Tax Slab Calculator
Calculate your income tax based on the latest tax slabs. Compare old vs new regime and find the best option.
* All calculations are approximate.
How Tax Slab Calculator Works?
Calculate your income tax based on the latest tax slabs. Compare old vs new regime and find the best option.
Enter your annual income (gross salary or total income from all sources).
Specify total deductions you are claiming (Section 80C, 80D, HRA, etc.) — applicable only under the old regime.
Select your preferred tax regime — Old Regime (with deductions) or New Regime (lower rates, no deductions).
The calculator computes your taxable income, applies the applicable slab rates, adds 4% health and education cess, and shows the total tax payable.
Review your effective tax rate and net income after tax to make an informed regime choice.
Formula Used
Total Tax = Income Tax (as per slab) + 4% Cess on Income Tax
This calculator provides an estimate based on standard slab rates. Surcharge applies for income above 50 lakh. Consult a tax advisor for precise filing.
Important — Read Before You Decide
- The new tax regime offers lower tax rates but eliminates most exemptions and deductions like 80C, 80D, and HRA
- The old tax regime allows deductions under Section 80C (up to ₹1.5L), 80D (health insurance), HRA, and more
- Under Section 87A, income up to ₹5 lakh (old regime) or ₹7 lakh (new regime) is effectively tax-free due to rebate
- The new regime provides a standard deduction of ₹50,000 for salaried individuals from FY 2023-24 onwards
- A surcharge of 10-37% applies on income tax for income exceeding ₹50 lakh, significantly increasing the tax burden
- If your total tax liability exceeds ₹10,000 in a year, you must pay advance tax in quarterly installments
- Most salaried employees already have TDS (Tax Deducted at Source) handled by their employer — check Form 26AS to verify
- Section 80C investments (PPF, ELSS, LIC) and Section 80D (health insurance premiums) are the most common deductions in the old regime
What Happens If You Ignore These?
- Choosing the wrong tax regime can cost you thousands in unnecessary taxes — always compare both before filing
- Not filing income tax returns on time (before July 31) leads to penalties, interest, and loss of carry-forward benefits
- Ignoring advance tax obligations results in interest under Section 234B and 234C added to your tax liability
- Missing available deductions under the old regime means paying more tax than legally required
- Non-filing of returns can attract a penalty of up to ₹10,000 and prosecution for high-income earners
Smart Tips
- Always compare tax liability under both old and new regimes before making a choice — use this calculator for both
- Maximize Section 80C deductions with ELSS, PPF, or NPS contributions to reduce taxable income under old regime
- Consider investing in NPS for an additional ₹50,000 deduction under Section 80CCD(1B) beyond the 80C limit
- File your income tax return before July 31 every year to avoid penalties and claim refunds faster
- Use Form 26AS and AIS (Annual Information Statement) to verify all TDS deducted and income reported
- Keep all investment proofs, rent receipts, and medical bills organized throughout the year for hassle-free filing
Frequently Asked Questions
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