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Income Tax Calculator

by Zoho Payroll
Check out Zoho Payroll
2024-2025 BUDGET
Income Tax Calculator
A comparative tool that helps you calculate income tax according to both the old and new tax regime. Use this online income tax calculator to know your tax liabilities.
Yearly income from salary
Age
+Income from other sources (Interest on FD and let-out property)
Interest from savings bank accounts / FD accounts
Rental income received (Let-out property)
Municipal tax paid (Let-out property)
Interest paid on housing loan (Let-out property)
Other income, if any
Exemption details
Exemptions cannot be availed in the new tax regime. The exemption details collected here will be used to calculate tax under the old regime and compared with the tax calculated under new regime.
HRA and other exemptions
Interest paid on housing loan
Exemption Limit : ₹2,00,000
80C (PF, PPF, insurance premium)
Exemption Limit : ₹1,50,000
80CCD (Employee's contribution to NPS)
Exemption Limit : ₹1,50,000
80CCD(1B) (Additional contribution to NPS)
Exemption Limit : ₹50,000
80D (Medical insurance premium)
80E (Interest paid on education loan)
80EEA (Interest paid on home loan for affordable housing)
Exemption Limit : ₹1,50,000
80EEB (Interest paid on loan for purchase of electrical vehicle)
Exemption Limit : ₹1,50,000
80G (Donations to charity)
Here is the tax summary based on your input
Old Tax Regime
New Tax Regime
You will save
0
under the
Tax charges are the same under both regimes
Summary Breakdown
Components Old Tax Regime New Tax Regime
Total Gross Income
Total Eligible Deductions
Taxable Income
Tax on Taxable Income
Show BreakUp
Income Tax Slab Tax Rate Tax Amount
Total Tax Amount
Show BreakUp
Income Tax Slab Tax Rate Tax Amount
Total Tax Amount
Less: Rebate Under Section 87A(a)
Less: Relief Under Section 87A(b)
Total Tax on Income
Surcharge
Health and Education Cess
(4% of Tax on taxable Income + Surcharge)
Total Tax to be Paid
Here is the tax summary based on your input
You will save 0 under the
Tax charges are the same under both regimes
Old Tax Regime
Show Breakup
Summary Breakdown
Components Old Tax Regime
Total Gross Income
Total Eligible Deductions
Taxable Income
Tax on Taxable Income
Show BreakUp
×
Income Tax Slab Tax Amount
Total Tax Amount
Less: Rebate Under Section 87A(a)
Less: Relief Under Section 87A(b)
Tax on Total Income
Surcharge
Health and Education Cess
(4% of Tax on taxable Income + Surcharge)
Total Tax to be Paid
New Tax Regime
Show Breakup
Summary Breakdown
Components New Tax Regime
Total Gross Income
Total Eligible Deductions
Taxable Income
Tax on Taxable Income
Show BreakUp
×
Income Tax Slab Tax Amount
Total Tax Amount
Less: Rebate Under Section 87A(a)
Less: Relief Under Section 87A(b)
Tax on Total Income
Surcharge
Health and Education Cess
(4% of Tax on taxable Income + Surcharge)
Total Tax to be Paid
Disclaimer: Zoho has taken great care and has made every attempt to ensure that the information obtained from the tool is accurate. However, Zoho is not responsible for any errors or omissions and provides no guarantee or warranty on the correctness of the results obtained from the tool. By using this tool you agree not to hold Zoho liable for any issues that arise from incorrect results obtained.
Frequently Asked Questions
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What is the Income Tax Calculator?
The Income Tax Calculator is a free tool developed by Zoho to calculate taxes on your income using the most up-to-date tax brackets including the current ones and latest ones announced as part of the Union Budget 2024-2025.
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Why have we come up with the Income Tax Calculator?
With the announcement of the new tax slabs, that will be an open option starting from April 1st 2024, the Income Tax Calculator has been designed to help you get a comparative view between the two methods of tax computation — the old and new tax regime, so you can choose what fits you best.
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How the Income Tax Calculator can be used?
Fill in the respective fields like age, income details and exemption details. Click "Calculate income tax" to find a comparative result on your tax liabilities between the current tax system and the new one.
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What are the salary slabs for old tax regime?
Here is a chart for the old tax regime in India.
Salary slab Age less than 60 Age 60 - 80 Age above 80
0 - 2.5 L 0% 0% 0%
2.5 - 3 L 5% 5% 0%
3 - 5.0 L 5% 5% 0%
5.0 - 10.0 L 20% 20% 20%
10.0 L and above 30% 30% 30%
Understanding what tax regime would be beneficial for you varies from person to person based on what their income composition is and what investments are done.
People with net taxable incomes of less than or equal to Rs. 5 lakhs qualify for a tax rebate under Section 87A, meaning they have no tax obligations under the old tax regime.
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What are the income tax slabs for the new regime announced in the Union Budget 2024?
Here is a chart for the new tax regime for FY 2024-25 as per the recent Union Budget announcement:
Salary slab New tax regime
0 - 3 L 0%
3 - 7 L 5%
7 - 10 L 10%
10 - 12 L 15%
12 - 15 L 20%
15 L and above 30%
Understanding which tax regime is beneficial for you depends on your income composition and other financial factors.
People with net taxable incomes of less than or equal to Rs. 7 lakhs qualify for a tax rebate under Section 87A, meaning they have no tax obligations under the new tax regime.
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What was the standard deduction specified in the Union Budget of 2024?
The standard deduction has been increased to Rs. 75,000 for taxpayers who opt for the new tax regime, while it remains at Rs. 50,000 for those under the old tax regime.
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