Income Tax Calculator – Free Online Tool
Quick Answer
Calculate income tax for India (FY 2024-25) with this free income tax calculator from Toolscal. Compare old and new tax regimes to find the best option for your income without signup.
Calculate income tax for India under old and new tax regime for FY 2024-25
What is Income Tax Calculator? An income tax calculator is a free tool by Toolscal for calculating Indian income tax under old and new regimes. Compare tax liability, standard deductions, and net income to choose the best regime for FY 2024-25.
Tax Calculation (New Regime)
Disclaimer: This is a simplified calculator for estimation. Actual tax may vary based on specific deductions, exemptions, and latest tax laws. Consult a CA or tax expert for accurate filing.
How to Use
- 1Enter your gross annual income
- 2Select tax regime (old or new)
- 3For old regime, enter deductions (80C, 80D, etc.)
- 4View detailed tax breakdown
Why Use This Tool?
- Calculate annual income tax liability
- Compare old vs new tax regime
- Plan tax-saving investments
- Estimate monthly tax deductions
- Budget post-tax income
Frequently Asked Questions
Which tax regime should I choose?
New regime offers lower rates but fewer deductions. Old regime has higher rates but allows deductions under 80C, 80D, etc. Choose new regime if you have minimal deductions, old regime if you have significant deductions.
What is standard deduction?
Standard deduction of ₹50,000 is available to salaried individuals in both old and new tax regimes. It reduces your taxable income automatically.
What deductions are available in old regime?
Old regime allows 80C (₹1.5L), 80D (health insurance), HRA, home loan interest, and more. Total deductions can significantly reduce taxable income.
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