Income Tax Calculator - Calculate Tax for FY 2024-25
Calculate your income tax under new and old regime for FY 2024-25. Get instant tax liability calculation with slab-wise breakdown and cess computation.
Calculate Income Tax
Your total annual taxable income
Choose between new and old tax regime
Total Tax Payable
₹83,200
Income Tax
₹80,000
Health & Education Cess
₹3,200
Effective Tax Rate
6.93%
Formula & Explanation
Tax = Sum of (Income in each slab × Slab rate) + 4% CessIncome tax is calculated by applying progressive slab rates to different portions of your taxable income. Health & Education Cess of 4% is added to the total tax amount.
Calculation Examples
₹12 Lakh Income (New Regime)
Annual income of ₹12 lakhs under new regime
Tax: ₹83,200 | Effective Rate: 6.93%
₹20 Lakh Income (New Regime)
Annual income of ₹20 lakhs under new regime
Tax: ₹3,12,000 | Effective Rate: 15.6%
Benefits
- Compare old vs new regime
- Slab-wise tax breakdown
- Plan tax-saving investments
- Understand effective tax rate
- Quick tax estimation
Use Cases
- Annual tax planning
- Salary negotiation
- Investment planning
- Regime comparison
- Advance tax calculation
About Income Tax Calculator
Our Income Tax Calculator helps you estimate your tax liability for the current financial year. Compare tax under both old and new tax regimes, understand slab-wise breakdowns, and plan your tax-saving investments effectively.
Frequently Asked Questions
The new regime is better if you don't have significant deductions (less than ₹3-4 lakhs). The old regime benefits those with home loan interest, HRA, 80C investments, and other deductions exceeding ₹3.75 lakhs.
Under the new regime, income up to ₹7 lakhs is effectively tax-free due to the rebate under Section 87A. Under the old regime, the basic exemption is ₹2.5 lakhs (₹3 lakhs for senior citizens).
A 4% cess is levied on the total income tax amount. This cess funds health and education initiatives and is applicable to all taxpayers regardless of income level.
The due date for filing ITR is July 31st for individuals (non-audit cases). Late filing attracts a penalty of ₹5,000 (₹1,000 if income is below ₹5 lakhs).