Old Tax Regime Income Tax 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 | |
| Taxable Income | 0.00 |
Use Guide For Old Tax Regime Income Tax Calculator
Select Payee Type:
Choose your category from the dropdown menu (Male, Female, Senior Citizen, Very Senior Citizen).
Enter Annual Gross Income:
Input your total annual income from salary and other sources.
Input Exemptions:
Enter the amount eligible for exemptions under section 10A, such as HRA and conveyance.
Enter Professional Tax:
Input the professional tax amount if applicable.
Deductions:
Fill in the deductions under various sections like 80C, 80CCD, 80D, 80G, 80E, 80TTA, and benefits under section 24.
Calculate:
The calculator will compute the net income under salaries, total deductions, taxable income, and tax liability.
View Results:
Click on "Calculate Tax" to view detailed tax breakdown including tax on total income, surcharge, education cess, and total tax liability with cess.
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| Old Tax Regime Income Tax Calculator |
Key Features of Old Tax Regime Income Tax Calculator
Comprehensive Inputs:
Considers all relevant exemptions, deductions, and benefits specific to the old tax regime.
User-Friendly Interface:
Simple and intuitive design for easy navigation and input.
Accurate Calculations:
Provides precise tax liability by considering all applicable laws and limits.
Detailed Tax Breakdown:
Offers a clear view of how the tax is calculated, including the impact of surcharges and rebates.
Specific to India:
Tailored to Indian tax laws, ensuring relevance and accuracy for taxpayers in India.
Benefits of Old Tax Regime Income Tax Calculator
Saves Time:
Quickly calculate your tax liability without manually going through complex tax laws and calculations.
Reduces Errors:
Automated calculations minimize the risk of errors compared to manual computations.
Financial Planning:
Helps in effective financial planning by giving a clear picture of your tax liability.
Informed Decisions:
Enables better decision-making regarding investments and savings to maximize tax benefits.
Accessibility:
Easily accessible online, making it convenient for users to calculate their taxes anytime.
The Old Tax Regime Income Tax Calculator is an essential tool for taxpayers in India who wish to accurately and efficiently determine their tax liability under the old tax regime.
By using this calculator, individuals can save time, reduce errors, and make informed financial decisions.
Frequently Asked Question
How is tax calculated on salary in the old regime?
Tax is calculated by considering gross income, subtracting exemptions (like HRA), professional tax, standard deduction (₹50,000), and various deductions (e.g., 80C, 80D). The taxable income is then taxed according to the applicable slabs and surcharges are added if necessary.
How much income is tax-free in the old tax regime?
Tax-free income limits are: Below 60 years: Up to ₹2.5 lakhs. Senior citizens (60-80 years): Up to ₹3 lakhs. Very senior citizens (above 80 years): Up to ₹5 lakhs.
How do I choose the old regime in income tax?
Choose the old regime when filing your ITR by selecting the appropriate option in the form. Inform your employer at the beginning of the financial year for accurate TDS deductions.
How much tax can be saved in the old regime?
Tax savings depend on eligible deductions and exemptions such as: 80C: Up to ₹1.5 lakhs. 80CCD: Up to ₹50,000. 80D: Up to ₹25,000 (₹50,000 for senior citizens). Section 24: Up to ₹2 lakhs on home loan interest. 80TTA: Up to ₹10,000 on savings account interest. Maximizing these can significantly reduce taxable income.