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What is an Income Tax Calculator?

Whether you are salaried, self-employed, or receiving returns from investments or rent, income tax is mandatory for everyone earning an income. While it may seem complicated, the income tax calculator shows you how to calculate income tax online in just a few clicks!

The Income Tax Calculator India is an accurate and updated tool to help you determine your tax liability for the year and maximize your tax savings.

How to use Income Tax Calculator

Step 1

To calculate income tax, simply enter your details on the IndiaFirst Life tax calculator online.

Step 2

Enter your age and the financial year.

Step 3

Enter your gross income from all sources, i.e., salary or business, short-term and long-term investments, FD interest, rents received on property, taxable gifts and others.

Step 4

Add the details of all the available deductions.

Step 5

The income tax calculator will calculate income tax online on the basis of both, the old and new tax regime as per the latest regulations.

Step 6

This will give you an estimate of your tax savings which can be reinvested in IndiaFirst Life’s tax-saving life insurance plans.

How to Calculate Income Tax for FY 2024-25 (AY 2025-26)?

Standard Tax Calculation for age below 60 years	Old Tax Regime	New Tax Regime
Total Annual Salary	₹ 20,00,000	₹ 20,00,000
Gross Total Income	₹ 20,00,000	₹ 20,00,000
Less: Standard Deduction	– ₹ 50,000	– ₹ 75000
Less: Deductions under Section 80c	N/A
Less: Deductions under Section 80D	N/A
Less: Deductions under Section 80D	N/A
Less: House Rent Allowance	N/A
Less: Leave Travel Allowance	N/A
Total Taxable Income	₹ 19,50,000	₹19,25,000
Total Tax Payable	₹ 4,13,400	₹ 2,67,500

Calculate using Old Tax Regime

Calculate using New Tax Regime

Benefits of Filing Income Tax Online

The tax calculator online calculates taxes quickly and easily and offers multiple benefits.

Enables faster tax refunds

Provides instant confirmation of filing and status updates

Offers safety and security

Pay at your convenience to avoid any late fee or penalty

Provides eligibility to offset losses against present and future investment gains

IT Return serves as income and address proof required for visa, loan and insurance application

How do Retirement Calculators work?

How to calculate income tax on salary?

Here is an easy formula that shows you how to calculate income tax on salary based on the old tax regime.

Taxable Income = Gross Income from Salary (Basic + HRA + Special Allowance + Any other allowance + Perquisites) – Standard deduction, Chapter VI-A Deductions & Professional Taxes