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Income Tax Calculator
Calculate your income tax liability for FY 2023-24 (AY 2024-25)
₹
Tax Regime
Tax Liability
₹7,800
Effective Tax Rate: 1.56%
Taxable Income
₹4,50,000
Total Deductions
₹50,000
Tax Breakup
In Hand: 98.4% Tax: 1.6%
Understanding Income Tax
Income tax is a direct tax levied on the income earned by individuals and entities. The tax structure in India follows a progressive system where higher income is taxed at higher rates.
New Tax Regime (FY 2023-24):
- Up to ₹3,00,000: No tax
- ₹3,00,001 to ₹6,00,000: 5%
- ₹6,00,001 to ₹9,00,000: 10%
- ₹9,00,001 to ₹12,00,000: 15%
- ₹12,00,001 to ₹15,00,000: 20%
- Above ₹15,00,000: 30%
Old Tax Regime Benefits:
- Section 80C: Deduction up to ₹1.5 lakhs
- Section 80D: Health insurance premium deduction
- HRA Exemption for rent paid
- Standard Deduction of ₹50,000
- Various other exemptions and deductions
Example Calculation:
Annual income of ₹10,00,000 under new regime:
- Taxable Income: ₹9,50,000 (after standard deduction)
- Tax Amount: ₹85,800 (including 4% cess)
- Effective Tax Rate: 8.58%
Important Note:
This calculator provides an estimate of your tax liability. Actual tax may vary based on other income sources, investments, and applicable deductions. Please consult a tax professional for accurate tax planning.