Income Tax Calculator
Calculate your income tax under old and new tax regime. Know your taxable income, cess, and effective tax rate.
* All calculations are approximate.
How Income Tax Calculation Works?
Calculate your income tax under old and new tax regime. Know your taxable income, cess, and effective tax rate.
Your gross income is reduced by eligible deductions (80C, 80D, HRA, etc.) under the old regime to arrive at taxable income.
Tax is calculated on the taxable income based on the applicable slab rates for your chosen regime (old or new).
A Health & Education Cess of 4% is added on top of the computed income tax.
The total tax liability is deducted from your gross income to determine your net income after tax.
Formula Used
Total Tax = Income Tax (as per slab) + 4% Cess
Under the new regime, lower tax rates apply but most deductions and exemptions are not available
Important — Read Before You Decide
- New tax regime has lower rates but fewer deductions
- Section 80C allows up to ₹1.5 lakh deduction (old regime)
- HRA exemption is only available under old regime
- Standard deduction of ₹50,000 is available under both regimes
- Surcharge applies on income above ₹50 lakh
- Advance tax is mandatory if liability exceeds ₹10,000
What Happens If You Ignore These?
- Late filing attracts penalty up to ₹10,000
- Wrong regime selection can increase tax liability
- Missing deductions means overpaying taxes
- Non-filing may lead to IT department notices and scrutiny
Smart Tips
- Compare tax under both regimes before choosing
- Maximize Section 80C through ELSS, PPF, and NPS
- Health insurance premiums save tax under Section 80D
- File returns before July 31 to avoid penalties
- Keep all investment proofs and receipts organized
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