Income Tax Calculator
Calculate your income tax liability for Financial Year 2024-25 based on the new tax regime.
How to Use the Income Tax Calculator?
Enter your annual income and applicable deductions to calculate your tax liability for FY 2024-25.
Income Tax Slabs for FY 2024-25 (New Regime)
| Income Range | Tax Rate |
|---|---|
| Up to ₹3,00,000 | 0% |
| ₹3,00,001 to ₹7,00,000 | 5% |
| ₹7,00,001 to ₹10,00,000 | 10% |
| ₹10,00,001 to ₹12,00,000 | 15% |
| ₹12,00,001 to ₹15,00,000 | 20% |
| Above ₹15,00,000 | 30% |
Note: Health and Education Cess of 4% is applicable on the total tax amount.
Common Tax Deductions
- Section 80C: Up to ₹1.5 lakh (EPF, PPF, ELSS, Life Insurance, etc.)
- Section 80D: Health insurance premiums (₹25,000 to ₹1 lakh)
- HRA: House Rent Allowance exemption
- Section 80E: Education loan interest (no upper limit)
- Section 80G: Donations to charitable institutions
- Standard Deduction: ₹50,000 for salaried individuals
Tax Saving Tips
- Maximize investments under Section 80C
- Buy health insurance for Section 80D benefits
- Plan your salary structure to optimize HRA exemption
- Consider tax-saving fixed deposits and bonds
- Keep proper documentation for all deductions claimed
Important Notes
- This calculator is based on the new tax regime for FY 2024-25
- TDS and advance tax payments are not considered in this calculation
- Consult a tax professional for complex tax situations
- Tax laws may change; always refer to the latest IT Act provisions