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Income Tax Calculator FY 2022-23 (AY 2023-24)

An income tax calculator is a simple online tool that calculates the tax you are liable to pay in a given financial year. The calculator estimates your tax liability by considering various factors such as your age, income, investments, deductions, etc.

Income Tax Calculator

Calculate Income Tax Online

Investment Details

Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.25,000 per year.
Maximum deduction is Rs.50,000 per year.
Maximum deduction is Rs.5000 per year..
Maximum deduction is Rs.50,000 per year.

The premium paid towards health insurance policies taken for self, spouse, children or parents is eligible for tax deduction u/s 80D:
The maximum limit for deduction on Health Insurance Premium, Health Insurance Premium for Senior Citizen and Medical Expenditure paid on health of senior citizen cannot exceed ₹ 50,000.
The maximum limit for deduction on Health Insurance Premium and Preventive Health Checkup can not exceed ₹ 25,000
The maximum limit for deduction on Health Insurance Premium for Senior Citizen and Preventive Health Checkup cannot exceed ₹ 50,000
The maximum limit for deduction on Preventive Health Checkup for Self, Family and Parents is ₹ 5,000

Maximum deduction is Rs.50000 per year.


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Taxable Income


Tax Payable



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What is an Income Tax Calculator?

An Income tax calculator is an online tool that helps you calculate taxes payable based on your income. According to the income slab, a portion of your net income will be paid as tax.

Income tax calculation is simple and easy with our calculator. We ensure you get a precise value of payable tax through our income tax calculator, which calculates as per the latest income tax rates and rules.

Individuals can calculate their Total Income Tax Liability with the help of an online income tax calculator. The calculator take age, income, expenses, applicable tax deductions and existing investments into account for estimating tax liability.

How to Use the Income Tax Calculator?

You can use the calculator to estimate your tax liability by following the below-mentioned steps:

  1. Select your age.
  2. Enter your annual income. The income includes your salary, bonus, and other relevant variable components.
  3. Enter your investment details under Section 80C, 80CCC, 80CCD(1).
  4. Enter your medical insurance premium paid under Section 80D if you have a health insurance plan.
  5. Enter additional NPS Self Contribution up to ₹50000 under Section 80CCD(1B).
  6. Enter employer Contribution for NPS under Section 80CCD(2).

Once you complete these steps, you will see a summary of your annual income, investments, taxable income, and the amount of tax payable.

Note: You can enter "0" for any field that does not apply to you.

Understanding Income Tax Slabs

The Indian Income Tax System is based on levels of income under which individual taxpayers are taxed. Different tax rates apply to individuals as per their income levels.

Here are three categories under which individuals are supposed to pay tax:

Here are three categories under which individuals pay tax:

Individuals below 60 years of age

Resident Senior Citizens who are 60 to 80 years of age

Resident Super Senior Citizens who are more than 80 years of age

a) Income Tax Slabs & Rates for Individuals below 60 years

1st Option 2nd Option
Old Income Tax Slab Regime New Income Tax Slab Regime
Taxable Income Tax Rates Taxable Income Tax Rates
Up to ₹2,50,000 NIL Up to ₹3,00,000 NIL
₹3,00,001 - ₹6,00,000 5%
₹2,50,001 - ₹5,00,000 5% ₹6,00,001 - ₹9,00,000 10%
₹9,00,001 - ₹12,00,000 15%
₹5,00,001 - ₹10,00,000 20% ₹12,00,001 - ₹15,00,000 20%
Above ₹10,00,000 30% Above ₹15,00,000 30%

b) Income Tax Slab & Rates for Individuals between 60 years to 80 Years (Senior Citizens)

1st Option 2nd Option
Old Income Tax Slab Regime New Income Tax Slab Regime
Taxable Income Tax Rates Taxable Income Tax Rates
Up to ₹3,00,000 NIL Up to ₹3,00,000 NIL
₹3,00,001 - ₹6,00,000 5%
₹3,00,001 - ₹5,00,000 5% ₹6,00,001 - ₹9,00,000 10%
₹9,00,001 - ₹12,00,000 15%
₹5,00,001 - ₹10,00,000 20% ₹12,00,001 - ₹15,00,000 20%
Above ₹10,00,000 30% Above ₹15,00,000 30%

c) Income Tax Slabs & Rates for Individuals above 80 Years (Super Senior Citizen)

Income Tax Slab Old Regime Slab Rates for FY 19-20 and FY 20-21
₹0 - ₹2.5 Lakhs NIL
₹2.5 - ₹5 Lakhs NIL
₹5 - ₹10 Lakhs 20%
Above ₹10 Lakhs 30%

The New Income Tax Regime Slab Rates (FY 2023-24/ AY 2024-25)

Up to ₹3,00,000 NIL
₹3,00,001 - ₹6,00,000 5%
₹6,00,001 - ₹9,00,000 10%
₹9,00,001 - ₹12,00,000 15%
₹12,00,001 - ₹15,00,000 20%
Above ₹15,00,000 30%

Income Tax Deductions Available

Salaried employees get Form 16 from their employers, which details their total salary and taxes deducted. The form may be used as a reference to calculate taxes. Income generated from other sources such as interest on deposits, investments, and rental income have to be incorporated in the tax calculation.

When using the tax calculator, keep the following rebates/deductions/exemptions available under the income tax law in mind:

  1. Under Section 87A, individuals with income below ₹7 Lakhs can claim a tax rebate of up to ₹25,000.
  2. Under Section 80C, you can claim a deduction of up to ₹1.5 Lakh through investment in any tax-saver Fixed Deposit, PPF, NSC, ULIP, or ELSS on the interest income. However, under the new tax regime, no deduction is allowed under Section 80C.
  3. Under Section 80CCD (1B), one can claim a deduction of up to ₹50,000 for money deposited in the NPS.
  4. Under Section 80D, a deduction of up to ₹25,000 is available on medical insurance premium bills. It is ₹50,000 for senior citizens.
  5. Under Section 80G, donations made to a charitable organization are eligible for deduction from taxable income.
  6. Under Section 80E, you can claim a 100% deduction for up to 8 years on the interest on an education loan.
  7. Under Section 80TTA/80TTB, the interest income from savings accounts is eligible for tax waivers up to ₹10,000 and up to ₹50,000 for senior citizens.
  8. Under Section 80GG, the income spent towards paying house rent (house rent allowance) is allowed as a deduction.

Benefits of Using an Income Tax Calculator

An income tax calculator can simplify tax estimate and help you account for every possible tax-saving option. You can use this online calculator anytime during the financial year to readjust your tax-saving investments and tax liabilities.

Listed below are a few benefits of an income tax calculator:

  1. Easy to use
  2. Online availability
  3. Simplifies tax calculation
  4. Helps identifying deduction options
  5. Advance calculation of possible tax liability

How to Calculate Income Tax?

The income tax calculator helps calculate tax liability as per the latest income tax slab rates and tax rules.

For resident and non-resident Indians, the following information helps to calculate the actual tax liability at the end of a financial year –

  1. Annual income from salary or profits
  2. Income from other sources like investments, rental income, etc.
  3. Tax deductions and exemptions applicable
  4. House rent allowance and transport allowance

Tax will vary from individual to individual, based on their respective income slab. The total payable tax is calculated after subtracting the deductions and other taxes you may have already paid such as Advance Tax and Tax Deducted at Source (TDS). This number is called the Net Income Tax Liability.

Income Tax Calculation Example

Income from salary is the aggregate of Basic salary, HRA, Transport Allowance, Special Allowance, etc. Salary components like HRA, Rent, LTA, and Telephone bills are exempt from tax. In addition, a standard deduction of ₹50,000 is also exempt from tax.

You cannot avail of these exemptions if you opt for a new tax regime.

Let us understand income tax calculation with the help of an example:

  • Basic Salary: ₹1,00,000 per month
  • HRA: ₹50,000 per month
  • Special allowance: ₹21,000 per month
  • Leave Travel Allowance: ₹20,000 per year
  • Rent Paid: ₹25,000 per month
Component Amount Deduction Taxable Amount as per Old Regime Taxable Amount New Regime
Basic Salary ₹12,00,000 - ₹12,00,000 ₹12,00,000
HRA ₹6,00,000 ₹1,80,000 ₹4,20,000 ₹6,00,000
Special Allowance ₹2,52,000 - ₹2,52,000 ₹2,52,000
LTA ₹20,000 ₹12,000 ₹8,000 ₹20,000
Standard Deduction - ₹50,000 ₹50,000 ₹50,000
Gross Total Income ₹18,30,000 ₹20,22,000

To calculate Income tax, include below-mentioned income from all sources:

  • Income from salary
  • Rental income or interest paid for a home loan
  • Income from your business (profession, business, or freelancing)
  • Income from capital gains (Income generated from selling house or shares)
  • Income from other sources (Income generated from a fixed deposit account, savings account, or bonds)

Interest earned from Savings Account: ₹12,000

Interest earned from Fixed Deposit: ₹8,000

PPF: ₹50,000

ELSS: ₹20,000

LIC Premium: ₹9,000

Medical Insurance: ₹12,000

EPF Contribution: ₹1,44,000 (Rs 1,00,000 *12% *12 = 1,44,000)

Component Maximum Deduction Eligible Investments/Expenses Amount Claimed
Section 80C ₹1,50,000 PPF ₹50,000 + ELSS ₹20,000, LIC ₹9,000 + EPF ₹1,44,000 ₹1,50,000
Section 80D ₹25,000 (self) ₹50,000 (parents) ₹12,000 ₹12,000
Section 80TTA ₹10,000 ₹12,000 ₹10,000

Calculation of Gross Taxable Income in India under Old Regime

Component Amount Total
Income from Salary ₹1842000
Income from Other Sources ₹20,000
Gross Total Income ₹1862000
80C ₹1,50,000
80D ₹12,000
80TTA ₹10000 ₹172000
Gross Taxable Income ₹1690000
Total tax on above (including cess) ₹332280

Calculation of Gross Taxable Income in India under New Regime

Component Amount Total
Income from Salary ₹20,72,000
Income from Other Sources ₹20,000
Gross Total Income ₹20,92,000
Total tax on above (including cess) ₹4,90,464
Component Percentage Deduction Tax Amount
₹0 - ₹3,00,000 Nil 0
₹3,00,001 - ₹6,00,000 5% ₹15,000
₹6,00,001 - ₹9,00,000 ₹15,000 + 10% of total income exceeding ₹6,00,000 ₹45,000
₹9,00,001 - ₹12,00,000 ₹45,000 + 15% of total income exceeding ₹9,00,000 ₹90,000
₹12,00,001 - ₹15,00,000 90,000 + 20% of total income exceeding ₹10,00,000 ₹1,50,000
Above ₹15,00,000 ₹150,000 + 30% of total income exceeding ₹15,00,000 ₹177600
Cess 4% of total tax (4% of ₹15,000 + ₹45,000+ ₹90,500 + ₹150,000 + ₹171,600) ₹13104
Total Income Tax ₹340704

Listed below are some tax exemptions that are not allowed anymore under the new tax regime:

  1. Leave Travel Concession (LTC) is applicable for salaried employees.
  2. House Rent Allowance (HRA) is applicable for salaried employees.
  3. Standard Deduction is applicable for employed individuals. It cannot be claimed if the taxpayer opts for section 115BAC.
  4. Deductions under Section 80C like life insurance premium, amount paid towards deferred annuity plans, contributions towards EPF, PPF, superannuation, SSY, NSC, ELSS Mutual Funds, Tuition Fees, Principal Payment towards home loan, Tax Saving FDs, SCSS, Contribution to NPS Tier 2 by Central Government Employees, NPS contribution (Under Section 80CCD(1) and Section 80CCD(1B) are also not eligible for exemption.
  5. Deductions under Section 80D such as any amount paid (in any mode other than cash) by an individual or HUF to any insurer for keeping a health insurance in-force is not eligible for tax exemption.
  6. Section 80DD: Deduction in respect of maintenance including medical treatment of a dependant who is a person with a disability.
  7. Section 80DDB: Expenses paid for medical treatment of specified diseases and ailments.
  8. Section 80E: Amount paid out of income chargeable to tax by payment of interest on loan taken from financial institution/approved charitable institution for pursuing higher education.
  9. Section 80EE: Interest payable on loan taken up to ₹35 lakhs by the taxpayer from any financial institution, sanctioned during the FY 2016-17, for the acquisition of a residential house property whose value doesn’t exceed ₹50 lakhs.
  10. Section 80EEA: Interest payable on a loan taken by an individual, who is not eligible to claim deductions under section 80EE, from any financial institution during the period beginning from 1st April 2019 and ending on 31st March 2020 for the acquisition of a residential house property whose stamp duty value doesn’t exceed ₹45 lakhs.
  11. Section 80EEB: Interest payable on a loan taken by an individual from any financial institution during the period beginning from 1st April 2019 and ending on 31st March 2023 to purchase an electric vehicle.
  12. Section 80GG: Rent paid for furnished/unfurnished residential accommodation
  13. Section 80G: Deduction in respect of donations to certain funds, charitable institutions, etc
  14. Section 80GGA: Deduction made for making certain donations for scientific research or rural development.
  15. Section 80GGC: Deduction in respect of contributions given by any person to political parties.
  16. Section 80JJA: Deduction in respect of profits and gains from the business of collecting and processing bio-degradable waste.
  17. Section 80TTA: Interest on deposits in savings accounts with a banking company, a post office, a co-operative society engaged in the banking business, etc.
  18. Section 80TTB: Interest on deposits with a banking company, a post office, a co-operative society engaged in the banking business, etc. for senior citizens Read more about Post Office Monthly Income Scheme.

Two Income Tax Slabs FY 2023-24 (AY 2024-25)

From the Assessment Year 2021-22 (Financial Year 2020-21), you can choose a tax regime.

  • If you are investing money in tax saving options, you can follow the old tax regime and claim deductions, including loss from house property in the same financial year
  • If you do not invest in tax-saving investments and want to continue investing in your preferred options, you can follow the new tax regime.

The tax-regime options seem to be only an experiment to assess the popularity of tax-saving investments. Your tax liabilities can be almost identical under both regimes if you select your slabs according to the conditions above.

For example, if you have a taxable income of ₹10 Lakhs in the FY 2023-24, your maximum tax-saving investments could be about ₹2 lakhs including sections 80C and 80D. Thus, your taxable income will be ₹8 lakhs and tax liability around ₹72,500 under the old regime. However, if you do not invest under section 80C and use the new regime to estimate your tax, your liabilities will be about ₹75,000.

Without tax-saving investments and deductible allowances, your tax liability under the new tax regime would be lower. However, if you have invested money in tax saving investments such as voluntary provident fund, life insurance plans, home buying - the old tax regime can offer lower taxes.

How Does Income Tax Slabs Work?

If your total taxable income in the FY 2023-24 is ₹15 lakhs here’s how it’ll play out without any tax-saving investments:

New Regime Old Regime
Total Taxable Income ₹15,00,00h Total Taxable Income ₹15,00,000
Tax Saving Investments NA Tax Saving Investments 0
Total Income (₹) Rates ₹15,00,000 Total Income (₹) Rates ₹15,00,000
₹0 - ₹3,00,000 Nil 0 Up to ₹2,50,000 0
₹3,00,001 - ₹6,00,000 5% ₹15,000 ₹2,50,001 to ₹5,00,000 5% ₹12,500
₹6,00,001 - ₹9,00,000 10% ₹30,000 ₹5,00,001 to ₹7,50,000 20% ₹50,000
₹9,00,001 - ₹12,00,000 15% ₹45,000 ₹7,50,001 to ₹10,00,000 20% ₹50,000
₹12,00,001 - ₹15,00,000 20% ₹60,000 ₹10,00,001 to ₹12,50,000 30% ₹60,000
Above ₹ 15,00,000 30% 0 ₹12,50,001 to ₹15,00,000 30% ₹75,000
- Above ₹15,00,000 30% 0
Total Tax Liability ₹1,50,000 Total Tax Liability - ₹2,47,500
Surcharge Nil Surcharge
Health & Education Cess 4% ₹6,000 Health & Education Cess ₹9,900
Tax Payable ₹1,56,000 Tax Payable ₹2,57,400

However, if you have the following investments or expenses, you can lower your income tax outflow under the old regime:

  • Life insurance premiums
  • Provident or Pension fund investments
  • New Pension Scheme Tier-I subscription
  • Investment in Equity Linked Savings Schemes (ELSS) from mutual funds
  • Unit Linked Insurance Plan (ULIP) investments
  • Child’s school/college tuition fees
  • Health insurance premium payment for family
  • Principal and interest repayment on home loan
  • Interest payment on education loan
  • Paid rent for a residential house
  • Medical insurance premium or treatment expenses for a senior citizen parent

These expenses and investments help you reduce your taxable income, thus, reducing the total applicable tax.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised to exercise their caution and not to rely on the contents of the article as conclusive in nature. Readers should research further or consult an expert in this regard.

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Income Tax Calculator FAQs

There are a few sources of income which are fully exempted from income tax in India. Incomes listed under Section 10 (1) of the Income Tax Act are not taxable in India. Some of them are:

  1. Agricultural Income
  2. Income from provident funds
  3. Income from gratuity
  4. Scholarship
  5. Awards or rewards by Government
  6. Gifts received from relatives
  7. Capital Gains
  8. Tax-free interest income from banks or post office

No income tax is payable for total taxable income up to Rs 5 lakh in both the old and new tax regimes. If senior citizens or super senior citizens choose the new tax regime, they will have to forego the benefit of the higher exemption ceiling. Under the new optional regime, the higher exemption limit of Rs 3 lakh for senior citizens and Rs 5 lakh for super senior citizens will no longer be available. The baseline exemption ceiling for all taxpayers would remain at Rs 2.5 lakh under the new tax regime.

It is not necessary to file an income tax return if your income is less than the current taxable threshold. Experts recommend filing your ITR with a NIL return if you have a PAN (Permanent Account Number) card and an income that is below the taxable level. This is to inform the IT department that you did not have any taxable income in a given year.

Individuals whose total income during the previous year exceeds the maximum amount not chargeable to tax should file their income tax returns, according to Section 139 (1) of the Income Tax Act. Here are a few details that you need while e-filling your income tax returns:

  1. Bank account details
  2. PAN details
  3. Rent receipts for claiming HRA
  4. Salary or Pay slips
  5. Form 16
  6. Deductions claimed under Section 80
  7. Tax payment details such as TDS and advance tax payments
  8. Income proof for income received from investments like Fixed Deposits, savings account

Assessment year (AY) 2021-22 has two options available as tax slab rates – new and old regime. The new tax regime allows for lower tax liability for those taxpayers who do not invest in tax-saving options. Here are the tax rates under both old and new regimes:

Annual Income Tax Rate(New Regime) Tax Rates(Old Regime)
Up to INR 2,50,000 Nil Nil
INR 2,50,001 to INR 5,00,000 5% 5%
INR 5,00,001 to INR 7,50,000 10% 20%
INR 7,50,001 to INR 10,00,000 15% 20%
INR 10,00,001 to INR 12,50,000 20% 30%
INR 12,50,001 to INR 15,00,000 25% 30%
Above INR 15,00,000 30% 30%
Deductions from Gross Total Income & Allowances NA Allowed NA Allowed

4% Health and Education Cess is applicable on the total tax payable amount after the slab rates.

The income tax calculation for the financial year 2020-21 (AY 2021-22) depends on your taxable income and the tax slab regime you want to follow.

Income Tax Calculation as per Old Regime

If you have invested in tax-saving options or have a running home loan, you can use the old tax regime. In this case, you will follow the process of deducting the tax-saving investment and loss from house property from your taxable income first. Then calculate tax as per the old slab rates on the remaining amount.

Income Tax Calculation as per New Regime

Under the new tax regime, deductions are not applicable. Thus, you simply take the taxable income amount and use the new tax slab rates to estimate tax.

You can

Also Read - save tax through investments in life insurance plans, ELSS funds, ULIP plans, NPS, PPF, Sukanya Sammriddhi Accounts, and similar investments. These investments will help you reduce your taxable income by up to Rs. 1.5 lakhs. Further, if you have health insurance cover for family and parents, you can save up to Rs 75,000 more. Contribution to notified welfare funds and institutions also qualifies for deduction under section 80G.

The standard deduction for AY 2021-22 is Rs. 50,000 raised from Rs. 40,000 in the 2019 Union Budget. However, this deduction is not allowed in the new tax regime.

The limit for income tax deduction from gross total income under section 80C is Rs. 1.5 lakhs. Which include the contributions made under section 80C, 80CCC, 80CCD(1). In the case of a senior citizen, the limit may go up to Rs. 2 lakhs for certain transactions such as repayment of home loan principal amount.

No, tax deduction under section 80C is still available after the 2020 budget. However, if you have not invested in the options available under the section, you now have the option of using a lower tax slab rate. The new rates are also called the new tax regime and it lowers the tax outflow for taxpayers who do not invest in 80C instruments.

Minimum taxable income remains at Rs. 2.5 lakhs for the year 2021. However, with new standard deductions in place, you can enjoy zero tax outflows for an annual income of up to Rs. 5 lakhs.

Final filing dates for AY 2020-21 ITR were extended to 31st May 2021, due to the unprecedented situation of lockdown across the country. However, if you missed the deadline, you could still file the return, albeit with a penalty of up to Rs. 10,000 and interest on the payable tax amount.

Yes, under the new tax regime standard deduction under section 87A is not applicable. The new tax regime aims to offer tax relief to those taxpayers who do not invest in tax-saving plans. However, you can still claim the deductions if you are investing in such instruments under the old regime.

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