Income Tax Calculator
Estimate your income tax liability under the New vs Old tax regimes in India.
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Information provided on WealthMaze is for educational purposes only. All return calculations are estimates based on user inputs. Not financial advice.Calculation Output & Analysis
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3Comparing the New vs. Old Tax Regimes
Our Income Tax Calculator compares tax regimes to find your savings. India offers taxpayers a choice between two tax regimes: the Old tax regime, which allows multiple deductions like Section 80C, Section 80D, and HRA exemptions but has higher slab rates, and the New tax regime, which features lower tax slabs but eliminates almost all exemptions. Beginning FY 2023-24, the New Tax Regime is the default option.
Frequently Asked Questions (FAQ)
Which tax regime is better for me?
Generally, if your total eligible tax deductions (80C, 80D, HRA, Home Loan Interest) are less than ₹2.5 Lakhs to ₹3 Lakhs, the New Tax Regime will yield a lower tax liability. If you have substantial investments and deductions, the Old Regime may be beneficial.
How do I calculate income tax online?
Enter your gross annual income, investments under Section 80C, and other deductions into the income tax calculator to compare old and new regime liabilities.