New Vs Old Tax Regime Calculator
| Head | Description | Amount |
|---|---|---|
| Gross Income | Salary and Other Income | |
| Exemptions u/s 10 A | HRA, Conveyance etc. | |
| Professional Tax | Professional Tax | |
| Net Income under Salaries | Gross Income - Exemptions u/s 10 A - Professional Tax | 0.00 |
| Standard Deduction | Salaried Individual & Pensioner (Up to 50000 Rs.) | 50000 |
| Deductions u/s 80 C | Investments in PF, PPF, Ins, ELSS, NPS etc. (Max 150000) | |
| Deductions u/s 80 CCD | Investments in NPS (Max 50000) | |
| Deductions u/s 80 D | Medical Insurance Premium (Self, Parents) (Max 35000) | |
| Deductions u/s 80 G | Eligible Donations | |
| Deductions u/s 80 E | Interest Paid on Education Loan | |
| Deductions u/s 80 TTA | Interest Received on Fixed Deposit/Post Office FD (Max 40000) | |
| Tax Benefit u/s 24 | Interest Paid On Home Loan (Max 200000) | |
| Total Deductions/Benefits | 0.00 | |
User Guide for New vs Old Tax Regime Calculator
Step-by-Step Instructions:
Select Payee Type:
Choose the appropriate option from the dropdown menu (Male, Female, Senior Citizen, Very Senior Citizen).
Select Financial Year (FY):
Select the applicable financial year from the dropdown menu (e.g., 2023-24, 2024-25, 2025-26).
Enter Annual Gross Income:
Input your total annual gross income in the provided field.
Enter Applicable Exemptions and Deductions:
Fill in the fields for exemptions under section 10A, professional tax, and other deductions such as those under sections 80C, 80CCD, 80D, 80G, 80E, 80TTA, and benefits under section 24.
Calculate:
The calculator will automatically compute the net income under salaries and total deductions.
- Click on the "Calculate Tax" button to see the detailed tax calculations under both the old and new tax regimes.
Review Results:
The results section will display a comparison of your taxable income, tax amount, surcharge, tax credits, education cess, and total tax liability under both tax regimes.
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| New vs Old Tax Regime Calculator |
Key Features of New vs Old Tax Regime Calculator
Payee Type Customization:
Options to select between male, female, senior citizen, and very senior citizen, ensuring accurate tax calculations based on age and gender-specific exemptions.
Financial Year Selection:
Ability to choose the relevant financial year to account for changes in tax laws and exemptions.
Comprehensive Deduction Inputs:
Fields to input various exemptions and deductions under sections 10A, 80C, 80CCD, 80D, 80G, 80E, 80TTA, and 24, ensuring all eligible tax benefits are considered.
Automatic Calculation of Net Income:
Automatic computation of net income under salaries after considering exemptions and professional tax.
Dual Tax Regime Comparison:
Simultaneous calculation and comparison of tax liabilities under both the old and new tax regimes, helping users make informed decisions.
Detailed Tax Breakdown:
Comprehensive breakdown of tax components including taxable income, tax amount, surcharge, tax credits, education cess, and total tax liability for both regimes.
Educational Tooltips:
Descriptive labels and tooltips explaining the purpose of each input field, aiding users in understanding their tax benefits and liabilities.
Benefits of the New vs Old Tax Regime Calculator
Informed Decision-Making:
Allows users to make well-informed decisions on which tax regime (old or new) is more beneficial based on their specific financial situation.
Time-Saving:
Eliminates the need for manual calculations, saving time and reducing the risk of errors.
Maximizes Tax Savings:
Helps users identify all possible exemptions and deductions, ensuring maximum tax savings.
Adaptability to Changing Tax Laws:
Updated for the latest financial years, reflecting changes in tax laws and exemptions.
User-Friendly Interface:
Easy-to-use interface with clear instructions, making it accessible even for individuals with limited tax knowledge.
Comprehensive Analysis:
Provides a detailed and comparative analysis of tax liabilities under both regimes, offering a clear picture of potential savings.
Enhanced Financial Planning:
Assists in better financial planning by providing a clear understanding of tax liabilities and potential savings.
This New vs Old Tax Regime Calculator is an essential tool for taxpayers in India, offering a detailed and comparative analysis of tax liabilities to help them choose the most beneficial tax regime.
Frequently Asked Questions
Which is good old or new tax regime?
The choice between the old and new tax regimes depends on your financial situation, income, and eligible deductions and exemptions. The old regime offers various deductions like HRA, 80C, 80D, etc., while the new regime provides lower tax rates but without most deductions and exemptions. Use our New vs Old Tax Regime Calculator to compare and determine which is more beneficial for you.
How to calculate the difference between the new and old tax regime?
To calculate the difference between the new and old tax regimes: Enter your annual income. List eligible deductions and exemptions for the old regime. Input these details into our New vs Old Tax Regime Calculator. Review the computed tax liabilities for both regimes. Compare the results to see which regime offers more savings.
Which tax regime is better for an income of 20 lakhs?
For an income of ₹20 lakhs, the better tax regime depends on your specific deductions and exemptions. If you have significant deductions, the old regime might be more beneficial. Without substantial deductions, the new regime's lower tax rates might save you more. Use our New vs Old Tax Regime Calculator to analyze and decide based on your details.
How to calculate tax using the new regime?
To calculate tax using the new regime: Enter your annual income into the New vs Old Tax Regime Calculator. Skip deductions and exemptions, as the new regime doesn't allow most of them. The calculator will apply the new regime's tax rates to your income. Review the calculated tax liability to understand your tax under the new regime.