Income Tax Calculator

Income Tax Calculator

Tax Calculation

Taxable Income
₹9,50,000
Tax Before Rebate
₹1,12,500
Rebate (87A)
₹12,500
Tax After Rebate
₹1,00,000
Cess (4%)
₹4,000
Total Tax
₹1,04,000
Monthly Tax
₹8,667
Take Home Pay
₹8,96,000

Tax Slab Breakdown

Income Range Tax Rate Tax Amount (₹) Cumulative Tax (₹)
Up to ₹2,50,000 0% 0 0
₹2,50,001 - ₹5,00,000 5% 12,500 12,500
₹5,00,001 - ₹10,00,000 20% 1,00,000 1,12,500
Above ₹10,00,000 30% 0 1,12,500

How This Income Tax Calculator Works & Tax Saving Guide

🔍 Understanding Income Tax Calculation

Income tax is calculated on your total taxable income after considering all eligible deductions and exemptions. Our calculator helps you estimate your tax liability for FY 2023-24 (AY 2024-25) based on the latest tax slabs.

Key Components of Tax Calculation:

  • Income Sources – Salary, business, capital gains, house property, other sources
  • Tax Slabs – New vs old tax regime options
  • Deductions – Section 80C, 80D, HRA, LTA, and more
  • Rebates – Section 87A for income up to ₹7 lakhs

🧮 How This Tax Calculator Works

This calculator computes your net tax payable after considering:

  1. Annual Income – Gross salary/business income
  2. Deductions – Investments under 80C (max ₹1.5L), 80D, etc.
  3. Exemptions – HRA, LTA, standard deduction (₹50,000)
  4. Tax Regime – Choose between old and new tax regimes

Tax Calculation Formula:

Taxable Income = Gross Income - (Deductions + Exemptions)
Tax Payable = (Taxable Income × Slab Rate) - Rebates

💡 Top Tax Saving Strategies

  • Maximize 80C – Invest in PPF, ELSS, NSC, or pay life insurance premiums
  • Health Insurance – Claim up to ₹25,000 under 80D (₹50,000 for seniors)
  • HRA Optimization – Provide rent receipts for maximum exemption
  • NPS Benefits – Additional ₹50,000 deduction under 80CCD(1B)

📌 Why Use Our Income Tax Calculator?

New vs Old Tax Regime Comparison

Feature Old Regime New Regime
Basic Exemption ₹2.5L ₹3L
Deductions Available All (80C, 80D, HRA etc.) Very limited
Best For Those with high deductions Those with minimal investments

Optimize your tax savings and avoid last-minute rush! Calculate your liability now. 💰

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