Income Tax Calculator

The income tax calculator is a straightforward online tool that assists you in calculating your taxes based on your income. It is simple to use, understand, and anyone may use it to determine their tax liability under both – Old and New regime.

Income Tax Calculator

Want To Know More About Income Tax?


What Is Income Tax?

Income tax is a tax levied by the Indian government on profits earned by businesses and individuals. Individuals must pay taxes on a percentage of their net annual income based on their taxable income group’s rate.


How to use an online Income Tax calculator?



Taxpayers must file their Income Tax Returns (ITR) for the financial year 2020-2021 by August 31st, 2021.

You will be taxed based on your income group.
Income Groups Tax Rate
Up to ₹ 2.50 lakh Nil
Above ₹2.50 lakh and upto a maximum of ₹5 lakh 5%
Above ₹ 5 lakh and upto a maximum of ₹ 7.5 lakh 10%
Above ₹7.5 lakh and upto a maximum of ₹10 lakh 15%
Above ₹10 lakh and upto a maximum of ₹12.5 lakh 20%
Above ₹12.5 lakh and upto a maximum of ₹15 lakh 25%
Above ₹ 15 lakh 30%
If your gross taxable income is 5 lakh after all deductions and exclusions, your tax will be calculated as follows:
Income Groups Tax Rate Income Tax (in ₹)
Above ₹2.50 lakh and upto a maximum of ₹5 lakh 5% ₹ 5 lakh ₹ 25,000

A new tax regime has been introduced by the Finance Minister for individuals and HUFs with an annual income of Rs. 15 lakh. It creates new tax groups with lower tax rates and no deductions (80C, 80CCC, 80D, 80G, mortgage interest, etc) or exemptions (LTA, HRA, Standard deduction of salary, etc)

If your income is below the basic exemption amount, you are not obliged to file income tax returns. Those with an annual income of less than 2.5 lakh can only claim an income tax refund by filing an ITR. Otherwise, you must file income tax returns if your income exceeds the basic exemption amount.

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