Income Tax Calculator

Calculate your income tax under old and new tax regimes

Your total annual income

🛡️ Old Regime Deductions (Applicable)

📊 Section 80C - Investments (Max ₹1,50,000)

LIC, term insurance, etc.
Usually auto-deducted from salary
Fixed deposits, bonds
Equity, debt funds, FDs

🏦 Section 80CCD - NPS (National Pension Scheme)

Or Section 80CCD(1B) up to ₹50,000 additional
Part of 80CCD limit

🏥 Section 80D - Health Insurance (Max ₹50,000)

Health insurance policy premiums
Senior citizen parents insurance

🏠 Allowances & Exemptions

Lower of: HRA received, 50% basic salary (metro), 40% basic (non-metro), or rent - 10% basic
Max ₹1,00,000 in 4-year cycle

📚 Section 80E - Education Loan Interest (No Limit)

Interest on loan for higher education (8 years from when repayment starts)

❤️ Other Deductions

Donations to approved charities
Self-occupied property max ₹2,00,000

💡 Tip: The total of Sections 80C, 80CCD, 80D, NPS, etc. are subject to different limits. Check the maximum limits for your income category.

Understanding Tax Regimes in India

From FY 2020-21, the Indian Income Tax Act provides two options for calculating income tax: the Old Regime (with deductions) and the New Regime (without deductions but with lower tax rates).

Old Regime (Traditional):

  • Allows various deductions like 80C, 80D, HRA, LTA, etc.
  • Based on your savings and investments
  • Higher tax rates but lower taxable income
  • Beneficial for those with many investments

New Regime:

  • No deductions (except standard deduction of ₹50,000)
  • Lower tax rates (fewer slabs)
  • Simpler calculation
  • Beneficial for those with less deductions

Note: You can choose either regime for each financial year, but the decision should be made based on your individual circumstances and savings pattern.