Menu
close
Ask an Expert arrow
search
mic
close-search

No results for

Check that your search query has been entered correctly or try another search.

Ask an Expert to Buy Life Insurance

We're happy to know that you're prioritizing your family's future. Our life insurance expert will assist you in finding the best insurance plan. To schedule a call, please share some of the below details.

right-icon-placeholder
right-icon-placeholder
male male

Male

male male

Female

male male

Other

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.

tax cal
Banner

Explore Plans

IndiaFirst Life Radiance Smart Invest Plan

Product Image

 

Product Name

IndiaFirst Life Radiance Smart Invest Plan

Dropdown Field

Investment

Product Description

A ULIP insurance plan that can help you build a legacy by combining wealth growth and life coverage. This plan can help safeguard your finances and earn returns. Enjoy 2 benefits in 1 plan with IndiaFirst Life Radiance Smart Invest Plan.

Product Benefits

  • Zero Fund allocation charges
  • 10 different funds to choose from
  • 3 plan options to achieve your investment goals
  • 100% money invested for higher returns
  • Life cover charges returned at the end of policy year

Porduct Detail Page URL

Get Quote

Product Buy Now URL and CTA Text

Learn More

Indiafirst Life Guaranteed Single Premium Plan

Product Image


Product Name

Indiafirst Life Guaranteed Single Premium Plan

Dropdown Field

Guaranteed Returns

Product Description

Wondering if there is a way to get 7x return on your investments? Your search ends here! With this single payment plan, you can achieve your financial goals.

Product Benefits

  • Guaranteed 7x returns on investment
  • One-time payment (Single Pay)
  • Tax saving benefits
  • Life Cover that is 1.25 times higher

Porduct Detail Page URL

Get Quote

Product Buy Now URL and CTA Text

Learn More

IndiaFirst Life Guarantee of Life Dreams Plan

Product Image

 

Product Name

IndiaFirst Life Guarantee of Life Dreams Plan

Dropdown Field

Savings

Product Description

Wouldn't it be wonderful if we had a second source of income to support our dreams? Here is a way to make your dreams come true where you can start earning an income from the end of the 1st month itself.

Product Benefits

  • Choice of 3 income Options
  • Guaranteed Long-Term Income
  • Life Insurance Cover
  • Benefits of long-term Savings.
  • Protection even if you miss one premium.
  • Tax benefits

Porduct Detail Page URL

Get Quote

Product Buy Now URL and CTA Text

Learn More

IndiaFirst Life Guaranteed Pension Plan

Product Image

Product Name

IndiaFirst Life Guaranteed Pension Plan

Dropdown Field

Retirement

Product Description

Step into worry-free retirement planning with IndiaFirst Life Guaranteed Pension Plan. Enjoy peace of mind knowing your future is protected. Secure lifelong income with added benefits and protection from critical illness.

Product Benefits

  • Income for Life
  • 5 Annuity Choices
  • Joint Life Security
  • Escalating Annuity option
  • Guaranteed Return of Purchase Price
  • Lifetime Protection
  • Critical Illness Cover

Porduct Detail Page URL

Get Quote

Product Buy Now URL and CTA Text

Learn More

How to use Income Tax Calculator

Step 1

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

choose-plan

Step 2

Enter your age and the financial year.

premium-amount

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.

premium-amount

Step 4

Add the details of all the available deductions.

premium-amount

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.

premium-amount

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.

premium-amount

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 80cN/A 
Less: Deductions under Section 80DN/A 
Less: Deductions under Section 80DN/A 
Less: House Rent AllowanceN/A 
Less: Leave Travel AllowanceN/A 
Total Taxable Income₹ 19,50,000₹19,25,000
Total Tax Payable₹ 4,13,400₹ 2,67,500

*HRA and LTA are subject to fulfilment of various condition & based on several factors. These are approximate number of exemptions shown for the illustration purpose only according to the salary of the mentioned example.

Benefits of Filing Income Tax Online

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

calci

Enables faster tax refunds

calci

Provides instant confirmation of filing and status updates

calci

Offers safety and security

calci

Pay at your convenience to avoid any late fee or penalty

calci

Provides eligibility to offset losses against present and future investment gains

calci

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

calci

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

bmi-calc-mob
bmi-calc-desktop

Frequently Asked Questions

Eligibility criteria to file income tax return

Answer

Individuals with total annual income exceeding the basic exemption limit are required to file income tax return. This works out to up to Rs. 2.5 lakhs p.a. for those below 60 years. old; up to Rs. 3 lakhs p.a. for senior citizens between 60-80 years old; up to Rs. 5 lakhs p.a. for super seniors above 80 years of age under Old Tax regime.

What are the exemptions/ deductions that are not allowed under the new tax regime?

Answer
  • Deduction available under section 80TTA/80TTB.

  • Deduction for entertainment allowance.

  • Deduction for Professional tax paid

  • Leave Travel Allowance.

  • Tax benefit on interest paid on housing loan taken for a self-occupied or vacant house property.

  • Deduction of Rs 15000 allowed from family pension under clause (iia) of section 57.

  • Deductions under section 80C claimed for provident fund contributions, life insurance premium, school tuition fee for children and

  • various specified investments such as ELSS, NPS, PPF etc.

  • Deduction claimed for medical insurance premium under section 80D

  • Tax benefits for disability under sections 80DD and 80DDB.

  • Tax break on interest paid on education loan under section 80.

  • Tax break on donations to charitable institutions available under section 80G.

  • All deductions under chapter VIA (like section 80C, 80CCC, , 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC, 80IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, etc.) except  deduction u/s 80CCD(2)/80CCH/80JJAA

Other Income Tax Rule Changes Announced in The Union Budget 2024

Answer

Under the new tax regime, tax slab has been revised. Further, under new tax regime rebate is up to Rs. 25,000 is applicable if the total income does not exceed RS. 7 Lakhs. Additionally, standard deduction has also been increased from existing Rs. 50,000 to Rs. 75,000 under the new tax regime. The government also plans to introduce a next-generation Common Income Tax Return (ITR) Form, to save taxpayer's time and improve the compliance efficiency.

Tips on how to prepare for filing your income tax return according to the new regime income tax slab

Answer

The simplest, economical, and most efficient way to file your Income Tax Return (ITR) is through E-fling. Keep your Form 16, provided by your employer, Pan card, and any proof of investments ready. Then register on the site, https://www.incometax gov.in/ and follow the steps. The portal can also be used to check the refund, deductions, applicable forms, and the process to file the ITR.

What is the professional tax in India?

Answer

Professional tax is a direct tax deducted from income earned from any profession, trade, or employment. As it is levied by the state government, it may vary from state to state. The tax is calculated basis predetermined slabs and typically ranges between Rs. 200 to Rs. 2500.

How to calculate income tax on salary?

Answer

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

Basic Salary + HRA + Special Allowance + Transport Allowance + any other allowance + perquisites = Gross Income from Salary 

From this Gross Income, minus any Deductions and Professional Tax (if any).

This will give you the Net Taxable Income. 

For example:

Kavita Shrivastava earns a basic salary of ₹ 1,00,000 per month 

House Rent Allowance (HRA) of ₹ 45,000 per month 

Special Allowance of ₹ 20,000 per month 

Leave Travel Allowance (LTA) of ₹ 20,000 per Annum 

Her taxable income would be calculated as follows: 

ComponentsAmount

Basic Salary 

1,00,000 x 12 = 12,00,000 

House Rent Allowance (HRA) 

45,000 x 12 = 5,40,000 

Special Allowance 

20,000 x 12 = 2,40,000 

Leave Travel Allowance (LTA) 

20,000 

Total Annual Salary (Income) 

20,00,000 


Kavita’s salary is above Rs. 15 lakhs. If you calculate income tax online with the tax calculator old regime and new tax regime calculator, this is what you will get: 

 

ParticularsOld Tax RegimeNew Tax Regime

Total Annual Salary 

₹ 20,00,000 

₹ 20,00,000 

Gross Total Income 

₹ 20,00,000 

₹ 20,00,000 

(now deduct all the applicable deduction, allowances, and exemptions)  

Less: Standard Deduction 

– ₹ 50,000 

– ₹ 75,000 

Less: Deductions under Section 80C 

– ₹ 1,50,000 

– 

Less: Deductions under Section 80D (For Self/Spouse as well as Parents maximum up to Rs. 50,000)

– ₹ 50,000 

– 

Less: House Rent Allowance (out of 5,40,000 deduction of) 

– ₹ 3,00,000 

– 

Less: Leave Travel Allowance (out of 20,000 deduction of) 

  

– ₹ 10,000 

(bills must be submitted) 

– 

Total Taxable Income 

  ₹ 14,40,000 

₹ 19,25,000

Total Tax Payable 

₹ 2,54,280 

₹ 2,78,200

Under the old tax structure, investment in tax saving schemes further reduce Kavita’s tax liability.

HRA and LTA are subject to fulfillment of various condition.

How to calculate age of senior citizen for income tax?

Answer

If you are  60 years old but less than 80 years old at any time during the previous year, you are considered a “senior citizen”. Those who are 80 years old or above at any time during the previous year are “super seniors citizen”.  The age of senior citizens and super seniors citizen is calculated from April 1st of the financial year for the income tax calculator.

How to calculate income tax?

Answer

Anyone salaried or self-employed can calculate income tax online using the income tax calculator. It is a simple, effective tool that guides you through the process. Once you fill in the details, it gives you an estimation of the taxable income and tax payable.

Which income is not taxable in India?

Answer

The following incomes are tax-free subject to certain conditions.

1) Agricultural income

 

2) Receipts by an individual from Hindu Undivided Family

 

3) Share from a Partnership Firm or LLP, which has been separately assessed for income tax

 

4) NRI tax free incomes

 

5) Certain types of incomes earned by foreigners

 

# Commutation of pension 

# Gratuities 

# Voluntary retirement or separation payment 

# Leave salary 

# Insurance sum assured

 

6) Money received from government-recognised provident fund (PF), approved superannuation fund or PPF 

 

7) Certain types of interest income 

[The above list is not an exhaustive list of exempt income, for detailed information request you to kindly refer to section 10 of the Act and consult your income-tax consultant.]

What is the maximum non-taxable income limit?

Answer

Individuals less than 60 years with an income up to Rs.2.5 lakhs are exempt from tax under the old tax regime After consideration of rebate under section 87A of the Act (i.e., up to Rs. 12,500), the maximum non-taxable income limit is Rs. 5 Lakhs. Further, Under the old tax regime, senior citizens (60-80 years) are exempted from paying tax up to Rs. 3 lakhs and super citizens (80 years+) up to Rs. 5 lakhs. 

Under the new tax regime, any Individual with an income up to Rs.3 lakhs is exempt from tax. However, after considering the rebate under section 87A of the Act (i.e., up to Rs. 25,000) the maximum non-taxable income limit is Rs. 7 lakhs.

How much tax do I pay on 10 lakh salary?

Answer

Under the income tax calculator AY 2025-26, individuals under 60 years receiving income from salary, business, or investments will pay:  

 

Old tax regime: Net Taxable Salary = Rs. 10,00,000 – Rs. 50,000 = Rs. 9,50,000

Tax Amount: Rs. 12,500 + 20% over Rs. 5 lakhs i.e., Rs.1,02,500 

Total Tax after Health & Education Cess: Rs. 1,06,600

 

New tax regime: Net Taxable Salary = Rs. 10,00,000 – Rs. 75,000 = Rs. 9,25,000

Tax Amount: Rs. 20,000 + 10% over Rs. 7 lakhs i.e., Rs. 22,500 

Total tax after Health & Education Cess: Rs. 44,200

What is the income tax for 6 lakhs?

Answer

Individuals with an annual income between Rs 3 lakh and Rs 7 lakh would pay 5% tax as per the new tax regime calculator, and 20% as per the tax calculator old regime for income above Rs. 5 Lakhs.

How much income is tax free in India?

Answer

As per the new tax regime calculator: 

 

For individuals below 60 years - below Rs. 7 lakh 

For senior citizens aged 60 to 80 years - below Rs. 7 lakhs 

For super seniors aged 80+ years – below Rs. 7 lakhs  

 

As per the tax calculator old regime: 

 

For individuals below 60 years - below Rs. 2.5 lakh 

For senior citizens aged 60 to 80 years - below Rs. 3 lakhs 

For super seniors aged 80+ years – below Rs. 5 lakhs

What is the minimum salary to pay income tax?

Answer

Any income that that exceeds Rs. 2.5 lakhs per year will be taxed.

How much tax should I pay on my salary?

Answer

It depends on various factors. The new tax regime calculator divides income taxpayers into 6 slabs and you pay tax depending on the slab you come under. The tax calculator old regime also has predetermined limits but offers more tax-saving options.

How to calculate income tax on salary with old regime?

Answer

Simply enter all your details on the income tax calculator and select the calculator old regime to get a quick and easy basic tax calculation.

What is the existing rate for income tax slab (7-10 lakhs)?

Answer

As per income tax interest calculator, you pay 20% over Rs. 5 lakhs under the old regime, and 10% over Rs. 7 lakhs under the new regime.

Which tax regime is better for me?

Answer

Before choosing the tax regime, consider your income structure and available deductions. Use the calculator old regime to calculate your tax liability after considering income from all sources and availing all the eligible exemptions and deductions. Then use the new tax regime calculator to compute your tax liability according to the tax slab rates given under it. Now compare the two to see which suits you better.

Can I switch between tax regimes?

Answer

Yes, you can switch between the old and new tax regimes every year. An Individual, with business or professional income will not be eligible to choose between the two regimes every year.

Has the 80C exemption been scrapped?

Answer

Section 80C has not been scrapped and still entitles you to certain deductions under the old tax regime, allowing you to reduce your taxable income by Rs 1,50,000.

Shape your financial future with our calculators

Income Tax Calculator

Savings

Term Premium Calculator

Savings

ULIP Calculator

Savings

BMI Calculator

Savings

HLV Calculator

Savings

Pension & Retirement Calculator

Savings

Child Plan Calculator

Savings

Future Wealth Calculator

Savings

Power of Compounding Calculator

Savings

Cost of Delay Calculator

Savings

PPF Calculator

Savings

HRA Calculator

Savings

EMI Calculator

Savings

Paid Up Calculator

Savings

Fund Allocation Calculator

Savings

SIP Calculator

Savings

You’re eligible for a Discount!!

Get 10% off on online purchase of IndiaFirst Life Elite Term Plan

1800 209 8700

Customer Care Number

whatsapp

8828840199

For online policy purchase

call

+91 22 6274 9898

Chat with us on WhatsApp

mail