Income Tax Calculator
Calculate your income tax for the current and future financial years.
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Everything you need to know about Income Tax calculations.
The New Tax Regime is the default regime with lower tax rates but fewer deductions. From FY 2025-26, it offers a standard deduction of ā¹75,000 and higher slab limits, making it attractive for many middle-income earners.
This depends on your total investments. If you have significant 80C investments (LIC, PPF), Home Loan interest (Section 24), and HRA, the Old Regime might be better. Otherwise, the New Regime is generally simpler and better.
The Standard Deduction is a flat deduction from your gross salary. For FY 2025-26, it is ā¹50,000 under the Old Regime and has been increased to ā¹75,000 under the New Regime.
Under 87A, if your taxable income is below a certain threshold (ā¹7 Lakhs in New Regime), you get a full tax waiver. This means individuals earning up to ā¹7.75 Lakhs (new regime) effectively pay zero tax after standard deduction.
HRA exemption is the minimum of: 1) Actual HRA received, 2) 50% of salary (metro) or 40% (non-metro), 3) Actual rent paid minus 10% of salary. Note that HRA cannot be claimed in the New Regime.
Yes, interest from savings accounts is taxable under 'Income from Other Sources'. However, you can claim a deduction up to ā¹10,000 under Section 80TTA (80TTB for senior citizens) in the Old Regime.