Income Tax Calculator
Estimate your tax liability for FY 2023-24.
Financial Details
Tax Calculation
Based on your inputs, here is your estimated tax liability.
Taxable Income
₹9,50,000
Effective Tax Rate
5.46%
Total Income Tax Payable
₹54,600
Disclaimer: This is a simplified calculation for illustrative purposes only. Consult a financial advisor for accurate tax planning.
About the Income Tax Calculator
The Income Tax Calculator is an indispensable tool for individuals to estimate their tax liability for a financial year. With the option to switch between the Old and New Tax Regimes, this calculator helps you compare your tax outgo under both systems and choose the one that is more beneficial for you. It simplifies the complex process of tax calculation, providing clarity on your taxable income and the final tax amount payable after considering applicable deductions and tax slabs.
How to Use the Income Tax Calculator
- Enter Gross Annual Income: Input your total income from all sources before any deductions.
- Choose Tax Regime: Use the switch to select between the 'New' and 'Old' tax regimes. The new regime is now the default option.
- Provide Deductions (for Old Regime): If you select the old regime, enter your investment and expense amounts under various sections like 80C, 80D, HRA, etc., to claim deductions.
- Review Your Tax Liability: The calculator instantly computes your total tax payable, your net taxable income, and your effective tax rate, allowing for easy comparison and planning.
Who Can Benefit from This Calculator?
This calculator is a vital tool for all taxpayers, including:
- Salaried Individuals: To plan their taxes for the year and choose the right tax regime.
- Freelancers and Professionals: To estimate their advance tax liability.
- Financial Advisors: To help clients with tax planning and investment decisions.