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Income Tax Calculator

Income

Deductions

HRA Exemption

Taxable Income₹0

Old Tax Regime

Basic Tax₹ 0
Surcharge₹ 0
Health & Education Cess₹ 0
Total Tax₹ 0

New Tax Regime

Basic Tax₹ 0
Surcharge₹ 0
Health & Education Cess₹ 0
Total Tax₹ 0
Recommended RegimeNew Regime

You can save ₹0 by choosing the new regime

What is Income Tax?

Income Tax is a direct tax levied by the government on the income earned by individuals and entities during a financial year. Here are the key points about Income Tax in India:

  1. Tax Slabs : Different tax rates apply to different income brackets, with higher incomes generally taxed at higher rates.
  2. Tax Regimes : Taxpayers can choose between the Old and New Tax Regime, each with its own set of rates and deductions.
  3. Deductions and Exemptions : Various deductions under sections like 80C, 80D help reduce taxable income in the Old Regime.
  4. Assessment Year : The year following the financial year in which income is earned is called the Assessment Year.

What is an Income Tax Calculator?

An Income Tax Calculator is a digital tool that helps individuals estimate their tax liability based on their income, applicable deductions, and chosen tax regime. It simplifies the complex tax calculation process and helps taxpayers make informed decisions about their tax planning.

The calculator takes into account various components of your income, including salary, rental income, and other sources, along with applicable deductions and exemptions to compute the final tax liability.

Benefits of Using an Income Tax Calculator

  1. Helps compare tax liability under both Old and New Tax Regimes
  2. Provides accurate tax calculations based on latest tax slabs
  3. Assists in better tax planning and investment decisions
  4. Saves time and reduces calculation errors

How to Use Tiqs Income Tax Calculator

Follow these simple steps to calculate your income tax:

  1. Select your age group and applicable assessment year
  2. Enter your income details from various sources
  3. Add applicable deductions and exemptions
  4. Choose between Old and New Tax Regime
  5. View your calculated tax liability

Advantages of Tiqs Income Tax Calculator

  1. User-Friendly Interface : Simple and intuitive design makes tax calculation accessible to everyone.
  2. Accurate Calculations : Updated with the latest tax slabs and regulations for precise tax computation.
  3. Regime Comparison : Easy comparison between Old and New Tax Regimes to help choose the most beneficial option.
  4. Comprehensive Coverage : Includes all major income sources and deductions for thorough tax calculation.

FAQs

Income Tax is a direct tax levied by the government on income earned by individuals and entities during a financial year. It is calculated based on different tax slabs and varies according to the income bracket and chosen tax regime.

The Old Tax Regime offers various deductions and exemptions but has higher tax rates, while the New Tax Regime has lower tax rates but fewer deductions. The New Regime is designed to simplify tax calculations with a more straightforward structure.

An Income Tax Calculator helps estimate your tax liability by considering your income, applicable deductions, and chosen tax regime. It simplifies complex tax calculations and helps in comparing tax liability under both Old and New Tax Regimes.

Section 80C allows deductions up to ₹1.5 lakh for investments in PPF, ELSS, life insurance premiums, EPF contributions, home loan principal repayment, tuition fees, and more. These deductions are available only under the Old Tax Regime.

Financial Year (FY) is the year in which you earn your income, while Assessment Year (AY) is the year following the FY in which you assess and pay taxes on that income. For example, for FY 2023-24, the AY would be 2024-25.

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