New Tax Regime Income Tax Calculator
| Head | Description | Amount |
|---|---|---|
| Gross Income | Salary and Other Income | |
| Standard Deduction | Salaried Individual & Pensioner (Up to 50,000 Rs. for 2023-24 and 2024-25, up to 75,000 Rs. for 2025-26) | 50000 |
| Taxable Income | Gross Income - Standard Deduction | 0.00 |
User Guide for New Tax Regime Income Tax Calculator
- Select Payee Type: Choose your payee type from the dropdown menu (Male, Female, Senior Citizen, Very Senior Citizen).
- Select Financial Year (FY): Choose the financial year you want to calculate the tax for (2023-24, 2024-25, or 2025-26).
- Enter Gross Income: Input your gross income in the "Gross Income" field. This includes salary and other income sources.
- View Standard Deduction: The standard deduction will automatically update based on the selected FY (Rs. 50,000 for 2023-24 and 2024-25, Rs. 75,000 for 2025-26).
- Calculate Taxable Income: The calculator will automatically subtract the standard deduction from your gross income to display your taxable income.
- Calculate Tax: Click the "Calculate Tax" button to see a detailed breakdown of your tax liability, including:
- Tax on Total Income
- Surcharge (if applicable)
- Tax with Surcharge
- Tax Credit (if applicable)
- Tax with Surcharge less Rebate
- Education Cess
- Total Tax Liability with Cess
View Results: The tax results, including monthly tax and income tax ratio, will be displayed for your reference.
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| New Tax Regime Income Tax Calculator |
Key Features of Tax Regime Income Tax Calculator
- User-Friendly Interface: Simple and intuitive design for easy navigation.
- Payee Type Options: Accommodates different categories of taxpayers (Male, Female, Senior Citizen, Very Senior Citizen).
- Multiple Financial Years: Allows tax calculations for FY 2023-24, 2024-25, and 2025-26.
- Automatic Standard Deduction: Adjusts based on the selected financial year.
- Detailed Tax Breakdown: Provides comprehensive details on various tax components.
- Responsive Design: Compatible with multiple devices, ensuring accessibility.
Benefits of Tax Regime Income Tax Calculator
- Accurate Tax Calculation: Ensures precise estimation of tax liability based on the latest tax slabs and deductions.
- Time-Saving: Quick and efficient way to calculate taxes without manual computations.
- Informed Decision-Making: Helps you understand your tax liability, aiding in better financial planning.
- Updated Tax Information: Reflects the latest changes introduced in Budget 2024, including revised tax slabs and increased standard deduction.
- Convenient and Accessible: Easy to use from any device with internet access.
Use the New Tax Regime Income Tax Calculator to simplify your tax calculations and ensure compliance with the latest tax regulations in India.
Frequently Asked Questions
How do you calculate tax on a new regime?
To calculate tax under the new regime, follow these steps: Determine Your Total Income: Add up all your sources of income, such as salary, business income, rental income, etc. Apply the Tax Rates: Use the new regime's income tax slabs to compute your tax. Here are the slabs: Up to Rs. 3 lakh: Nil (No Tax) Rs. 3 lakh to Rs. 7 lakh: 5% Rs. 7 lakh to Rs. 10 lakh: 10% Rs. 10 lakh to Rs. 12 lakh: 15% Rs. 12 lakh to Rs. 15 lakh: 20% Above Rs. 15 lakh: 30% Calculate Total Tax: Add up the tax amounts from each slab based on your income. Subtract Rebates and Reliefs: Apply any available rebates (like Section 87A for income up to ₹5 lakh) to get the final tax payable.
What is the income tax deduction in the new regime?
The new regime is characterized by fewer deductions and exemptions compared to the old regime. Some of the notable exclusions are: Standard Deductions: Not available. Section 80C, 80D, 80E, etc.: Not applicable. House Rent Allowance (HRA): Not available. Leave Travel Allowance (LTA): Not available. Interest on Housing Loan: Not available. The new regime primarily offers a simplified tax structure with lower rates but without the traditional deductions and exemptions.
How much income is tax free in new regime?
Under the new tax regime, the following income is tax-free: Up to ₹2.5 lakh: No tax. Up to ₹5 lakh: No tax after applying Section 87A rebate. For income up to ₹5 lakh, a full rebate under Section 87A ensures zero tax liability.
How can new regime reduce taxable income?
While the new regime offers fewer traditional deductions, you can still reduce your taxable income through: Employer Contributions: Contributions to NPS (National Pension System) made by the employer can be claimed as a deduction. Leave Encashment: Exemption on leave encashment up to a specified limit. Agricultural Income: Agricultural income remains exempt from tax under both regimes. Gratuity: Exempt up to a certain limit on retirement. Although the new regime simplifies tax calculations, focusing on investments like the NPS and understanding the limited available exemptions can help in reducing taxable income.