Income Tax Calculator
Choosing between the Old and New tax regimes isn’t a one-time decision, it depends on your actual income, deductions, and HRA every single year. This calculator runs your full financial picture through both regimes at once, so you can see exactly which one leaves you with a lower tax bill this year.
What is an Income Tax Calculator?
An income tax calculator computes your tax liability under India’s Old and New tax regimes side by side, factoring in salary income, other income sources, HRA exemption (available only under the Old regime), and the full set of Section 80 deductions. It applies the correct age-based slabs, the Section 87A rebate with marginal relief, and applicable surcharge and cess, to show a direct comparison rather than requiring two separate calculations.
Regime Choice Is Rarely the Same for Both Spouses
This calculator computes tax for one income, one set of deductions. In dual-income households, each spouse’s optimal regime often differs, one person with heavy 80C investments and HRA may still benefit from the Old regime, while the other, with fewer deductions, is better off under the New one. Running the numbers for just one person doesn’t answer the household’s combined tax-planning question.
How WealthNest.AI Helps Beyond This Calculator
WealthNest.AI tracks every 80C and 80CCD investment across your family, ELSS, PPF, NPS, insurance premiums, in one place, so when you run this calculator for each family member, you’re working from your household’s real, current numbers rather than reconstructing them from memory every filing season.
See this alongside every other account your family holds, all in one place. Download the WealthNest.AI app to get started.
Frequently Asked Questions
It depends on your income level and how many deductions you claim. The New Regime's lower slab rates and higher rebate threshold tend to favour salaries up to roughly 12.75 lakh rupees, while the Old Regime can still win for higher earners with heavy 80C, HRA, and home loan deductions. This calculator runs both so you can compare directly.
Under the Old Regime, tax is nil if taxable income is 5 lakh rupees or below. Under the New Regime, tax is nil up to 12 lakh rupees. Between 12 and 12.75 lakh rupees under the New Regime, marginal relief caps the tax so it never exceeds the income earned above the 12 lakh threshold.
No. HRA exemption and all Section 80 deductions, including 80C, 80D, 80CCD(1B), and home loan interest on a self-occupied property, are only available under the Old Regime. The New Regime allows only the standard deduction.
Surcharge applies above certain income thresholds, 10% above 50 lakh rupees, 15% above 1 crore, 25% above 2 crore, and 37% above 5 crore under the Old Regime only, since the New Regime caps surcharge at 25%. A 4% health and education cess then applies on tax plus surcharge.
No. The page's own disclaimer notes it doesn't model employer NPS contributions under 80CCD(2), leave encashment, gratuity, retrenchment compensation, agricultural income, or special-rate income like equity capital gains or lottery winnings. For final tax filing, consult a CA.
