New Tax Regime Free Income Tax Calculator

Are you ready to take control of your taxes like a pro? Introducing our New Tax Regime Free Income Tax Calculator, designed specifically for salaried individuals like you! With this powerful tool, you can effortlessly calculate your income tax liability, explore deductions applicable to you, and plan your finances with confidence. Let’s dive into how this calculator can revolutionize your tax filing experience.

Free New Tax Regime Income Tax Calculator For Salaried Individuals

Financial Year: FY 2023-24 FY 2024-25

Assessment Year:

Gross Salary: LODA (Leave Out of Duty Allowance):

Employer Contribution to NPS Account (10% of Annual Basic Salary + Annual DA):
Remark: Employer contribution is considered as part of deductions.

Interest on Home Loan on Let-out Property (Section 24):

Standard Deduction: Rs. 50,000

Calculate Tax

How to Use New Tax Regime Free Income Tax Calculator

Using our tax calculator is simple and intuitive. Just follow these steps:

1. Select the Financial Year (FY) for which you want to calculate taxes.
2. Choose the Assessment Year (AY) corresponding to the selected FY.
3. Enter your Gross Salary and other relevant details such as LODA, NPS contribution, and Home Loan Interest.
4. Click on the "Calculate Tax" button to generate your tax calculation result.
5. Review the Taxable Income, Rebate under Section 87A (if applicable), and Tax Payable.

Understanding The New Tax Regime

The new tax regime introduced by the government offers simplified tax slabs and lower rates for individuals and Hindu Undivided Families (HUFs). It aims to streamline the tax structure, reduce complexity, and provide taxpayers with more flexibility in managing their finances.

Tax Slabs and Rates Under The New Tax Regime

Under the new tax regime for FY 2023-24 and FY 2024-25, the income tax slabs and rates are as follows:

• Up to Rs. 3,00,000: Nil
• Rs. 3,00,001 to Rs. 6,00,000: 5%
• Rs. 6,00,001 to Rs. 9,00,000: 10%
• Rs. 9,00,001 to Rs. 12,00,000: 15%
• Rs. 12,00,001 to Rs. 15,00,000: 20%
• Above Rs. 15,00,000: 30%

Deductions and Rebates Under The New Tax Regime

Our tax calculator incorporates various deductions and rebates applicable to salaried individuals:

• Standard Deduction: Rs. 50,000
• LODA (Leave Out of Duty Allowance)
• Employer Contribution to NPS Account (10% of Annual Basic Salary + Annual DA)
• Interest on Home Loan on Let-out Property (Section 24)
• Rebate under Section 87A: Rs. 25,000 (for taxable income up to Rs. 7,00,000)

Plan Your Finances with Confidence

With our Free New Tax Regime Income Tax Calculator, you can take charge of your finances and make informed decisions about tax planning. Whether you're aiming to maximize deductions or optimize your tax liability, this tool empowers you to achieve your financial goals effectively.

Start Calculating and Calculate Anytime!

Don't let tax season overwhelm you. Take advantage of our user-friendly tax calculator to streamline your tax filing process and unlock valuable insights into your financial situation. Get started now and experience the convenience of accurate tax calculations at your fingertips!