Income Tax Calculator

Compare your tax liability under the Old and New Tax Regimes.

Income

Deductions (for Old Regime)

Tax Calculation Summary

Old Tax Regime

₹ 0

Total Tax Payable

New Tax Regime

₹ 0

Total Tax Payable

Understanding the Tax Regimes (FY 2023-24)

Old Tax Regime

The Old Tax Regime allows you to claim various deductions and exemptions, such as those under Section 80C, 80D, HRA, etc. This regime is beneficial for individuals who make significant investments in tax-saving instruments. The tax slabs are different based on age categories (Individual, Senior Citizen, Super Senior Citizen).

New Tax Regime (Default)

The New Tax Regime offers lower tax rates but does not allow you to claim most of the common deductions and exemptions. However, for FY 2023-24, a standard deduction of ₹50,000 is available. This regime is the default option and is often simpler for those who do not have many investments to declare.

Frequently Asked Questions (FAQ)

It depends on your income and the deductions you are eligible for. If your deductions under the Old Regime are substantial (typically over ₹2.5 - 3.75 lakhs), it might be more beneficial. This calculator is designed to help you make that comparison easily.

For FY 2023-24 onwards, the New Tax Regime is the default option. However, taxpayers still have the option to switch to the Old Tax Regime if they find it more advantageous.

Under the New Regime, if your taxable income is up to ₹7,00,000, you are eligible for a full tax rebate, meaning you pay zero tax. Under the Old Regime, the rebate is applicable for taxable income up to ₹5,00,000.