| Previous FY(2022-2023) | Current FY(2023-2024) |
Income Tax Calculator
A comparative tool that helps you stay aware of your tax liabilities according to both the existing and new income tax regime
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 Zoho Payroll income tax comparison calculator?
Zoho Payroll income tax comparison calculator enables you to calculate taxes using the most up-to-date tax brackets, including the current ones and the latest ones announced as part of the Union Budget.
Why have we come up with Zoho Payroll income tax comparison calculator?
With the announcement of the new tax slabs, that will be an open option starting from April 1st 2020, Zoho Payroll income tax comparison calculator has been designed to help you get a comparative view between the two methods of tax computation so you can now choose what fits you best.
How is it used?
Zoho Payroll income tax comparison calculator works with simple logic and is quite easy. Fill in the respective fields like Age, Income Details and Exemption Details. Click on calculate 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 salary slabs for New Tax regime?
Here is a chart for the new 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 | 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% |
People who have net taxable incomes of less than or equal to Rs. 7 lakhs qualify for a tax rebate under Section 87A, meaning they have no tax obligations under the new tax regime.
What is the recent relief provided by the government under the new income tax regime as per Union Budget 2023?
Under the new income tax regime, taxpayers with a taxable income of Rs 7 lakh per annum are not required to pay any income tax due to the full rebate. However, if they have an annual taxable income of Rs 7,00,100, they are liable to pay only Rs 100 as income tax, thanks to the recent amendment that limits the tax to incremental taxable income over Rs 7 lakh per year.
