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Income Tax Calculator (India)
Calculate income tax for FY 2023-24 with old vs new tax regime comparison
Total Tax
₹54,600
5.46% effective rate
Take-Home Salary
₹9,45,400
₹78,783/month
Taxable Income
₹9,50,000
After deductions
Marginal Tax Rate
15.00%
On next ₹1
Basic Information
Age Group Benefits
• Regular Taxpayer (Below 60)
• Basic exemption: ₹2,50,000 (Old regime)
• Section 80D limit: ₹25,000
Limited Deductions (New Regime)
New Regime Deductions
The new tax regime offers lower tax rates but limited deductions.
Tax Breakdown
New Regime Tax
Income Tax: ₹52,500
Surcharge: ₹0
Health & Education Cess: ₹2,100
Total Tax: ₹54,600
Tax Slab Breakdown
₹0 - ₹3,00,000 0.00% on ₹3,00,000
₹0₹3,00,000 - ₹6,00,000 5.00% on ₹3,00,000
₹15,000₹6,00,000 - ₹9,00,000 10.00% on ₹3,00,000
₹30,000₹9,00,000 - ₹12,00,000 15.00% on ₹50,000
₹7,500Regime Comparison
Old Regime Tax: ₹10,530
New Regime Tax: ₹54,600
Extra Tax with New Regime: ₹44,070
💡 Recommendation: Choose Old Regime
💡 Tax Saving Tips
• New regime has lower rates but fewer deductions
• Good for those with minimal investments
• Compare both regimes annually
• Consider employer NPS contributions
Tax Planning Guide
Old Tax Regime Benefits
- • Multiple deduction options (80C, 80D, HRA, etc.)
- • Higher exemptions for senior citizens
- • Home loan interest deduction
- • Better for high investment portfolios
New Tax Regime Benefits
- • Lower tax rates across all slabs
- • Simplified tax calculation
- • No need to maintain investment proofs
- • Good for those with minimal deductions