Income Tax Calculator
by Zoho PayrollIncome Tax Calculator
A comparative tool that helps you calculate income tax according to both the old and new tax regime. Use this online income tax calculator to know your tax liabilities.
Here is the tax summary based on your input
Old Tax Regime
New Tax Regime
You will save
0
under the
Summary Breakdown
| Components | Old Tax Regime | New Tax Regime |
|---|---|---|
| Total Gross Income | ||
| Total Eligible Deductions | ||
| Taxable Income | ||
| Tax on Total Income | ||
| Surcharge | ||
| Health and Education Cess | ||
| Total Tax to be Paid |
Here is the tax summary based on your input
You will save 0 under the
Old Tax Regime
Show Breakup
Summary Breakdown
| Components | Old Tax Regime |
|---|---|
| Total Gross Income | |
| Total Eligible Deductions | |
| Taxable Income | |
| Tax on Total Income | |
| Surcharge | |
| Health and Education Cess | |
| Total Tax to be Paid |
New Tax Regime
Show Breakup
Summary Breakdown
| Components | New Tax Regime |
|---|---|
| Total Gross Income | |
| Total Eligible Deductions | |
| Taxable Income | |
| Tax on Total Income | |
| Surcharge | |
| Health and Education Cess | |
| Total Tax to be Paid |
Disclaimer: Zoho has taken great care and has made every attempt to ensure that the information obtained from the tool is accurate. However, Zoho is not responsible for any errors or omissions and provides no guarantee or warranty on the correctness of the results obtained from the tool. By using this tool you agree not to hold Zoho liable for any issues that arise from incorrect results obtained.
Frequently Asked Questions
What is the Income Tax Calculator?
The Income Tax Calculator is a free tool developed by Zoho to calculate taxes on your income using the most up-to-date tax brackets including the current ones and latest ones announced as part of the Union Budget 2023-2024.
Why have we come up with the Income Tax Calculator?
With the announcement of the new tax slabs, that will be an open option starting from April 1st 2023, the Income Tax Calculator has been designed to help you get a comparative view between the two methods of tax computation — the old and new tax regime, so you can choose what fits you best.
How the Income Tax Calculator can be used?
Fill in the respective fields like age, income details and exemption details. Click "Calculate income tax" to find a comparative result on your tax liabilities between the current tax system and the new one.
What are the salary slabs for old tax regime?
Here is a chart for the old tax regime in India.
Understanding what tax regime would be beneficial for you varies from person to person based on what their income composition is and what investments are done.
| Salary slab | Old tax regime |
|---|---|
| 0 - 2.5 L | 0% |
| 2.5 - 5.0 L | 5% |
| 5.0 - 10.0 L | 20% |
| 10.0 L and above | 30% |
People who have net taxable incomes of less than or equal to Rs. 5 lakhs qualify for a tax rebate under Section 87A, meaning they have no tax obligations under the old tax regime.
What are the income tax slabs for the new regime announced in the Union Budget 2023?
Here is a chart for the new tax regime for FY 2023-24 as per the recent Union Budget announcement.
| Salary slab | New tax regime |
|---|---|
| 0 - 3 L | 0% |
| 3 - 6 L | 5% |
| 6 - 9 L | 10% |
| 9 - 12 L | 15% |
| 12 - 15 L | 20% |
| 15 L and above | 30% |
What is the recent relief provided by the government under the new income tax regime as per the Union Budget 2023?
Under the new income tax regime, taxpayers with a taxable income of up to ₹ 7 lakh per annum are not required to pay any income tax. However, if their annual taxable income is ₹ 7,00,100, they will only be liable to pay income tax on the incremental amount of income, which in this case is ₹ 100. This is because the recent amendment to the income tax law limits the tax liability to the incremental taxable income over ₹ 7 lakh per year.
