Income Tax Calculator
Calculate your income tax liability for India (FY 2024-25). Compare old and new tax regimes to find the best option for you.
Your Income Details
Note: This calculator applies a standard deduction of ₹50,000 and 4% Health & Education Cess. For accurate results, consult a tax professional.
Enter your income and select preferences to calculate tax
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Frequently Asked Questions
What's the difference between old and new tax regime?▼
New Regime: Lower tax rates but no deductions (except standard deduction). Suitable for salaried employees.
Old Regime: Higher tax rates but allows deductions like 80C (investments), 80D (insurance), 80E (education loan), etc. Better for those with significant deductible expenses.
What is standard deduction?▼
Standard deduction is ₹50,000 for FY 2024-25. It's a fixed amount deducted from your gross income before calculating tax, available in both old and new regimes.
What is Health & Education Cess?▼
Health & Education Cess is 4% of the income tax amount. It's an additional tax collected by the government and is applicable in both tax regimes.
How can I reduce my tax liability?▼
In Old Regime: Invest in Section 80C (₹1.5L limit), buy health insurance (80D), repay education loan (80E).
In New Regime: Very limited options. Consider switching to old regime if you have deductible expenses.
Both: Contribute to NPS, claim HRA exemption, use other income exemptions as applicable.
How is effective tax rate calculated?▼
Effective tax rate = (Total Tax / Gross Income) × 100. It shows what percentage of your total income goes towards taxes. A lower effective rate is better.
Tax Saving Tips
Section 80C (₹1.5 Lakh)
- • Life Insurance Premium
- • ELSS (Equity Linked Savings Scheme)
- • Public Provident Fund (PPF)
- • Sukanya Samriddhi Scheme
- • Home Loan Principal Payment
Other Deductions
- • 80D: Health Insurance (₹25,000-₹50,000)
- • 80E: Education Loan Interest (No limit)
- • NPS: National Pension Scheme (₹2,50,000)
- • 80DD: Disability (₹75,000-₹1,25,000)