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Calculate Your Tax Liability
A Tax Calculator is an essential financial tool designed to help you quickly estimate your income tax liability for the financial year. This calculator is based on the default New Tax Regime slabs and automatically factors in the standard deduction and Section 87A rebates, allowing you to accurately plan your investments and take-home pay.
Gross Annual Income (₹)
Note: Under the New Tax Regime, a Standard Deduction of ₹50,000 is automatically applied to salaried individuals. Incomes up to ₹7 Lakhs are entirely tax-free due to the Section 87A rebate.
Your Estimated Total Tax Liability (Incl. 4% Cess):
₹ 0
₹ 0
Net Taxable Income
₹ 0
Net Take-Home Pay
FAQ
Frequently Asked Questions
What is the New Tax Regime?
The New Tax Regime is the default tax structure introduced by the Government of India. It offers lower, simplified tax slab rates compared to the Old Regime. However, to avail of these lower rates, taxpayers must forego most traditional deductions and exemptions (like 80C, HRA, and LTA).
Is income up to ₹7 Lakhs really tax-free?
Yes, under the New Tax Regime, a full tax rebate under Section 87A is available if your total taxable income is up to ₹7,000,000. Additionally, salaried individuals get a standard deduction of ₹50,000, meaning a gross salary of up to ₹7,50,000 attracts zero tax.
Can I still claim Section 80C deductions?
No, if you opt for the New Tax Regime, you cannot claim deductions under Section 80C (like ELSS, PPF, Life Insurance). To claim those deductions, you must explicitly opt into the Old Tax Regime when filing your return.