Free Income Tax Calculator (India)
Estimate your tax liability for FY 2023-24 (AY 2024-25). Compare your tax outgo under the Old and New tax regimes to make an informed decision.
How to Use the Income Tax Calculator
Our income tax calculator is designed to give you a clear estimate of your tax liability in India for the financial year 2023-24. Simply enter your gross taxable income, select your age bracket, and choose between the Old and New tax regimes. The tool will automatically apply the relevant tax slabs and provide a detailed breakdown of your tax calculation, including cess.
Understanding the Old vs. New Tax Regimes
For FY 2023-24, the New Tax Regime is the default option. It offers lower, more streamlined tax slabs but disallows most common deductions like those under Section 80C, 80D, and HRA. The Old Tax Regime has higher tax slabs but allows you to claim over 70 deductions and exemptions, potentially lowering your taxable income. Our calculator helps you compare which regime is more beneficial for your financial situation.