Income Tax Calculator
Calculate your income tax liability under both old and new tax regimes. Compare and choose the best option for tax savings.
Results
Taxable Income
₹0
Tax Payable
₹0
Effective Tax Rate
0.00%
How to Use Income Tax Calculator
- 1
Enter your gross annual income
- 2
Input deductions under 80C
- 3
Add other deductions
- 4
Choose tax regime and view tax liability
Income Tax Calculator Formula
Tax calculated based on income slabs for chosen regime. Old regime allows deductions, new regime has lower rates but fewer deductions.Example Calculation
Input Values
Annual Income
₹12,00,000
Section 80C Deductions
₹1,50,000
Other Deductions (80D, HRA, etc.)
₹50,000
Tax Regime (0=Old, 1=New)
0
Results
Taxable Income
₹9,50,000
Tax Payable
₹89,700
Effective Tax Rate
7.48%
Frequently Asked Questions
Which tax regime should I choose?
Choose old regime if your deductions exceed ₹3-4 lakhs. New regime is better for those with minimal deductions.
What deductions are allowed under 80C?
PPF, ELSS, life insurance, home loan principal, NSC, tuition fees, etc. up to ₹1.5 lakh total.
Is surcharge applicable on my income?
Surcharge applies on income above ₹50 lakhs: 10% (50L-1Cr), 15% (1-2Cr), 25% (2-5Cr), 37% (above 5Cr).