Income Tax Calculator

Calculate your income tax liability for FY 2023-24. Supports old and new tax regimes with deductions, exemptions, and rebates.

✓ Old & New Regime✓ Deductions Support✓ 100% Free

New regime offers lower rates with limited deductions

Applicable for old tax regime (80C, 80D, HRA, Section 24, etc.)

Frequently Asked Questions (FAQs)

What is the difference between old and new tax regime?

The new tax regime (introduced in Budget 2020) offers lower tax rates but with limited deductions. It has higher basic exemption limits and simplified tax slabs. The old tax regime offers higher tax rates but allows various deductions like HRA, LTA, Section 80C (up to ₹1.5L), Section 80D (medical insurance), Section 24 (home loan interest), and many more.

Which tax regime should I choose?

Choose the new regime if you have minimal deductions (less than ₹1.5-2 lakhs annually). Choose the old regime if you have significant deductions like HRA, 80C investments (ELSS, PPF, EPF), medical insurance (80D), home loan interest (24), etc. that can reduce your taxable income substantially. Generally, if your deductions exceed ₹1.5-2 lakhs, the old regime may be beneficial.

What are the tax slabs for FY 2023-24?

New Regime: ₹0-3L (0%), ₹3L-7L (5%), ₹7L-10L (10%), ₹10L-12L (15%), ₹12L-15L (20%), Above ₹15L (30%). Old Regime: ₹0-2.5L (0%), ₹2.5L-5L (5%), ₹5L-10L (20%), Above ₹10L (30%). Both regimes have a 4% health and education cess on tax.

What deductions are available in the old tax regime?

Common deductions include: Section 80C (up to ₹1.5L): PPF, EPF, ELSS, NSC, Tax-saving FDs, Life Insurance; Section 80D: Health Insurance premiums; Section 24: Home loan interest (up to ₹2L); Section 80G: Donations; HRA: House Rent Allowance; LTA: Leave Travel Allowance; and many more.

Is the income tax calculator free?

Yes, our income tax calculator is completely free to use. No registration, sign-up, or payment required. Calculate your tax liability as many times as you need for financial planning.

Can I switch between tax regimes?

Yes, you can switch between tax regimes each financial year. However, salaried employees need to inform their employer at the beginning of the financial year. For FY 2023-24, the default regime is the new tax regime, but you can opt for the old regime by filing Form 10IE.

Income Tax Calculator - Plan Your Taxes Smartly

Our free income tax calculator helps you estimate your tax liability for the financial year 2023-24. Whether you're a salaried employee, freelancer, or business owner, this tool helps you plan your taxes and choose the right tax regime.

How to Use the Income Tax Calculator

  1. Enter your annual income (gross salary or total income)
  2. Select your preferred tax regime (new or old)
  3. Enter total deductions if using old regime (80C, 80D, HRA, etc.)
  4. Click "Calculate Tax" to see your tax liability
  5. Review the breakdown including tax, cess, and net income

Key Features

  • Dual Regime Support: Calculate tax under both old and new tax regimes
  • Deductions Calculator: Factor in deductions for old regime calculations
  • Accurate Calculations: Based on latest FY 2023-24 tax slabs and rates
  • Cess Included: Automatically calculates 4% health and education cess
  • Net Income: See your take-home income after tax deductions

💡 Pro Tip: Compare both tax regimes to see which one saves you more money. If your deductions exceed ₹1.5-2 lakhs annually, the old regime might be more beneficial.

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