regime offers lower tax rates but no major deductions.

2. Which tax regime is better?

If you claim many deductions, old regime may be better. Otherwise, new regime is simpler and often beneficial.

3. Is this calculator accurate?

This calculator gives an estimate. Actual tax may vary based on cess, surcharge, and additional deductions.

4. Do I need to pay tax if income is below ₹5 lakh?

No. Under Section 87A rebate, tax is zero for income up to ₹5 lakh.

5. Can I change tax regime every year?

Yes, salaried individuals can choose the regime every year.