Income tax Calculator

The Income Tax in India is a direct tax levied by the Central Government of India on the income earned by individuals, Hindu Undivided Families (HUFs), companies, firms, and other entities. The Income Tax Department is responsible for administering the tax system in India. The Income Tax in India is based on a progressive tax system, where individuals and other entities are taxed at different rates based on their income. The income tax rates in India are revised every year in the Union Budget, which is presented by the Finance Minister of India.

Assessment year
Age category
Gross salary(Basic+DA)
Annual income from other sources
Annual interest paid on home loan
Basic Deductions (80C)
Contribution to NPS
Medical Insurance Premium (80D)
Donations to charity (80G)
Interest on educational loan (80E)
Interest on deposits in saving account (80TTA/TTB)
Basic salary(p.a)
Dearness Allowance(p.a)
HRA received(p.a)
Total rent paid(p.a)
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Total tax (Old Regime)
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Total tax (New Regime)

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The Income Tax in India is a direct tax levied by the Central Government of India on the income earned by individuals, Hindu Undivided Families (HUFs), companies, firms, and other entities. The Income Tax Department is responsible for administering the tax system in India.
The Income Tax in India is based on a progressive tax system, where individuals and other entities are taxed at different rates based on their income. The income tax rates in India are revised every year in the Union Budget, which is presented by the Finance Minister of India.
In India, income tax is calculated based on a system of tax slabs, where different income levels are taxed at different rates. By calculating your income tax, you can determine which tax slab you fall under and how much tax you owe. Additionally, calculating your income tax can also help you plan your finances better. By knowing how much tax you owe, you can budget for your expenses and plan your savings accordingly. You may also be eligible for certain deductions and exemptions, which can lower your tax liability.
FundsIndia Income tax calculator takes into account your gross income and deductions to calculate your taxable income then applies the income tax slabs to give you the amount of tax you owe according to old and new regimes.
FundsIndia IT calculator is an intuitive tool that can calculate your taxes just by taking in the income along with all the deductions in various sections and give you the precise amount you owe, regardless of what tax regimes you opted. Just fill the fields that apply to you and you can have your tax amount in minutes.
Individual taxpayers are subject to taxation under the Indian Income Tax based on a slab structure. Several tax rates are established for various income groups under a slab system. It indicates that when a taxpayer's income rises, so do their tax rates. This kind of taxation helps the nation to have progressive and equitable tax systems. These income tax slabs frequently vary with each budget. These slab rates vary depending on the type of taxpayer. Three categories of "individual" taxpayers under the income tax system include:

  • Individuals (aged less than of 60 years) including residents and non-residents
  • Resident Senior citizens (60 to 80 years of age)
  • Resident Super senior citizens (aged more than 80 years)
  • Invest in tax-saving instruments like PPF, NSC, ELSS, etc.
  • Claim a deduction on the interest paid on a home loan and education loan.
  • Donate to charitable institutions and claim a deduction.
  • Claim a deduction for the rent paid as a part of HRA.
  • Invest in NPS and claim a deduction on your salary.
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