HRA Exemption Calculator
What is this Income Tax Calculator?
This calculator helps you estimate your income tax liability for the financial year 2023-24 (Assessment Year 2024-25). It allows you to compare your tax outgo under both the Old and the New Tax Regimes, helping you choose the more beneficial option. The New Tax Regime is the default regime, but you can opt for the Old Regime if it saves you more tax.
How to Calculate Income Tax?
To calculate your income tax, you first need to determine your Net Taxable Income. This is your Gross Annual Income minus applicable deductions (like Standard Deduction, 80C, 80D, etc.). Once you have the Net Taxable Income, tax is calculated based on the slab rates applicable to your chosen regime (Old or New) and age group. A Health & Education Cess of 4% is then added to the calculated tax to arrive at the total tax liability.
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