## NEW REGIME TAX CALCULATOR ( AFTER BUDGET 2024 ) ; KNOW YOUR TAX ( for Age Less than 60 Years )

Income Tax Calculator

## Income Tax Calculator 2024-25 - Simplify Your Tax Calculation

#### Introduction

Navigating through the intricacies of income tax calculations can often be daunting. For the fiscal year 2024-25, we present a user-friendly income tax calculator to streamline the process. This tool is designed to help taxpayers easily compute their tax liabilities based on the latest tax slabs.

### Key Features of the Income Tax Calculator 2024-25

1. User-Friendly Interface: The calculator is designed with simplicity in mind, ensuring a hassle-free experience for all users.
2. Standard Deduction: Automatically deducts ₹75,000 from the gross income to compute the taxable income.
3. Detailed Breakdown: Provides a clear and detailed breakdown of tax calculations as per the latest tax slabs.
4. Accurate Tax Slabs: The calculator adheres to the income tax slabs for the financial year 2024-25, ensuring accuracy.

### How to Use the Income Tax Calculator

1. Enter Your Annual Income: Input your total annual income in the designated field.
2. Calculate: Click on the ‘Calculate’ button to see your taxable income and the corresponding tax breakdown.
3. View Detailed Breakdown: The results will display your gross income, standard deduction, total taxable income, and the tax amount based on each slab.

### Income Tax Slabs for 2024-25

The income tax slabs for the financial year 2024-25 are as follows:

- Up to ₹3,00,000: Nil
- ₹3,00,000 to ₹7,00,000 : 5%
- ₹7,00,000 to ₹10,00,000: 10%
- ₹10,00,000 to ₹12,00,000: 15%
- ₹12,00,000 to ₹15,00,000: 20%
- Above ₹15,00,000: 30%

### Example Calculation

Let's consider an example to understand how the calculator works:
• 1. Gross Income: ₹10,00,000
• 2. Standard Deduction: ₹75,000
• 3. Total Taxable Income: ₹9,25,000

#### Tax Calculation Breakdown

• - Up to ₹3,00,000: Nil
• - ₹3,00,000 to ₹7,00,000: ₹4,00,000 at 5% = ₹20,000
• - ₹7,00,000 to ₹9,25,000: ₹2,25,000 at 10% = ₹22,500

## Relief Under New Tax Regime

### If You Earn ₹8 Lakh Per Annum

Earlier Now

Standard deduction: ₹50,000

Taxable income: ₹7.50 lakh

Up to ₹3 lakh: Nil

From ₹3-6 lakh: 5% (₹15,000)

From ₹6-9 lakh: 10% (₹15,000)

Total tax: ₹30,000

Standard deduction: ₹75,000

Taxable income: ₹7.25 lakh

Up to ₹3 lakh: Nil

From ₹3-7 lakh: 5% (₹20,000)

From ₹7-10 lakh: 10% (₹2,500)

Total tax: ₹22,500

Net Gain: ₹7,500

### If You Earn ₹10 Lakh Per Annum

Earlier Now

Standard deduction: ₹50,000

Taxable income: ₹9.50 lakh

Up to ₹3 lakh: Nil

From ₹3-6 lakh: 5% (₹15,000)

From ₹6-9 lakh: 10% (₹30,000)

From ₹9-12 lakh: 15% (₹7,500)

Total tax: ₹52,500

Standard deduction: ₹75,000

Taxable income: ₹9.25 lakh

Up to ₹3 lakh: Nil

From ₹3-7 lakh: 5% (₹20,000)

From ₹7-10 lakh: 10% (₹22,500)

Total tax: ₹42,500

Net Gain: ₹10,000

### If You Earn ₹15 Lakh Per Annum

Earlier Now

Standard deduction: ₹50,000

Taxable income: ₹14.50 lakh

Up to ₹3 lakh: Nil

From ₹3-6 lakh: 5% (₹15,000)

From ₹6-9 lakh: 10% (₹30,000)

From ₹9-12 lakh: 15% (₹45,000)

From ₹12-15 lakh: 20% (₹50,000)

Total tax: ₹1,40,000

Standard deduction: ₹75,000

Taxable income: ₹14.25 lakh

Up to ₹3 lakh: Nil

From ₹3-7 lakh: 5% (₹20,000)

From ₹7-10 lakh: 10% (₹30,000)

From ₹10-12 lakh: 15% (₹30,000)

From ₹12-15 lakh: 20% (₹45,000)

Total tax: ₹1,25,000

Net Gain: ₹15,000

### Why Use Our Income Tax Calculator?

1. Accuracy: Ensure precise calculations based on the latest tax regulations.
2. Time-Saving: Quickly compute your tax liabilities without manual calculations.
3. Clarity: Understand your tax breakdown and liabilities in a straightforward manner.

### Conclusion

Our Income Tax Calculator for the financial year 2024-25 is an indispensable tool for anyone looking to simplify their tax calculations. With its user-friendly interface, accurate tax slabs, and detailed breakdown, it provides a comprehensive solution for managing your taxes.

Use the calculator today to take control of your financial planning and ensure you are well-prepared for the upcoming tax season.

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