Income Tax Calculator – Estimate Tax Liability

Enter your income to calculate estimated tax as per latest slabs. Useful for salaried individuals and freelancers for tax planning.

What is Income Tax Calculator?

An Income Tax Calculator is an online tool that estimates an individual's tax liability based on their income, applicable tax slabs, deductions, and exemptions according to the Income Tax Act 1961. It simplifies complex manual calculations by providing instant, accurate tax computation under both old and new tax regimes for a financial year.

Basic Information

Annual Income

Your primary annual income from job or business.
Interest, rental income (non-business), etc.

HRA Calculation (for Old Regime)

Usually 40-50% of CTC.
If part of retirement benefits.
Total rent paid during year.

Deductions (Mainly for Old Regime)

₹50,000 (Auto-applied based on regime)
Note: From FY 2025-26, new regime has ₹75,000 SD.
LIC, PPF, EPF, ELSS, Tuition Fees, etc.
Interest on self-occupied property.

Section 80D (Health Insurance)

Health insurance for self, spouse, children.
Health insurance for parents.
Full interest on education loan.
Donations to specified institutions.

How Does the Income Tax Calculator Work?

The income tax calculator works by prompting the user to input details such as annual income, investments, exemptions, home loan interest, and other deductions. It applies the relevant tax slabs for the selected financial year and calculates tax liability including surcharge and cess. The Income Tax calculators allow comparison between old and new tax regimes, showing users the optimal tax-saving option. The tool excludes TDS calculation but provides the estimated tax payable or refundable.

Step-by-Step Flow of the Income Tax Calculator

  1. Select Financial Year for which taxes need to be calculated.
  2. Select Age Category to determine applicable tax slabs.
  3. Enter Residential Status to decide tax applicability.
  4. Input Income Details under various heads like salary, house property, capital gains, business, and other sources.
  5. Enter Exemptions such as HRA and LTA.
  6. Enter Deductions available under different sections to reduce taxable income.
  7. Input Home Loan Interest Payment details if applicable.
  8. Provide details of TDS deducted to calculate net tax payable or refundable.
  9. Click Calculate to get:
    • Tax liability under old tax regime
    • Tax liability under new tax regime
    • Comparison between both to help choose the best option
  10. View a detailed tax summary including applicable surcharge and cess.