Income Tax Calculator
Financial Year:2023-24
Total income tax benefit is Rs. 0.00
Income tax payable before Home Loan
Income tax payable after Home Loan
Apply Now
What is an Income Tax Calculator?
Individuals and Hindu Undivided Families falling under certain income tax slabs are liable to pay income tax every financial year. For this, you should know how to calculate income tax. While you can do a manual assessment, this may lead to errors. Bajaj Housing Finance brings you a simple digital income tax calculator that you can use with ease. This online income tax calculator is an easy and convenient tool designed to give an approximate figure of how much tax you need to pay. The income tax liability it determines depends on the inputs you enter such as your income, exemptions, and deductions.
An income tax calculator is an easy-to-use online financial tool which will help you to calculate tax on your income. It can be used to organise and prepare your financial statements for the ongoing year. You can also use the online tax calculator to maximise your tax savings.
To calculate income tax online for FY 2023-24 and AY 2024-25, simply enter your annual income and applicable tax deductions. The calculator will process the results instantly and show you the tax benefits you can avail.
How to use an Income Tax Calculator for FY 2023-24 (AY 2024-25)?
Follow these steps to use our online income tax calculator:
Step 1: Enter basic details
From the dropdown menu, choose the financial year for which you wish to calculate your income tax. Then, enter basic details like your age group, city of residence, income source, type of house and rent.
Step 2: Provide income details
Provide your income details with care. Enter your basic salary along with income from other sources such as rental income, savings interests and interests on deposits.
Step 3: Add your exemptions
Add the details of all you exemptions such as dearness allowance (DA), HRA, special allowance and EPF contribution.
Step 4: Enter your capital gains
You have to provide the details of all your capital gains earned in a financial year through sale of equity investments, debt investments, unlisted shares and real estate.
Step 5: Add the deductions
Under this field, you have to add details of all your tax-saving instruments (such as term insurance premiums, PPF, health insurance premiums, ELSS and donations to charities) applicable under Sections 80C, 80D, 80G, 80E, 80TTA etc. Moreover, you can add amounts paid as education loan interests, home loan interest on rented property and home loan interest for self-occupied property.
Step 6: View the results
Click the ‘continue’ button. You will get to view your total taxable income and the total tax you have to pay under your chosen income tax regime.
Income Tax Slab Rates Under New and Old Regime
Here is a breakdown of the two tax regimes and their income tax slab rates, as per Union Budget 2023-24.
New Income Tax Slab Rates Announced in Budget 2023
| Net Annual Taxable Income | New tax regime (excluding the exemptions and deductions) | Old tax regime (including the exemptions and deductions) |
|---|---|---|
| Up to Rs 2.5 lakh | Exempt | Exempt |
| Rs. 2.5 lakh to Rs. 3 lakh | Exempt | 5% |
| Rs. 3 lakh to Rs. 5 lakh | 5% | 5% |
| Rs. 5 lakh to Rs. 6 lakh | 5% | 20% |
| Rs. 6 lakh to Rs. 9 lakh | 10% | 20% |
| Rs. 9 lakh to Rs. 10 lakh | 15% | 20% |
| Rs. 10 lakh to Rs. 12 lakh | 15% | 30% |
| Rs. 12 lakh to Rs. 15 lakh | 20% | 30% |
| Above Rs. 15 lakh | 30% | 30% |
New Regime 2023 -24 Income Tax Slab for People Between 60 to 80 Years
| Tax Slabs | Rates |
|---|---|
| Rs. 3 Lakhs | NIL |
| Rs. 3 Lakhs – Rs. 5 Lakhs | 5.00% |
| Rs. 5 lakhs - Rs. 10 lakhs | 20.00% |
| Rs. 10 lakhs and more | 30.00% |
How to Calculate Total Income Tax Liability?
While determining the total income tax payable through online I-Tax calculation, enter the accurate data about the following in the tax calculator.
- Your gross yearly income from profits/salary
- Income from investments, rent, and other sources
- Tax exemptions if they are applicable
- Transport allowance and house rent
Once you fill these, you will be able to see your total income tax liability. If TDS is automatically deducted from your salary, you can check form 26AS which functions as a TDS calculator.
Simply subtract the TDS from the total income tax liability to get the amount you need to submit online via Challan 280. If you pay more than the total tax liability, the government reimburses the difference within a month of filing your income tax.
In case you file the IT returns after the due date, you will have to pay a penalty under section 234F and interest under section 234A. The due dates can vary on the basis of your source of income. If you are employed and are earning a salary, your due date of filing income tax returns is July 31 of the assessment year.
An easy way to save on taxes is to make investments. At Bajaj Housing Finance, we help you fulfill your financial and personal goals by offering a Housing Loan and Loan Against Property at affordable interest rates.
Exemptions on Total Income Under Different Sections
Check the exemptions on total income tax:
-
Section 87A
If someone’s income is below ₹5 lakh, the person will be eligible for a tax rebate up to ₹12,500.
-
Section 80C
Rebate up to ₹1.5 lakh for investments made in a tax-saver fixed deposit scheme, National Savings Certificate, Public Provident Fund, Unit-Linked Insurance Plan (ULIPs) and equity-linked savings scheme (ELSS).
-
Section 80CCD(1B)
You can seek tax-exemption up to ₹2 lakh for money deposited in the National Pension Scheme.
-
Section 80D
Tax exemption up to ₹25,000 for medical insurance premium bills, For senior citizens, the maximum limit is ₹50,000.
-
Section 80G
Donations made to charities are entirely tax-exempt under this Section.
-
Section 80E
100% tax rebate is applicable on interests paid for education loans for up to 8 years.
-
Section 80TTA/80TTB
Interest income up to ₹10,000 from savings accounts, will be eligible for taxdeductions. Senior citizens are eligible to avail tax waivers up to ₹50,000 under Section 80TTB.
-
Section 80GG
Income spent for paying house rent is tax-exempt. This section is applicable if you have not received HRA benefits from your employer.
Income Tax Calculator - FAQs
Learning how to calculate income tax is an important skill to have. Here is how income tax is calculated:
- Calculate or ascertain your gross income from your salary, house property, or capital gains
- Calculate your net taxable income by subtracting exemptions and deductions such as deductions on investments and insurance.
To compute the tax, calculate eligible gross exemptions and gross income tax for the financial year. Exclude any credits you may be eligible for. You should know about various components of income tax before you calculate your tax. Income tax is calculated on taxable income based on the applicable income tax slab. The easiest way to arrive at an accurate figure is to use the income tax calculator to calculate your income tax.
Several types of income are exempt under the Income Tax Act 1961. These are known as tax-free income sources. Here are a few of these that you should be aware of:
- Agricultural income
- Dividend income from shares and mutual funds
- Payment received on voluntary retirement or during separation
- Money received from government-recognized provident fund
- Any amount of gratuity received by a government employee
- Any payment in commutation of pension
- Receipts from Hindu Undivided Family
- Share from a partnership firm or LLP
- Certain sources or receipts earned by NRIs
- Income and receipts earned by foreigners in India
If you are eligible for income tax, use the IT calculator to determine the income you are liable to pay.
The maximum non-taxable income limit for individuals, Hindu undivided families is Rs.3.0 lakh and the same for senior citizens. Additionally, a tax rebate is offered to people with income below Rs.7 lakh from the financial year 2023-24 onwards. Super Senior Citizens above 80 years do not have to pay any tax or file return up to Rs. 5 lakh of annual total income
You need the following details and documents for e-filing your income tax returns:
- Details of your Aadhaar card, PAN card number, and proof of your current address
- Details of all the bank accounts under your name for the particular financial year
- Proof of income such as salary slip, details of income from investments such as interest on the savings bank account, FDs, etc
- All the deductions claimed under section 80 or chapter VI-A of the Income Tax Act
- Details of tax payments like advance tax payments and TDS
For your convenience, keep all the necessary documents ready. Calculate advance tax and use the TDS calculator for ITAX calculation.
There are several benefits of filing income tax online. Some of these benefits are listed below:
- It facilitates electronic tax refunds
- It minimizes errors
- It acts as proof of income and address
- It assists you in carrying forward losses
- It is easier to avoid the late penalty by filing online
- Filing income tax online is much safer and is confidential
- You may get insurance, and benefit with VISA processing
- Filing income tax online is much quicker
- You get a swift confirmation receipt and it provides real-time updates
- It saves you money which you would have spent on professionals to file income tax for your assistance, use the TDS calculator for tax computation
It saves you money which you would have spent on professionals to file income tax For your assistance, use the TDS calculator for tax computation
Advance tax is payable if you have income sources other than salary. This includes rent, capitals gains, lottery winning, and more. To calculate advance tax, apply the income tax slab rate applicable in the financial year. Follow the steps below:
- Estimate the income from capital gains, professional income, rent, and other income
- Add income from salary to the above total to arrive at gross taxable income
- Apply the income tax slab applicable to you
- Deduct the TDS as per the TDS slab
If your income is between Rs. 5 Lakh to Rs. 10 Lakh, you will need to pay 20% of your taxable income to the government
If your income is between up to Rs. 10 Lakhs, you will need to pay 20% of your taxable income to the government.
| Tax Slab | Rates |
|---|---|
| Up to Rs. 3,00,000 | NIL |
| Rs. 300,000 to Rs. 6,00,000 | 5% on income which exceeds Rs 3,00,000 |
| Rs. 6,00,000 to Rs. 900,000 | Rs 15,000 + 10% on income more than Rs 6,00,000 |
| Rs. 9,00,000 to Rs. 12,00,000 | Rs 45,000 + 15% on income more than Rs 9,00,000 |
| Rs. 12,00,000 to Rs. 1500,000 | Rs 90,000 + 20% on income more than Rs 12,00,000 |
| Above Rs. 15,00,000 | Rs 150,000 + 30% on income more than Rs 15,00,000 |
Income Tax Slab for People Between 60 to 80 Years
| Tax Slabs | Rates |
|---|---|
| Rs. 3 Lakhs | NIL |
| Rs. 3 Lakhs – Rs. 5 Lakhs | 5.00% |
| Rs. 5 lakhs - Rs. 10 lakhs | 20.00% |
| Rs. 10 lakhs and more | 30.00% |
Income Tax Slab for People More than 80 Years
| Tax Slabs | Rates |
|---|---|
| Rs. 0 - Rs. 5 lakhs | NIL |
| Rs. 5 lakhs - Rs. 10 lakhs | 20.00% |
| Above Rs. 10 lakhs | 30.00% |
