Estimating your taxes before you file your tax return is essential to tax planning. However, income tax computation requires good knowledge of taxation laws:( Thus, looking at the hardships faced by people, we created a simple online tax calculator tool to help you easily estimate your tax refund or tax payable to the government. Our income tax calculator calculates taxes on the basis of the latest provisions of the Income Tax Act and rules issued by the Income Tax Department.
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The Income Tax Calculator is an easy-to-use online tool that lets you estimate your taxes based on your income. We've updated our tool as per the proposed income tax changes in the Union Budget 2024-2025.
Tax2win’s Income Tax Calculator works on the basis of input provided by the user.
Step 1: Enter the basic details such as name, email address, date of birth, and income source.
Step 2: On the next screen, enter your income details, such as income from salary, rental income, etc.
Step 3: Click on “Next” and enter your income from other sources.
Step 4: Enter the deductions that are applicable to you.
Step 5: Click on “Calculate,” and you will see how much income tax you will have to pay.
Note: In the not applicable field, enter "0."
Budget 2024 introduced several changes in the tax slab under new tax regime. The revised tax slab is
| Range of Income (Rs.) | Tax Rate |
| Up to 3,00,000 | NIL |
| 3,00,000-7,00,000 | 5% |
| 7,00,000-10,00,000 | 10% |
| 10,00,000-12,00,000 | 15% |
| 12,00,000-15,00,000 | 20% |
| Above 15,00,000 | 30% |
| Range of Income (Rs.) | Tax Rate |
| Up to 2,50,000 | Nil |
| 2,50,000-5,00,000 | 5% |
| 5,00,000-10,00,000 | 20% |
| Above 10,00,000 | 30% |
Calculate Income Tax on Salary
The sum of Basic pay + HRA + Special Allowance + Transport
Allowance + any additional allowance and components is the total salary of an individual. Out of
this salary, some aspects of your compensation, such as leave travel allowance, HRA, etc., are
exempt from income tax subject to certain conditions. So, to calculate your total income tax. It is
essential that you have your salary slips with you and know all the components of your salary.
Further, you should have all the documents related to your investment handy to calculate your taxes
after taking into account the available deductions and exemptions.
Let’s understand how to calculate taxes using both new and old tax regimes with the help of an example:-
| Salary Components | Amount | Exemption allowed |
|---|---|---|
| Basic Salary | 800000 | - |
| HRA | 320000 | 200000 |
| LTA | 10000 | 10000 |
| Total CTC | 1130000 | - |
| Other income | 20000 | - |
| Investments | ||
| 80C | 150000 | - |
| 80D | 25000 | - |
| 80CCD(1B) | 50000 | - |
| Salary Income | Amount |
| Basic | 800000 |
| HRA | 320000 |
| LTA | 10000 |
| Total CTC | 1130000 |
|---|---|
| HRA | 200000 |
| LTA | 10000 |
| Std. deduction | 50000 |
| Net taxable salary | 870000 |
| Other income | 20000 |
| Gross total income | 890000 |
| Deduction | |
|---|---|
| 80C | 150000 |
| 80CCD(1B) | 50000 |
| 80D | 25000 |
| Total deduction | 225000 |
| Net taxable income | 665000 |
|---|---|
| Total tax on above | 47320 (including health & education cess of 4%) |
| Upto 250000 | Upto nil |
| 250000 to 500000 | 12500 |
| balance 165000 | 33000 |
| Total (including HEC) | 47320 |
|---|
| Salary Income | Amount |
| Basic | 800000 |
| HRA | 320000 |
| LTA | 10000 |
| Total CTC | 1130000 |
|---|---|
| Standard Deduction | 75000 |
| Net taxable salary | 10,55,000 |
|---|---|
| Other income | 20000 |
| Gross total income | 10,75,000 |
| Net taxable income | 10,75,000 |
|---|---|
| Total tax on above | 63,700 |
| Up to 3,00,000 | nil |
| Rs 3,00,001 - Rs 7,00,000 | 20000 |
| Rs 7,00,001 - Rs 10,00,000 | 30000 |
| Rs 10,00,001 - Rs 12,00,000 (75000 *15%) | 11,250 |
| Total tax | 61,250 |
| Education cess@4% | 2,450 |
| Total | 63,700 |
|---|
Any person who falls in the following criteria can use this Income Tax Calculator to calculate Income Tax:
A salaried person working under any employer must pay the tax liabilities per the income tax slab
to which his salary belongs.
Income Tax Slab Rates are applicable for each Indian resident
who is under the age of 60 years and earning income. In case of a new regime, the tax slabs are:
| Range of Income (Rs.) | Tax Rate |
|---|---|
| Up to 3,00,000 | NIL |
| 3,00,000-7,00,000 | 5% |
| 7,00,000-10,00,000 | 10% |
| 10,00,000-12,00,000 | 15% |
| 12,00,000-15,00,000 | 20% |
| Above 15,00,000 | 30% |
For example, if someone has a taxable annual income of Rs 6 lakhs, then his payable tax will be calculated as:
| Income Slab | Applicable Rate | Payable Tax |
|---|---|---|
| Up to Rs. 3 lakhs | Zero tax | 0 |
| 3 lakhs to Rs. 7 lakhs | 5% | 15,000 |
| Total Payable Tax | 15,000 | |
| Health and Education Cess@4% | 600 | |
| Total Tax Payable | 15,600 |
Likewise, one who is earning a total income of Rs. 6 lakhs is required to pay 15,600 (plus some cess) as his income tax to the Income Tax Department, India.
Income Tax is required to be paid when your income exceeds the basic exemption limit for each financial year. This limit is specified by the government every year. The basic exemption limit is Rs. 3 lakhs in case of a new tax regime and Rs. 2.5 lakhs in the case of the old tax regime only. However, there is a rebate of Rs. 12500/- in case of the old tax regime for income upto Rs. 5 lakhs and Rs. 25000 available u/s 87A in case of the new tax regime for income up to Rs. 7lakhs.
The Slab helps to determine the tax rate at which tax will be levied upon you. Earlier, the Government determined various Income Tax Slabs on the basis of the age of the individual. Budget 2020 has given individuals options to choose between new and older tax slabs.
| Old Income Tax Slab for FY 2024-2025 (AY 2025-2026) | |
|---|---|
| Up to Rs 2,50,000 | NIL |
| Rs 2,50,001 - Rs 5,00,000 | 5% |
| Rs 5,00,001 - Rs 10,00,000 | 20% |
| Above Rs 10,00,000 | 30% |
| Range of Income (Rs.) | Tax Rate |
|---|---|
| Up to 3,00,000 | NIL |
| 3,00,000-7,00,000 | 5% |
| 7,00,000-10,00,000 | 10% |
| 10,00,000-12,00,000 | 15% |
| 12,00,000-15,00,000 | 20% |
| Above 15,00,000 | 30% |
Please note that from F.Y 18-19, EC & SHEC has been replaced by the Health & Education Cess@ 4%.
Further, to understand the other slabs of various taxpayers, please click on this link.
Tax Deducted at Source (TDS) is a mechanism whereby the tax is deducted directly at the point of origin of income and deposited to the government. It enables speedy collection of taxes. By claiming tax deductions, you can claim this tax paid as a credit while filing your income tax return. In the case of salary income, it is your employer's responsibility to deduct the TDS and deposit it to the government.
For the purpose of calculating the monthly TDS amount, just calculate your taxes from the above calculator and divide it by 12. You will get your monthly TDS amount.
For example: From the above Income Tax calculator, the total tax has been computed at Rs. 60,000, and now, for the purpose of monthly TDS, we shall divide Rs. 60,000 by 12. Hence, the monthly TDS shall be Rs.5,000.
Tax2win’s Income Tax Calculator is an ideal tax tool that computes taxpayers' tax liability on the basis of information entered. You can surely use this up-to-date utility tool for your tax calculation for AY 2023-24, AY 2024- 2025, and AY 2025-26. Your Income-tax liability will be more or less the same, subject to the actual information.
With the help of Tax2win’s Income Tax Calculator, it becomes easy to estimate your tax payment for any financial year. It is a quick, simple, and user-friendly tax tool. It is a modern-age tax tool that helps Indian taxpayers estimate their Income Tax liabilities in a few minutes. Why wait? Get a quick and accurate evaluation of your Income Tax today!
No changes were announced for indirect/direct taxes in Budget 2024. This was an interim budget as it came just ahead of the Lok Sabha Elections. The full budget will be presented in July this year after the new government is formed after the Lok Sabha elections.
There are no Changes in the Old Tax Regime; however, the Union Budget 2023 makes some changes in the New Tax Regime Slab Rates for FY 2023-24 and onwards. Now, the basic exemption limit has been raised to Rs. 3 lakhs from Rs. 2.5 lakhs to make the new tax regime more attractive. Also, the No. of slabs was reduced from 7 to 6 in the new tax regime. The income tax slab rates for FY 2023-2024 (AY 2024-2025) are as follows:
| Up to Rs 2,50,000 | NIL |
| Rs 2,50,001 - Rs 5,00,000 | 5% |
| Rs 5,00,001 - Rs 10,00,000 | 20% |
| Above Rs 10,00,000 | 30% |
| Range of Income (Rs.) | Tax Rate |
|---|---|
| Up to 3,00,000 | NIL |
| 3,00,000-7,00,000 | 5% |
| 7,00,000-10,00,000 | 10% |
| 10,00,000-12,00,000 | 15% |
| 12,00,000-15,00,000 | 20% |
| Above 15,00,000 | 30% |
Please follow the below given steps to calculate your income tax through the Tax2win portal and there you are with the tax calculation:
Rebate u/s 87A provides exemption on tax payment to a RESIDENT INDIVIDUAL. As per this provision, if an individual’s taxable income is upto Rs. 7 lakhs under the new tax regime then he will get the tax benefit of Rs. 25,000 or the amount of tax whichever is lower (This tax rebate of Rs 25000/- is only for new tax regime and 12500/- is for old tax regime). If you are liable to pay tax up to the limit of rebate allowed, then after taking the rebate benefit, no payment will be required to be made for the tax amount. For availing the full amount of the rebate, the Total Taxable Income of the return filer shall be up to Rs 7,00,000.
