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Home  ❯  Tax  ❯  Income Tax

Income Tax Calculator AY 2024-25 (FY 2023-24)

Click to Calculate Tax FY 2023-24 (AY 2024-25)

Calculates online Income Tax after the benefit of standard deduction of Rs. 50000/- and eligible deductions (under old Regime) and without Exemptions (under New Regime) of tax rates / slabs)

Income Tax Rates / Slabs FY 19-20, FY 18-19, FY 2017-18 & FY 2016-17

Change / Select Calculator

Calculate Income Tax for FY 2023-24 / Tax Impact in FY 2023-24 compare to FY 2022-23 (As per Budget dt. 01-02-23)

Calculate Income Tax for FY 2023-24

Step 1 - Select Age & Enter Details ↓ ↑

1Select Age (from Drop Down)
2Income From Salary / Pension
3Exemptions & Deductions from Salary (u/s 10)
4Income from Other Sources
5Income from Rented out House Property  
(Of not self Occupied)
5 (a)Rent Received or Receivable or Annual Lettable Value
5 (b)Taxes paid to Local Authorities
5 (c)Annual Value of Property
5 (d)Standard Deduction 30% of 6(c)
5 (e) Interest Paid on Home Loan (rented/let out property)
(Max Rs. 2.00 Lac)
5 (f) Income / Loss (-ve) from House Property

Next - Step 2 Enter Eligible Deductions / Click button "Calculate Tax"

6Interest Paid on Home Loan (self Occupied)
7Deduction u/s 80C, 80CCC (max. Rs. 1.50 Lac)
8Interest from SB u/s 80TTA
9Medical Insurance u/s 80D
Self / Spouse / D.Children
(max. Rs. 25000/-)(Max. limit Rs 50,000/-)
For Parents Below 60
(No Change Max. Rs. 25000/-)

For Parents Above 60
(Max. Rs. 50,000/-)
Less: Section 80DDB
(Max. limit Rs 1 lac)
Less: Section 80DDB
(Max Rs. 1 lac)
10Additional contribution to NPS - u/s 80CCD (max 50000)
11Serving of Intt.on Education Loan (u/s 80E)
12 Deductionn under Section 80EE
Interest on loan for acquiring residential house property, sanctioned during FY 2016-17 (Max Rs. 50000)
13Deduction under Section 80EEA
Interest on loan for acquiring residential house property, sanctioned during FY 2019-20 (Max Rs. 150000)
14Deduction under Section 80EEB
Interest Deduction in respect of purchase of electric vehicle, during FY 2019-20 to 2022-23 (Max Rs. 150000)

Step 3 - Your Tax calculations are displayed here "Show Tax Calculations FY 2023-24"

Old RegimeNew Regime
Gross Taxable Income
Standard Deduction
Total of Deductions
Net Taxable Income
Less: Relief u/s 87A
(For Individuals having taxable income upto Rs. 5.00 lacs)
Income Tax
Health and Education Cess
Total Tax Liability

Surcharge Rates

  • 10% of Income Tax, in case taxable income is above Rs. 50 lacs.
  • 15% of Income Tax, in case taxable income is above Rs. 1 crore.
  • 25% of Income Tax, in case taxable income is above Rs. 2 crore.
  • Health and Education Cess is 4% of (Income Tax + Surcharge)

    Budget 2023 Highlishts

  • No changes in the old tax regime
  • New tax regime to become the default tax regime. However, citizens can opt for the old tax regime.
  • No tax on income up to Rs 7.5 lakh a year in new tax regime (with inclusion of standard deduction)
  • Govt proposed to reduce highest surcharge rate from 37% to 25% in new tax regime

    New Income Tax Slabs Under New Tax Regimes:

  • Rs 0-3 lakh: Nil
  • Rs 3-6 lakhs: 5%
  • Rs 6-9 lakhs: 10%
  • Rs 9-12 lakhs: 15%
  • Rs 12-15 lakhs: 20%
  • Rs Over 15 lakhs: 30%
  • Tax exemption removed in insurance policies with premium over Rs 5 lakh
  • Tax exemption on leave encashment on retirement of non-government salaried employees hiked to Rs 25 lakh from Rs 3 lakh.
  • A higher limit of Rs 3 crore for TDS on cash withdrawal to be provided to co-operative societies.
  • Next-generation Common IT Return Form to be rolled out for tax payer convenience
  • TDS rate to be reduced from 30 per cent to 20 per cent on taxable portion of EPF withdrawal in non-PAN cases.
  • Maximum deposit limit for Senior Citizen Savings Scheme to be enhanced to Rs 30 lakh from Rs 15 lakh
  • Monthly Income Scheme limit doubled to Rs 9 lakh and Rs 15 lakh for joint accounts
  • One-time new saving scheme Mahila Samman Saving Certificate for women to be made available for 2 years up to March 2025.It will offer deposit facility of up to Rs 2 lakh in the name of women or girls for tenure of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option.

    Disclaimer : This website do not claim that tax calculation is correct. The users are requested to please do inform in case he/she has noticed any error in calculation.

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    Modified : 04 Feb 2023
    Updated : July 08, 2023