Income Tax Calculator

Income Tax Calculator | Calculate Your Income Tax Liability Online (FY 2024-25)

The Income Tax Calculator is a powerful online tool that helps individuals estimate their tax liability based on the latest tax slabs defined by the Indian government. With the introduction of the new tax regime and annual updates in exemptions, deductions, and slab rates, calculating income tax manually has become complicated. This calculator makes it easier for salaried employees, professionals, and business owners to understand and plan their tax obligations accurately.

What is Income Tax?

Income tax is a direct tax levied by the Government of India on the earnings or income of individuals and entities. Every person whose income exceeds the exemption limit is liable to pay income tax as per the tax rates applicable for a specific financial year. The Income Tax Act, 1961 governs the rules for tax computation, deductions, rebates, and penalties.

Why Use an Income Tax Calculator?

• ✔️ Accurate calculation of income tax based on latest rules.
• ✔️ Saves time and effort involved in manual computation.
• ✔️ Helps in tax planning by comparing old and new regimes.
• ✔️ Provides clarity on deductions and exemptions.
• ✔️ Useful for salaried individuals, freelancers, business owners, and consultants.

Features of Our Income Tax Calculator

• 📅 Support for multiple assessment years including AY 2024-25, AY 2025-26, and AY 2026-27.
• 👤 Age-wise slab support: Below 60, Between 60–80 (Senior Citizen), Above 80 (Super Senior Citizen).
• 📊 Comparison between Old Tax Regime and New Tax Regime.
• 💸 Input for deductions under section 80C, 80D, 80G, etc.
• 💬 Real-time calculation and instant result display.
• 💡 Designed with the latest tax rules, including 4% health and education cess.

How to Use the Income Tax Calculator?

1. Select the Assessment Year (e.g., 2024–25, 2025–26).
2. Enter your total annual income.
3. Choose your age group – Below 60, 60–80, or Above 80.
4. Enter the total deductions you plan to claim.
5. Click on “Calculate Tax”.
6. View the tax amount under both Old and New Regimes instantly.

Income Tax Slab Rates (FY 2024-25)

🧓 Old Tax Regime – Individuals 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%

👴 Senior Citizens (60–80 Years)

• Up to ₹3 lakh – Nil
• ₹3 lakh to ₹5 lakh – 5%
• ₹5 lakh to ₹10 lakh – 20%
• Above ₹10 lakh – 30%

🎖️ Super Senior Citizens (Above 80 Years)

• Up to ₹5 lakh – Nil
• ₹5 lakh to ₹10 lakh – 20%
• Above ₹10 lakh – 30%

🆕 New Tax Regime (2024-25)

• 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%

Note: Under both regimes, 4% Health and Education cess is applicable on the tax amount.

Example: Income Tax Calculation for ₹12,00,000 (Below 60 Age)

Old Regime vs New Regime – Which One is Better?

The old regime offers tax savings through deductions under sections like 80C, 80D, HRA, LTA, and others. The new regime offers lower tax rates but no deductions. Choosing the better option depends on your total income, deductions claimed, and financial goals.

Choose Old Regime if: You have high deductions under 80C, 80D, 24(b), etc.

Choose New Regime if: You don’t have many deductions or prefer simplified taxation.

Benefits of Using GuideCalculator’s Income Tax Calculator

• ⚡ Lightning-fast tax computation
• 📱 Fully responsive – works on mobile, tablet, and desktop
• 🎯 Real-time comparison of both regimes
• 🔒 No data saved – 100% privacy focused
• 🌐 Accessible 24x7 from any device

Income Tax Calculator for FY 2025-26 & 2026-27

Our tool supports future tax years so that you can estimate your liabilities in advance and plan better. This helps you manage your investments, file advance taxes, and avoid penalties. Always keep an eye on budget announcements as slab rates may change.

FAQs – Frequently Asked Questions

Q1. Is the Income Tax Calculator free to use?

✅ Yes, it is absolutely free and can be used any number of times.

Q2. Can I use this calculator for the new regime under 115BAC?

✅ Yes, our calculator supports both old and new regimes under section 115BAC.

Q3. How accurate is this calculator?

✅ It is based on the latest available tax slabs and is as accurate as possible for estimation purposes. Final tax amounts may vary slightly due to specific exemptions or surcharges.

Q4. Can I claim deductions under the new regime?

❌ No. Under the new regime, most deductions like 80C, 80D, HRA, LTA are not allowed. Only standard deduction and employer NPS contribution may apply.

Q5. What if I make a mistake while entering values?

✅ Simply refresh or re-enter the values. The tool recalculates instantly based on the updated inputs.

Q6. Does it include surcharge or other levies?

✅ Currently, it includes 4% health and education cess. Surcharge (on income above ₹50 lakh) will be added in the future versions.

Q7. Is this calculator suitable for freelancers or consultants?

✅ Yes, any individual including freelancers, consultants, and business owners can use it by inputting their gross annual income and deductions.

Conclusion

The Income Tax Calculator is an essential tool for any taxpayer in India. Whether you are filing your returns or planning investments, it helps you stay compliant and aware of your liabilities. Use it to compare the old and new regimes, optimize your deductions, and file your ITR confidently. Stay updated with GuideCalculator for more tax-related tools and calculators.

Important Disclaimer

This tool is only for estimation purposes. For the most accurate and legally valid calculations, please consult a Chartered Accountant or refer to the official government website.

Visit: https://www.incometax.gov.in