Income Tax Calculator: If you want to do your tax planning, then you can use the tax calculator available on the Income Tax Department’s website to find out whether the new tax regime or the old one will be better for you. After Budget 2025, there will be no tax on income up to Rs 12 lakh, which will provide relief to most taxpayers.
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Income Tax Calculator: After the changes made in the new tax regime in the recent budget, everyone’s tax liability will change. Many taxpayers will not have to pay tax at all, while many taxpayers have to pay less tax. But to calculate how much tax is actually to be paid, the government has released a new income tax calculator. The Income Tax Department has released this new calculator so that taxpayers can know how much tax they are saving. This calculator is for the financial year 2024-25 and 2025-26.
How to use the Income Tax Calculator?
The Income Tax Calculator compares the new tax regime and the old tax regime you should choose and shows how much tax you can save from 1 April 2025. To use it you need to:
- You will have to select your residential status (where you live)
- You will have to enter your taxable income
- The calculator will show you complete details about tax, including how much tax will have to be paid in the current financial year (FY 2024-25) and how much tax will have to be paid in the new rules (FY 2025-26) as per Budget 2025.
- Net savings will also be shown, so that you can easily understand which tax regime is better for you.
For example, if your income is Rs 15 lakh, the calculator will show you how much benefit you will get compared to the current tax slabs.
Where can I get this tax calculator?
You can get the income tax calculator on the website of the Income Tax Department. To access this calculator, click here: https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2025.aspx
New tax regime
| Income Tax Slab | Income Tax Rate |
|---|---|
| Rs 4-8 lakh | 5% |
| Rs 8-12 lakh | 10% |
| Rs 12-16 lakh | 15% |
| Rs 16-20 lakh | 20% |
| Rs 20-24 lakh | 25% |
| Above Rs 24 lakh | 30% |
What deductions will I get?
Salaried employees will get a standard deduction of up to Rs 75,000. Employer’s contribution to NPS (National Pension System) will be tax free under Section 80CCD(2) in Tier-1 NPS account. Up to 14% of the basic salary can be taken as this deduction.
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