Income Tax Calculator

Assessment year
Age category
Income
Deductions
HRA Exemption
Do you live in a metro city?
Total tax (Old regime)
₹0
Total tax (New regime)
₹0

Income Tax Calculator – Calculate Your Tax Liability Easily 🧾

Plan your finances better with Money Compute’s Income Tax Calculator! 🇮🇳✨

Accurately estimate your income tax liability based on your income, deductions, and the latest tax slabs under Indian tax laws. Our calculator helps you file taxes stress-free and plan your savings wisely. 📊

What Is an Income Tax Calculator? 🤔

An Income Tax Calculator helps individuals and salaried professionals estimate the amount of tax payable on their annual income. It factors in income sources, deductions, exemptions, and applicable tax slabs to provide a clear tax estimate. 💰

How the Income Tax Calculator Works 🧮

Enter your financial details including:

  • Annual gross income from salary, business, or other sources 💼

  • Applicable deductions under sections like 80C, 80D, etc. 🧾

  • Age category for senior citizen benefits 👵👴

  • Tax regime selection (old or new tax regime) ⚖️

The calculator applies the relevant tax rates and slabs to compute your tax liability and applicable rebates.

How to Use Money Compute Income Tax Calculator 🚀

  1. Enter your total annual income (e.g., ₹10,00,000) 💸

  2. Add applicable deductions (e.g., ₹1,50,000 under 80C) 📋

  3. Select the tax regime (Old or New) 🏛️

  4. Include any applicable cess or surcharge ⚠️

  5. View instant results:

    • Tax payable including cess 🧾

    • Take-home salary after tax deductions 💵

    • Tax saving opportunities and suggestions 💡

Benefits of Using an Income Tax Calculator 🏆

  • Get accurate tax estimates to avoid surprises during filing 📅

  • Plan investments and savings for optimal tax benefits 🧠

  • Compare old and new tax regimes to choose the best option 🏆

  • Simplify tax compliance with transparent calculations 📊

Example Calculation 📋

For an annual income of ₹10,00,000 with ₹1,50,000 deductions under 80C, the estimated tax under the old regime including cess would be approximately ₹86,600. 🎉

Common FAQs About Income Tax ❓

  • Q1: What is the difference between old and new tax regimes?

    • Old regime offers more deductions; new regime has lower slabs but fewer deductions. ⚖️

  • Q2: Can I claim deductions for insurance and savings?

    • Yes, sections like 80C, 80D allow deductions for investments and insurance. 💰

  • Q3: Does the calculator include health and education cess?

    • Yes, it factors in applicable cess for full tax liability. 🧾

  • Q4: Can NRIs use this calculator?

    • Yes, but consult a tax advisor for specific rules. 🌏

Start Easy Tax Planning with Money Compute Income Tax Calculator! 🚦

Make tax filing stress-free and optimize your tax savings by checking your liability accurately. Try the Income Tax Calculator today! 🚀

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