Income Tax Estimator | CalculatesNow.com

Annual Income (₹)

Taxpayer Type

Age Category

Assessment Year

Tax Regime

Deductions & Exemptions

Section 80C Investments (₹)

PPF, ELSS, LIC, etc. (Max: ₹1,50,000)

Section 80D - Medical Insurance (₹)

Health Insurance Premiums

Housing Loan Interest (₹)

Interest on Housing Loan (Max: ₹2,00,000)

Education Loan Interest (₹)

Interest on Education Loan

NPS Contribution (₹)

Section 80CCD(1B) - Additional NPS deduction (Max: ₹50,000)

Other Deductions (₹)

80G Donations, 80E, 80EEA, etc.

Income from House Property (₹)

Annual Rental Income (if any)

Payment Mode

Understanding Income Tax in India

In India, income tax is calculated based on the income earned during a financial year (April 1 to March 31). The tax system is progressive, meaning higher income levels are taxed at higher rates through tax slabs.

Key Features of Indian Income Tax

Two Tax Regimes (Assessment Year 2023-24)

Old Regime (with deductions)	New Regime (without deductions)
Up to ₹2.5 lakh: Nil ₹2.5 lakh to ₹5 lakh: 5% ₹5 lakh to ₹10 lakh: 20% Above ₹10 lakh: 30%	Up to ₹3 lakh: Nil ₹3 lakh to ₹6 lakh: 5% ₹6 lakh to ₹9 lakh: 10% ₹9 lakh to ₹12 lakh: 15% ₹12 lakh to ₹15 lakh: 20% Above ₹15 lakh: 30%

Common Deductions and Exemptions (Old Regime)

Section 80C: Investments in PPF, ELSS, Life Insurance, etc. (up to ₹1.5 lakh)
Section 80D: Health Insurance Premiums (up to ₹25,000 for self, ₹50,000 for senior citizens)
Section 80CCD(1B): Additional NPS contribution (up to ₹50,000)
Housing Loan Interest: Up to ₹2 lakh for self-occupied property
Standard Deduction: ₹50,000 for salaried individuals

Note: This calculator provides an estimate based on basic income tax rules. Actual tax liability may vary based on specific circumstances, additional income sources, and applicable exemptions.