Income Tax Calculator
FY 2024-25 — Old & New Regime
Taxable Income
₹12,00,000.00
Tax Amount
₹83,200.00
Effective Rate
6.93%
Take-home Monthly
₹93,066.67
Tax calculated as per FY 2024-25 slabs with 4% health & education cess. New regime is default.
For informational purposes only — consult a CA for exact tax liability.
How Income Tax Calculator Works in Your Browser
The Income Tax Calculator on ToolsForges is a fully client-side financial tool that computes your annual income tax liability under both the old and new Indian income tax regimes. Enter your gross annual income from salary, house property, capital gains, or other sources, then apply eligible deductions under Section 80C (provident fund, life insurance, ELSS), Section 80D (health insurance), Section 80E (education loan interest), Section 80G (donations), HRA exemption, and standard deduction to receive an instant, accurate tax computation. The engine applies the current fiscal year tax slabs and rates — including the new regime's lower slab rates without deductions and the old regime's higher rates with deduction benefits — entirely within your browser. No income figures, PAN details, employer information, or financial data are ever transmitted to any server. A side-by-side regime comparison view shows exactly which option yields lower tax liability for your specific income and deduction profile, helping you make an informed filing decision in seconds. The calculator handles surcharge thresholds and health and education cess computation for complete tax liability visibility.
Key Features
- Compare old and new tax regime liability side by side with identical income inputs. The calculator applies each regime's slab rates independently to determine the optimal choice.
- Deductions under Section 80C, 80D, 80E, 80G, HRA exemption, and standard deduction are factored into the old regime computation. Each deduction reduces taxable income before slab application.
- View a complete slab-wise breakdown showing how income is segmented across each tax bracket and the exact tax amount levied at each rate. Identify which bracket contributes most to your liability.
- Income, deduction, and tax computation data never leaves your browser. No financial records are stored, logged, or transmitted to external services.
Frequently Asked Questions
Which tax slabs are used in the calculation?
Does it handle capital gains and rental income?
Can I calculate surcharge and cess?
Is my income data secure?
All data processing for Income Tax Calculator runs 100% locally in your browser using client-side JavaScript. No data is uploaded to any server.
Technical Specification
Income Tax Computation Engine & Regime Comparison
Overview
The ToolsForges Income Tax calculator computes total income tax liability under both the old and new Indian tax regimes, enabling taxpayers to compare their net liability under each system and identify the more favorable option. Input your gross annual income across salary, rental, capital gains, and other sources, then apply eligible deductions under Section 80C, 80D, HRA, and other provisions to receive an instantaneous tax breakdown. All computations execute client-side, ensuring that your income and financial details remain completely private.
Feature Specifications
- Old vs New Regime ComparisonCompute tax liability under both the old regime with deductions and the new regime with lower slab rates but no deductions, then compare side-by-side to identify the optimal choice.
- Section 80C and 80D DeductionsApply deductions for provident fund, life insurance, health insurance, and other eligible investments to reduce taxable income under the old regime accurately.
- HRA Exemption CalculatorCompute House Rent Allowance exemption based on actual rent paid, basic salary, and city classification, then incorporate the exempt amount into the overall tax computation.
- Surcharge and Cess CalculationAutomatically apply applicable surcharge rates based on total income thresholds and four percent health and education cess on the computed tax liability.
Architecture
The calculator uses React useState for income and deduction inputs and a multi-step computation function that applies slab rates, deductions, surcharge, and cess in sequence. The output renders a comparison table showing both regimes simultaneously.
Frequently Asked Questions
Which tax regime is better for salaried employees?
The new regime is generally better for taxpayers with minimal deductions. The old regime benefits those with significant deductions under Section 80C, 80D, HRA, and home loan interest.
Can I switch between regimes every year?
Salaried taxpayers can choose the regime each year when filing their return. Business income taxpayers who opt for the new regime cannot switch back to the old regime in subsequent years.
Does this calculator handle capital gains tax?
The calculator computes income tax on the total taxable income including capital gains. Specific capital gains tax rates for equity and debt instruments are applied based on the income type selected.
Is my income data secure?
All income figures, deduction amounts, and tax computations are processed entirely within your browser. No financial data is transmitted to external servers or stored persistently.