Old vs New Tax Regime Calculator India
Income Tax Calculator
(Old vs New Tax Regime Calculator)
| Head | Details/ Amt. |
|---|---|
| Gross Income | |
| Exemptions u/s 10 A (HRA etc.) | |
| Professional Tax | |
| Net Income under Salaries | 0.00 |
| Standard Deduction (Auto Applied) | 50000 |
| Deductions u/s 80 C (PF, PPF, Ins, ELSS, NPS: Max Rs.150000) | |
| Deductions u/s 80 CCD (NPS: Max Rs. 50000/-) | |
| Deductions u/s 80 D (Health Insurance: Max Rs. 35000/- ) | |
| Deductions u/s 80 G (Eligible Donations) | |
| Deductions u/s 80 E (Education Loan Interest) | |
| Deductions u/s 80 TTA (FD/Post Office Interest: Max Rs. 40000/-) | |
| Tax Benefit u/s 24 (Home Loan Interest Paid: Max Rs. 200000/-) | |
| Total Deductions/Benefits | 0.00 |
User Guide Old vs New Tax Regime Calculator:
The Old vs New Tax Regime Calculator is designed to help you calculate your income tax liability under both the old and new tax regimes. To use the calculator:
- Select Payee Type: Choose your category (Male, Female, Senior Citizen, or Very Senior Citizen).
- Select Financial Year: Pick the fiscal year (2023-24, 2024-25, or 2025-26).
- Enter Gross Income: Input your annual income to calculate taxes.
- Enter Deductions and Exemptions: Fill in values for exemptions (e.g., HRA), professional tax, and various deductions (under sections 80C, 80D, etc.).
- Calculate: Click on the "Calculate" button to get your results for both tax regimes.
- Reset: Press the "Reset" button to clear all fields and start again.
The calculator will display your taxable income, tax amount, surcharge, tax with surcharge, tax credit, and education cess for both the old and new tax regimes.
Key Features of Old vs New Tax Regime Calculator:
- Compares Old vs New Tax Regime: Calculates and compares your tax liability under both tax regimes.
- Detailed Deductions: Includes deductions for HRA, professional tax, insurance, donations, and more.
- User-Friendly Interface: Simple dropdowns and input fields make it easy to enter data.
- Multiple Fiscal Year Support: Works with multiple financial years (2023-24, 2024-25, 2025-26).
- Surcharge and Tax Credit Calculation: Accurately calculates surcharge and tax credits based on income.
Benefits of Old vs New Tax Regime Calculator:
- Helps in Tax Planning: Easily compare how different tax regimes affect your income and liabilities.
- Maximizes Deductions: Helps you optimize available deductions to minimize your tax liability.
- Easy-to-Use: User-friendly design ensures a hassle-free experience for anyone.
- Accurate Tax Calculation: Provides accurate results based on the latest tax rules, helping you make informed financial decisions.
- Free Tool: Access the calculator online without any cost, providing a straightforward and efficient solution for taxpayers.
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| Old vs New Tax Regime Calculator |
FAQ
What is the difference between the old and new tax regimes?
The old tax regime allows for exemptions and deductions like HRA and 80C, while the new tax regime offers lower tax rates but eliminates most exemptions and deductions.
How do I calculate my tax under both regimes?
Simply enter your gross income, exemptions, and deductions into the calculator. It will show your tax liability under both the old and new tax regimes for comparison.
Is this calculator applicable for all income levels?
Yes, the calculator applies to all income levels, including those eligible for tax exemptions and deductions under both tax regimes.
Can I use this calculator for multiple years?
Yes, the calculator supports multiple financial years, including 2023-24, 2024-25, and 2025-26.
What is the maximum deduction I can claim under section 80C?
The maximum deduction under section 80C is Rs. 1.5 lakh for eligible investments like PPF, EPF, life insurance premiums, and more.
