Income Tax Calculator (FY 2023-24)
New Tax Regime
Old Tax Regime
Deductions (Old Regime Only)
Your Tax Calculation
Tax Breakdown:
| Component | Amount (?) |
|---|
About Income Tax in India (FY 2023-24)
Income tax is calculated based on your income slab under both old and new tax regimes. The new regime offers lower tax rates but fewer deductions, while the old regime allows more deductions but has higher tax rates.
New Tax Regime (Default) - FY 2023-24 Slabs:
| Income Range (?) | Tax Rate |
|---|---|
| Up to 3,00,000 | 0% |
| 3,00,001 - 6,00,000 | 5% |
| 6,00,001 - 9,00,000 | 10% |
| 9,00,001 - 12,00,000 | 15% |
| 12,00,001 - 15,00,000 | 20% |
| Above 15,00,000 | 30% |
Old Tax Regime - FY 2023-24 Slabs:
| Income Range (?) | Tax Rate |
|---|---|
| Up to 2,50,000 | 0% |
| 2,50,001 - 5,00,000 | 5% |
| 5,00,001 - 10,00,000 | 20% |
| Above 10,00,000 | 30% |
Key Deductions (Old Regime):
- Section 80C: Up to ?1.5 lakh (EPF, PPF, ELSS, Life Insurance, etc.)
- Section 80D: Health insurance premiums (?25,000-?1 lakh)
- HRA: House Rent Allowance exemption
- Section 24(b): Home loan interest up to ?2 lakh
- Standard Deduction: ?50,000 for salaried individuals
Tax Saving Tips:
- Compare both regimes to choose the most beneficial one
- Invest in tax-saving instruments before March 31
- Claim all eligible deductions and exemptions
- Consider health insurance for additional deductions
- Consult a tax professional for complex situations