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
Total Tax: ₹42,500
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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