Estimate Your Income Tax for FY 2023-24 (AY 2024-25)

Quickly calculate your Indian income tax liability under both Old and New Tax Regimes. Our easy-to-use estimator helps you plan your finances better. Powered by Credit Samadhaan.

Income Tax Estimator

Standard Deduction of ₹50,000 is available under New Regime for salaried individuals and pensioners from FY 2023-24.

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Understanding Your Income Tax in India - A Comprehensive Guide

Calculating your income tax can seem daunting, but with the right tools and understanding, it becomes manageable. This guide aims to simplify the Indian income tax system for individuals, helping you use our Income Tax Estimator more effectively. For the Financial Year 2023-24 (Assessment Year 2024-25), taxpayers in India have the option to choose between the Old Tax Regime and the New Tax Regime. Each has its own set of rules, slab rates, and available deductions.

Old Tax Regime vs. New Tax Regime (FY 2023-24 / AY 2024-25)

The **Old Tax Regime** allows taxpayers to claim various deductions and exemptions, such as those under Section 80C (LIC, PPF, ELSS, home loan principal), Section 80D (health insurance premium), HRA (House Rent Allowance), LTA (Leave Travel Allowance), and interest on home loans (Section 24b). The tax slab rates under the old regime are different and generally have higher rates at lower income levels compared to the new regime if no deductions are claimed.

The **New Tax Regime** (under Section 115BAC) was introduced to simplify the tax process by offering lower, concessional tax rates but forgoes most common deductions and exemptions. For FY 2023-24, the new regime has been made the default regime. However, taxpayers can opt for the old regime if it's more beneficial. A significant change for FY 2023-24 is that a Standard Deduction of ₹50,000 is now available under the New Tax Regime for salaried individuals and pensioners. Also, the basic exemption limit in the new regime is ₹3,00,000, and tax rebate under Section 87A is available for taxable income up to ₹7,00,000 (meaning no tax if taxable income is up to ₹7 lakhs).

Income Tax Slabs for FY 2023-24 (AY 2024-25) - Individuals below 60 years

**New Tax Regime (Default):**

**Old Tax Regime:**

Note: A Health and Education Cess of 4% is applicable on the income tax amount (plus surcharge, if any) under both regimes. Surcharge is applicable for higher income individuals.

Why Use Our Income Tax Estimator?

Our Income Tax Estimator for India provides a quick and easy way to get an idea of your tax liability. By inputting your gross annual income and applicable deductions (for the old regime), you can see a side-by-side comparison (if you calculate for both) or a focused estimate for your chosen regime. This helps in:

Credit Samadhaan is committed to empowering you with financial literacy and tools. While this calculator provides a valuable estimate, we always recommend consulting with a chartered accountant or tax advisor for precise calculations and personalized tax planning, especially if your income sources are complex or you have significant investments and deductions to consider. We aim to make managing your finances simpler and more transparent.

Remember that timely tax payment and filing are crucial civic duties. Understanding your tax obligations is the first step. Our tools are designed to assist you in this journey. Beyond tax calculation, explore our services for credit score improvement, loan applications, and overall financial health management. Credit Samadhaan is your partner in achieving financial well-being.

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