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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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No Income Tax on Annual Salary Income Up to ₹12.75 Lakh!
Union Budget 2025-26 proposes new direct tax slabs and rates under the new income tax regime, ensuring that no income tax is needed to be paid for total income up to ₹12 Lakh per annum (i.e., average income of ₹1 Lakh per month), other than special rate income such as Capital Gains.
With the Section 87A rebate limit increased from ₹7 lakh to ₹12 lakh, the middle class will experience major tax relief. Additionally, salaried individuals can claim a ₹75,000 standard deduction, keeping more of their income tax-free.
Revised Slab Structure under new tax regime:
| ₹0 – ₹4 lakh | No Tax |
| ₹4 lakh – ₹8 lakh | 5% |
| ₹8 lakh – ₹12 lakh | 10% |
| ₹12 lakh – ₹16 lakh | 15% |
| ₹16 lakh – ₹20 lakh | 20% |
| ₹20 lakh – ₹24 lakh | 25% |
| ₹24 lakh & above | 30% |
Taxpayers now get 4 years (instead of 2) to update their Income Tax Returns.
These changes will be effective from 1 April 2025 i.e. for FY 2025-26
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 2025-2026.
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 2025 introduced several changes in the tax slab under new tax regime. The revised tax slab is
| Income Slab (Rs) | New Tax Regime Rate FY 2025-26 | Income Slab (Rs) | New Tax Regime Rate FY 2024-25 |
| Up to 4 lacs | Nil | Up to 3 lacs | Nil |
| 4 lacs - 8 lacs | 5% | 3 lacs - 7 lacs | 5% |
| 8 lacs - 12 lacs | 10% | 7 lacs - 10 lacs | 10% |
| 12 lacs - 16 lacs | 15% | 10 lacs - 12 lacs | 15% |
| 16 lacs - 20 lacs | 20% | 12 lacs - 15 lacs | 20% |
| 20 lacs - 24 lacs | 25% | Above 15 lacs | 30% |
| Above 24 lacs | 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 + Perquisites and other 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.
| Salary Income | Amount |
| Basic | 800000 |
| HRA | 320000 |
| LTA | 10000 |
| Total CTC | 1130000 |
|---|---|
| HRA (Exempt) | 200000 |
| LTA (Exempt) | 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 |
| Salary Income | Amount |
| Basic | 13,00,000 |
| HRA | 1,00,000 |
| LTA | 50,000 |
| Total CTC | 14,50,000 |
|---|---|
| Standard Deduction | 75,000 |
| Net taxable salary | 13,75,000 |
| Other income | 60,000 |
| Gross total income | 14,35,000 |
| Net taxable income | 14,35,000 |
| Total tax on above | 99,060 |
| Up to 4,00,000 | Nil |
| Rs 4,00,001 - Rs 8,00,000 | 20,000 |
| Rs 8,00,001 - Rs 12,00,000 | 40,000 |
| Rs 12,00,001 - Rs 14,35,000 (2,35,000 *15%) | 35,250 |
| Total tax | 95,2500 |
| Education cess@4% | 3,810 |
| Total | 99,060 |
Any person who falls in the following criteria can use this Income Tax Calculator to calculate Income Tax:
Accurate Tax Estimation
Time-Saving
Customizable Inputs
Tax Planning Assistance
Budget Planning
User-Friendly and Accessible
Compliance Made Easy
Pre-Filing Preparedness
An Income Tax Calculator is a valuable tool for simplifying your tax journey while saving you time and effort.
When filing your Income Tax Return (ITR), income under the "Income from Other Sources" category includes earnings like interest, dividends, lottery winnings, and rental income from machinery. Here's how to determine your net taxable income from this category:
Formula:
Net Income from Other Sources = Gross Income - Deductions (Section 57)
Identify Gross Income
Determine Allowable Deductions (Section 57)
Compute Net Income
Net Income = Gross Income - Allowable Deductions
Example Calculation:
Tip: Claiming eligible deductions under Section 57 reduces your tax burden. Ensure you report your income accurately in your ITR to avoid penalties.
Have questions about your tax calculations? Connect with the tax experts
| Old Tax Regime (FY FY 2023-24 and FY 2024-25, FY 2025-26) | |||
|---|---|---|---|
| Income Slabs | Age < 60 years & NRIs | Age of 60 Years to 80 years | Age above 80 Years |
| Up to ₹2,50,000 | NIL | NIL | NIL |
| ₹2,50,001 - ₹3,00,000 | 5% | NIL | NIL |
| ₹3,00,001 - ₹5,00,000 | 5% | 5% | NIL |
| ₹5,00,001 - ₹6,00,000 | 20% | 20% | 20% |
| ₹6,00,001 - ₹7,00,000 | 20% | 20% | 20% |
| ₹7,00,001 - ₹7,50,000 | 20% | 20% | 20% |
| ₹7,50,001 - ₹9,00,000 | 20% | 20% | 20% |
| ₹9,00,001 - ₹10,00,000 | 20% | 20% | 20% |
| ₹10,00,001 - ₹12,00,000 | 30% | 30% | 30% |
| ₹12,00,001 - ₹12,50,000 | 30% | 30% | 30% |
| ₹12,50,001 - ₹15,00,000 | 30% | 30% | 30% |
| ₹15,00,000 and above | 30% | 30% | 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% |
Given below is a table that shows the revised income tax slabs as per Budget 2025 under the new regime -
| Income (in lakhs) | Tax Rate |
|---|---|
| ₹0 – ₹4 lakh | Nil |
| ₹4 – ₹8 lakh | 5% |
| ₹8 – ₹12 lakh | 10% |
| ₹12 – ₹16 lakh | 15% |
| ₹16 – ₹20 lakh | 20% |
| ₹20 – ₹24 lakh | 25% |
| Above ₹24 lakh | 30% |
Note: The increased slab rates are only applicable under the new regime and will come into effect for ITR filing for FY 25-26 (AY 26-27).
Budget 2025 has proposed new income tax slabs under the new tax regime.The new income tax slabs proposed under the new tax regime have raised the basic exemption limit to Rs 4 lakh from Rs 3 lakh.
| Income Slab (Rs) | New Tax Regime Rate FY 2025-26 | Income Slab (Rs) | New Tax Regime Rate FY 2024-25 |
|---|---|---|---|
| Up to 4 lacs | Nil | Up to 3 lacs | Nil |
| 4 lacs - 8 lacs | 5% | 3 lacs - 7 lacs | 5% |
| 8 lacs - 12 lacs | 10% | 7 lacs - 10 lacs | 10% |
| 12 lacs - 16 lacs | 15% | 10 lacs - 12 lacs | 15% |
| 16 lacs - 20 lacs | 20% | 12 lacs - 15 lacs | 20% |
| 20 lacs - 24 lacs | 25% | Above 15 lacs | 30% |
| Above 24 lacs | 30% |
The new income tax laws will be effective from the new FY 2025-26, starting from April 1, 2025.
Wondering how the latest tax changes affect you? Find out in seconds! Calculate your tax in 3 simple steps using Tax2win Income Tax Calculator.
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:
Given below is a table that shows the revised income tax slabs as per Budget 2025 under the new regime -
| Range of Income (Rs.) | Tax Rate |
|---|---|
| ₹0 – ₹4 lakh | NIL |
| ₹4 – ₹8 lakh | 5% |
| ₹8 – ₹12 lakh | 10% |
| ₹12 – ₹16 lakh | 15% |
| ₹16 – ₹20 lakh | 20% |
| ₹20 – ₹24 lakh | 25% |
| Above ₹24 lakh | 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% |
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. 4 lakhs in case of a new tax regime and Rs. 2.5 lakhs in the case of the old tax regime only for FY 2025-26. However, there is a rebate of Rs. 12500/- in case of the old tax regime for income upto Rs. 5 lakhs and Rs. 60,000 available u/s 87A in case of the new tax regime for income up to Rs.12lakhs.
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 2025-26 and AY 2026-27. 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!
There are no Changes in the Old Tax Regime; however, the Union Budget 2025 makes some changes in the New Tax Regime Slab Rates for FY 2025-26 and onwards. Now, the basic exemption limit has been raised to Rs. 4 lakhs from Rs. 3 lakhs to make the new tax regime more attractive.
| 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% |
| Income (in lakhs) | Tax Rate |
|---|---|
| ₹0 – ₹4 lakh | Nil |
| ₹4 – ₹8 lakh | 5% |
| ₹8 – ₹12 lakh | 10% |
| ₹12 – ₹16 lakh | 15% |
| ₹16 – ₹20 lakh | 20% |
| ₹20 – ₹24 lakh | 25% |
| Above ₹24 lakh | 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 up to Rs. 12lakhs under the new tax regime then he will get the tax benefit of Rs. 60,000 or the amount of tax whichever is lower (This tax rebate of Rs 60,000/- 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 12,00,000.
