Income Tax Calculator for Salaried Employees in India
Income tax calculation for the salaried professionals employed in India.(New Tax Regime)
Income From Salary
Financial Year
Income Tax Calculator (Financial Year 2024-2025 & 2025-2026)
The Income Tax Calculator is a user-friendly tool designed to help salaried individuals in India estimate their income tax liability based on their annual salary as per new tax regime. You can select the financial year (2024-2025 or 2025-2026), and the tool will compute the total income tax payable, including the 4% CESS.
Additionally, it provides a structured tax calculation table, annual and monthly salary breakdowns, and other relevant financial details.
Key Features
- Calculates income tax for financial years 2024-2025 and 2025-2026.
- Supports different tax regimes and slab rates applicable for the selected financial year.
- Standard deduction of ₹75,000 is applied for all calculations.
- Rebate under Section 87A is applied if your taxable income 7Lakh for FY 2024-2025 and 12Lakh for FY 2025-2026.
- Marginal relief is considered on calculation for FY 2024-2025(just above 7Lakh) and FY 2025-2026(just above 12Lakh).
- Includes 4% CESS in the final tax calculation.
- Displays a detailed tax calculation table to show how tax is computed.
- Provides annual and monthly salary details after tax deductions.
How to Use the Tool
- Enter Annual Salary:
- Input your total annual salary before tax deductions.
- Select Financial Year:
- Choose between 2024-2025 or 2025-2026 from the dropdown menu.
- The tax calculation will be based on the applicable slab rates and rules for the selected year.
- View Tax Calculation:
- Standard deduction is reduced from the annual salary.
- Then the tool will compute the total tax payable based on the tax slab.
- Rebate under Section 87A is applied if applicable.
- Marginal relief is applied if applicable.
- Health and Education CESS at 4% is added to the total tax.
- It will display a detailed tax calculation table, showing tax slabs and rates applied.
Check Salary Breakdown:
- See your Annual Salary before and after deductions.
- See your Monthly Salary before and after deductions.
Income Tax Calculation References(New Regime)
While calculating income tax under the New Tax Regime, the following key points are considered:
1. Standard Deduction:
- A standard deduction of ₹75,000 is available for salaried individuals.
2. Income Tax Slab Rates
- Income tax for for FY 2024-2025 under the new regime is calculated as per below slab rate.
Income Tax Slabs (FY 2024-2025) Tax Rate Up to Rs 3 lakh 0% Rs 3 lakh - Rs 7 lakh 5% Rs 7 lakh - Rs 10 lakh 10% Rs 10 lakh - Rs 12 lakh 15% Rs 12 lakh - Rs 15 lakh 20% Above Rs 15 lakh 30% Notes:
- If taxable income is ₹7,00,000 or less, the tax liability is NIL due to the ₹25,000 rebate under Section 87A.
- The marginal relief applicable to income slightly above Rs. 7,00,000.
- Income tax for for FY 2025-2026(Latest proposed) under the new regime is calculated as per below slab rate.
Income Tax Slabs (FY 2025-2026) Tax Rate Up to Rs 4 lakh 0% Rs 4 lakh - Rs 8 lakh 5% Rs 8 lakh - Rs 12 lakh 10% Rs 12 lakh - Rs 16 lakh 15% Rs 16 lakh - Rs 20 lakh 20% Rs 20 lakh - Rs 24 lakh 25% Above Rs 24 lakh 30% Notes:
- If taxable income is ₹12,00,000 or less, the tax liability is NIL due to the ₹60,000 rebate under Section 87A.
- The marginal relief applicable to income slightly above Rs. 12,00,000.
3. Surcharge
- If the taxable income is more than 50Lakhs, additional surcharge is added to the tax as per below.
- Rs 50 lakhs ≤ Rs 1 Crore - 10%
- Rs 1 Crore ≤ Rs 2 Crore - 15%
- Above Rs 2 Crore - 25%
4. Health & Education CESS:
- An additional 4% Health and Education CESS is applicable on the total income tax payable.
Who Can Use This Tool?
- Salaried individuals looking to estimate their income tax liability.
- Individuals comparing the current and latest proposed new tax regimes to optimize tax savings.
- Anyone needing a quick and accurate tax estimation without manual calculations.
This tool simplifies tax computation and ensures accurate results in just a few clicks!
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