Advanced Income Tax Calculator (India)

Compare Old vs New Tax Regimes, calculate tax liability, and optimize your tax planning for the current financial year.

Income & Deductions
Deductions (Old Regime Only)

Enter your eligible deductions under the Old Tax Regime

Tax Planning Tips
Compare Regimes

Always compare Old and New Tax Regimes to find the one that saves you more tax.

Maximize Deductions

Utilize all eligible deductions under Section 80C, 80D, etc., in the Old Regime.

HRA Exemption

Properly calculate HRA exemption to reduce your taxable income.

Keep Records

Maintain proper records of all income and investments for tax filing.

Understanding Income Tax in India

Old vs New Tax Regime

India offers two income tax regimes: the Old Regime with various deductions and exemptions, and the New Regime with lower tax rates but fewer deductions. Choosing the right one can significantly impact your tax liability.

  • Old Regime: Allows deductions (80C, 80D, HRA, etc.)
  • New Regime: Lower tax rates, no major deductions
  • Comparison: Essential to find the beneficial regime
Key Deductions

Understanding common deductions can help reduce your taxable income under the Old Regime:

  • Section 80C: PPF, ELSS, EPF, Life Insurance (up to ₹1.5 Lakh)
  • Section 80D: Health Insurance Premiums
  • HRA Exemption: Based on rent paid, HRA received, and city type
Tax Slabs (Financial Year 2024-25)

Old Regime (Individual below 60 years):

  • Up to ₹2.5 Lakh: Nil
  • ₹2.5 Lakh to ₹5 Lakh: 5%
  • ₹5 Lakh to ₹10 Lakh: 20%
  • Above ₹10 Lakh: 30%

New Regime (All Individuals):

  • Up to ₹3 Lakh: Nil
  • ₹3 Lakh to ₹6 Lakh: 5%
  • ₹6 Lakh to ₹9 Lakh: 10%
  • ₹9 Lakh to ₹12 Lakh: 15%
  • ₹12 Lakh to ₹15 Lakh: 20%
  • Above ₹15 Lakh: 30%
Important Tax Tips
  • File your Income Tax Return (ITR) before the due date.
  • Keep all investment and expense proofs handy.
  • Consult a tax advisor for complex financial situations.
  • Understand capital gains tax for investments.