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Income Tax Calculator - FY 2024-2025

Updated as per latest budget on 23rd July, 2024.

Basic details Income details Deduction

Financial year

FY 2024-2025 (Return to be filed between 1st April 2025 - 31st December 2025)

Age group

0-60

Continue

Individuals have the option to file taxes under either the old or new tax
regimes, with each offering different regulations and deductions. To
accurately calculate your tax liabilities, you can use our income tax
calculator, which is a cost-effective alternative to hiring a professional tax
consultant. This tool not only helps you understand your tax obligations
but also simplifies the process of comparing both regimes.

Explore how the tax calculator works, their benefits, and how they can
streamline your tax planning for smarter financial decisions.
What is the Income Tax Calculator?

The Income tax calculator is an easy-to-use online tool that helps you calculate your tax

liability based on your income details. It also gives you a comparison of tax liability between

the old and new tax regimes to help you decide which is more beneficial for you. We have

updated our tool in line with the income tax changes proposed in the Union Budget 2024-25

to help you estimate your tax liability for better financial planning.

How to Use the Income Tax Calculator for FY 2024-25 (AY 2025-26) and FY 2023-24(AY

2024-25)?

Following are the steps to use the tax calculator:

Step 1: Choose the financial year for which you want your taxes to be calculated.

Step 2: Select your age accordingly. Tax liability under the old regime differs based on the

age groups.

Step 3: Click on ‘Continue’

Step 4: Enter your taxable salary, i.e. salary after deducting various exemptions such

as HRA, LTA and so on. (if you want to know your tax liability under the old tax slabs) Or just

enter your salary, i.e., salary, without availing of exemptions such as HRA, LTA, professional

tax, etc. (if you want to know your tax liability under the new tax slabs)

Step 5: Along with taxable salary, you must enter other details such as interest income, rental

income, interest paid on home loan for rented, and interest paid on loan for self-occupied

property.
Step 6: For Income from Digital Assets, enter the net income (Sale consideration (-) Cost of

Acquisition).

Step 7: Click on 'Continue’ again.

Step 8: If you want to calculate your taxes under the old tax slabs, you will have to enter

your tax-saving investments under sections 80C, 80D, 80G, 80E, and 80TTA.

Step 9: Click on 'Calculate' to calculate your tax liability. You will be able to compare the old

and new tax regimes.

How to Calculate Income Tax on Salary with Example

To calculate Income tax, include income from all sources. Include:

Income from Salary

Income from House Property

Income from Capital Gains

Income from Business/Profession

Income from Other Sources

Income tax calculation for the Salaried

Income from salary = Basic salary + HRA + Special Allowance + Transport Allowance + any

other allowance.

Some components of your salary are exempt from tax, such as telephone bill reimbursement

and leave travel allowance. If you receive HRA and live on rent, you can claim an exemption

on HRA. Calculate the exempt portion of HRA using this HRA Calculator.
On top of these exemptions, a standard deduction of 50,000 is available in both old and

new regimes. This has been increased to Rs. 75,000 in Latest Budget 2024 only under the

New Regime.

Let's understand income tax calculation under both old and new tax regimes by way of an

example: Neha receives a Basic Salary of Rs 1,00,000 per month. HRA of Rs 50,000. Special

Allowance of Rs 21,000 per month. LTA of Rs 20,000 annually. Neha pays a rent of Rs 40,000

and lives in Delhi.

Taxable

Income (Old Taxable Income

Nature Amount Exemption/Deduction regime) (New regime)

Basic Salary 12,00,000 - 12,00,000 12,00,000

HRA 6,00,000 3,60,000 2,40,000 6,00,000

Special

Allowance 2,52,000 - 2,52,000 2,52,000

12,000 (bills

LTA 20,000 submitted) 8,000 20,000

Standard

Deduction - 50,000 50,000 75,000

Gross Total

Income from

Salary 16,50,000 19,97,000

Neha has income from interest from a savings account of Rs 8,000 and a fixed deposit

interest income of Rs 12,000 during the year. Neha has made some investments to save

income tax. PPF investment of Rs 50,000. ELSS purchase of Rs 20,000 during the year. LIC

premium of Rs 8,000. Medical insurance paid of Rs 12,000. Here are the deductions Neha

can claim under the old tax regime.

Maximum Eligible Amount claimed

Nature Deduction investments/expenses by Neha

PPF deposit Rs 50,000, ELSS

investment Rs 20,000, LIC

premium Rs 8,000. EPF

deducted by employer

(Neha’s contribution) = Rs

Section 80C Rs.1,50,000 1,00,000 *12% *12 = 1,44,000 Rs 1,50,000

Rs 25,000 for self

Rs 50,000 for Medical insurance premium

Section 80D parents Rs 12,000 Rs 12,000

 Savings account interest

Section 80TTA Rs.10,000 8,000 Rs. 8,000

Calculation of gross taxable income and tax liability in India (Old regime):

Nature Amount Total

Income from Salary 16,50,000

Less: Std Deduction 50,000

Income from Other Sources 20,000

Gross Total Income 16,70,000

Deductions

80C 1,50,000

80D 12,000 -

80TTA 8,000 1,70,000

Gross Taxable Income 15,00,000

Total tax on above 2,73,000

(including cess)

Calculation of gross taxable income and tax liability in India (New regime):

Nature Amount Total

Income from Salary 19,97,000

Less: Std Deduction 75,000

Income from Other Sources 20,000

Gross Total Income 19,42,000

Total tax on above 2,83,504

(including cess)

Slab Rates Under New and Old Regime

The slab rates are different under the new and old regimes. Under the old regime, the rates

vary based on age: individuals under 60, those between 60 and 80, and those over 80.

Under the new regime, the tax slabs are the same for all age groups.

The tax slabs under the old regime are as follows:

Resident Senior Resident Super

Individuals (Age < 60 Citizens (>60 but <80 Senior Citizens (80

Slabs (Rs.) years) years) years and above)

Upto 2,50,000 Nil Nil Nil

2,50,001 - 3,00,000 5% Nil Nil

3,00,001 - 5,00,000 5% 5% Nil

5,00,000 - 10,00,000 20% 20% 20%

Above 10,00,000 30% 30% 30%

The tax slabs under the new regime is as follows:

Tax Slab for FY 2023- Tax Slab for FY 2024-

24 Tax Rate 25 Tax Rate

Upto 3,00,000 Nil Upto 3,00,000 Nil

3,00,001 - 6,00,000 5% 3,00,001 - 7,00,000 5%

6,00,001 - 9,00,000 10% 7,00,001 - 10,00,000 10%

9,00,001 - 12,00,000 15% 10,00,001 - 12,00,000 15%

12,00,001 - 15,00,000 20% 12,00,001 - 15,00,000 20%

Above 15,00,000 30% Above 15,00,000 30%

Surcharge and Education Cess:

If your income exceeds a certain threshold, you will incur additional taxes on top of the

existing rates. This additional tax specifically targets high-income earners.

The surcharge rates are as follows:

10% of Income tax if total income > Rs.50 lakh and < Rs.1 crore,

15% of Income tax if total income > Rs.1 crore and < Rs.2 crore,

25% of Income tax if total income > Rs.2 crore and < Rs.5 crore,
 37% of Income tax if total income > Rs.5 crore

Note: The highest surcharge rate of 37% has been reduced to 25% under the new tax regime,

effective from April 1, 2023.

Additional Health and Education cess at the rate of 4% will be added to the income tax

liability.

Note: There are certain deductions/exemptions which are not available under the New

regime. Click here to know about the exemptions/deductions that are not available under

the New regime.

Benefits of Using Income Tax Calculator

Using our online Income tax calculator offers several benefits such as:

Accuracy

Income tax calculator calculates your tax liability accurately eliminating any potential errors

that result from calculating the tax liability manually.

Swift and Hassle-free

The Income tax calculator is a tool which calculates your tax liability swiftly within few

seconds and can be used anytime and anywhere.

User-friendly

The Income tax calculator is a very user-friendly tool. Simply input your income and

deduction details to accurately calculate your tax liability.

Better Financial Management and Tax Planning

Understanding your tax liability in advance is essential for effective financial planning. By

knowing your potential tax obligations, you can allocate your budget wisely and invest in

tax-saving instruments like ELSS, PPF,etc. to reduce the tax liability.

Frequently Asked Questions

How can I calculate my tax payable?

You can use cleartax tax calculator to calculate your taxes online. You just need to enter
your income and investment or deduction details and it will calculate your tax liability

accurately.

Does everyone have to file their income tax returns?

If the income of an individual is below the basic exemption limit then he

is not required to file income tax returns. However, if your income is less
than exemption limit and want to claim the income tax refund then they
have to file their ITR.

Does the income tax calculator calculate for TDS?

No, the income tax calculator does not compute the Tax Deducted at
Source (TDS). However, it calculates your tax liability for the assessment
year. You can use TDS calculator to calculate TDS.
How to calculate surcharge or rebate on income tax?

You just have to input your income and deduction details in the Income
tax calculator and it will calculate your tax liability along with surcharge
and cess. It will also calculate rebate if it is applicable to you.

How to calculate income tax on arrear salary?

You can include your salary arrears in the Income from salary column in
the Income tax calculator and it will calculate your tax liability.

What is the difference between the old and new tax regimes?

The old tax regime allows you to claim exemptions and deductions (e.g.,
HRA, 80C investments) to reduce your taxable income. The new tax
regime offers lower tax rates but eliminates most exemptions and
deductions. The calculator compares your tax liability under both to
help you decide the best option.

Can I use the Income Tax Calculator if I have income from multiple
sources?

Yes, the Income Tax Calculator can calculate income from multiple
sources such as salary, interest income, rental income, and capital
gains. Simply input all the income details to get an accurate tax
calculation
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