Income Tax Calculator
Compare your income tax under Old and New regimes with detailed slab-wise breakdown.
Max: 1,50,000 (PPF, ELSS, LIC, etc.)
80D, 80E, HRA, etc.
Old Regime - Tax Slabs
| Slab | Rate | Tax |
|---|---|---|
| 0.0L - 2.5L | 0% | ₹0 |
| 2.5L - 5.0L | 5% | ₹12,500 |
| 5.0L - 10.0L | 20% | ₹85,000 |
| Cess (4%) | ₹3,900 | |
| Total Tax | ₹101,400 | |
New Regime - Tax Slabs
| Slab | Rate | Tax |
|---|---|---|
| 0.0L - 4.0L | 0% | ₹0 |
| 4.0L - 8.0L | 5% | ₹20,000 |
| 8.0L - 12.0L | 10% | ₹32,500 |
| Rebate u/s 87A | -₹52,500 | |
| Cess (4%) | ₹0 | |
| Total Tax | ₹0 | |
Tax in Other Currencies
Understanding Income Tax in India
India offers two tax regimes: the Old Regime with various deductions and exemptions, and the New Regime with lower tax rates but minimal deductions. The New Regime is the default from FY 2023-24 onwards, but taxpayers can opt for the Old Regime if it benefits them.
Old Regime Benefits
The Old Regime allows deductions under Section 80C (up to 1.5L for PPF, ELSS, LIC, etc.), Section 80D (health insurance), HRA exemption, home loan interest under Section 24, and many more. If your total deductions are significant, the Old Regime may result in lower tax.
New Regime Benefits
The New Regime offers lower slab rates and a standard deduction of Rs. 75,000. It includes a rebate under Section 87A for taxable income up to Rs. 12 lakh, effectively making income up to Rs. 12.75 lakh tax-free. It is simpler with no need to invest in specific instruments for tax savings.
Health & Education Cess
A 4% Health and Education Cess is levied on the total tax amount (after rebate, if any). This cess funds public health and education initiatives and cannot be avoided regardless of which regime you choose.