Tax Calculator - Calculate Taxes for FY 2023-24 | Income Tax Tax Calculator: Calculate income tax online by using the income tax calculator fy 2023-24, with our salary tax calculator India on Value Research.

Tax Calculator

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Looking to save tax but don’t know whom to ask? You’ve come to the right place. Using our online income calculator, you may easily compute tax on your taxable income. Our easy-to-use online tax calculator will consider factors like your age,...  annual gross income, basic monthly salary, tax-saving investments, and HRA, among others, to estimate the total tax payable under the new or old tax regime. The salary tax calculator will help you save precious time and money by instantly giving you an estimated figure. Not only this, we give you ideas and strategies to save tax.  Read more

  • Choose the more suitable tax system (old vs new)
  • Estimate your tax liability
  • Get ideas to save tax

Your age


Income Details

Gross annual salaryInfo-icon

Annual salary before any deductions

Annual interest earned on savings bank accounts

Deduction on 80TTA/80TTB

Other Taxable Income

Taxable income other than salary and interest income already mentioned above but exclude capital gains

Your monthly Basic SalaryInfo-icon

Enter the 'basic salary' component from your pay-slip. Include dearness allowance (DA) if any

Monthly contribution to Employee Provident Fund (EPF)



Monthly contribution to National Pension System (NPS)



Are you a government employee?


Personal investment in NPS (Over and above the contribution mentioned above)Info-icon

Investment made in NPS Tier I account during the financial year

Do you get House Rent Allowance (HRA) as part of your salary?


How much rent do you pay every month?Info-icon

Actual rent paid by you every month

Your monthly House Rent Allowance (HRA)Info-icon

Enter the 'House Rent Allowance' (HRA) component from your pay-slip

Do you live in Delhi, Mumbai, Kolkata or Chennai?


Do you have a home loan?


Interest and principal amount repayable in the financial year

Principal Amount

Deductions under Section 80C

Enter the amounts for the entire financial year. For example, if you have ongoing SIPs in ELSS funds, include the investment already planned till the end of financial year

Life InsuranceInfo-icon

Annual premium paid towards your life and the life of your spouse and children

Public Provident Fund (PPF)Info-icon

Investment in Public Provident Fund during the financial year

Equity Linked Saving Scheme (ELSS)Info-icon

Investment in tax-saving mutual funds during the financial year

National Savings Certificate (NSC)Info-icon

Investment in National Savings Certificate during the financial year

5-year Fixed DepositInfo-icon

Investment in tax-saving 5-year fixed deposit during the financial year

Tuition FeeInfo-icon

Tuition fee component of the school or college fees paid during the financial year for up to two children

Senior Citizen Savings Scheme (SCSS)Info-icon

Investment in Senior Citizen Saving Scheme during the financial year

Any otherInfo-icon

Any other deduction under Section 80C

Other deductions

Donations (Section 80G)

Interest on education loan (Section 80E)

Any other Info-icon

Other deductions available in old tax regime

Do you pay health insurance premium?


Health insurance premium for self, spouse and children Info-icon

Annual premium paid towards the health Insurance policy

Health insurance premium for parents Info-icon

Annual premium paid towards the health Insurance policy of your parents

The above health insurance covers Info-icon

Age in completed years of the eldest insured member


Your likely tax

Please wait...

Your Details

Annual Income ₹0

Basic salary( per month )

Your Age

Employee contribution to EPF( per month ) ₹0

Employer's contribution to EPF( per month ) ₹0

Employee contribution to NPS( per month ) ₹0

Employer's contribution to NPS( per month ) ₹0

House Rent Details

Rent( per month ) ₹0

HRA( per month ) ₹0

Living in a metro city -

Home Loan Details

Interest -

Principal Amount ₹0

Deductions under Section 80C

Existing deductions ₹0

What is an income tax calculator?

An income tax calculator is an online tool that assists you in calculating the amount of tax you need to pay on the basis of your income. People falling under different taxable income brackets need to pay a certain portion of their total annual income as tax.

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You can pay income tax at the time of the disbursement of your monthly salary. Or else, you can visit the income tax portal that is taken care of by the Central Board of Direct Taxes (CBDT) and pay the tax. While using the income tax calculator, you would have to submit some basic details, including your annual income and expenses comprising home loan EMIs, interest on the education loan (if any), your tax-saving investments, your rent, tuition fees and so on.

During the 2020 budget, the government of India introduced a new tax regime without discarding the old tax regime. Now, you have the option to go for the new or old tax regime at the start of every financial year. No matter which regime you go for, you can calculate your income tax using any tax calculator in India.

Our income tax calculator is aligned with the updates proposed in the Union Budget 2023-24.

What are the sources of income?

When it comes to income tax, your income can be divided into the following heads:

  • Income from salary: The amount you earn is taxed under the income head. However, the employer-employee relationship should be there for paying tax under this head.

  • Income from capital gains: This is the profit earned when you sell any capital asset. This tax is levied only in the financial year when you make the actual sale.

  • Income from the house property: The rental income of a taxpayer falls under this head. The income is based on the annual value of a particular property, which is decided on the basis of the provisions of Section 23.

  • Gains/profits from any profession or business: If you derive income from any business or profession, including a lawyer, doctor, etc., then your income will fall under this head.

  • Income from other sources: This head is meant for all the income that cannot fall under the above-mentioned four heads. However, not all expenses are considered as a deduction under this head. Some of them include the income from dividends, prize money awarded for winning various games and so on.

How to calculate income tax?

When it comes to calculating income tax using an income tax calculator, you need to follow these steps:

Step 1: Find out the gross taxable income: To calculate this, you need to determine your net salary after removing all the deductions from your gross salary. Then, if you have any other income from various sources, you need to add that income to your net salary. Then, it will be possible for you to know your gross taxable income.

Step 2: Find out your total tax benefits: Now, you need to calculate the total benefits if you have any tax-saving investments or if you get any exemptions. Your total tax benefits may comprise all your investments under section 80c, your home loan interest (if any), health insurance premium and others.

Step 3: Find out your net taxable income: Now, you need to determine your net taxable income. For this, you need to subtract the total tax benefits from your gross taxable income. So, the formula is: Your net taxable income = Your gross taxable income - your total tax benefits

Step 4: Find out your total tax liability: Now, you can calculate your income tax liability for the financial year according to the applicable slab rate. You can opt for either the new tax regime or the old one. The new tax regime, which was announced during the Budget 2020, has a lower slab rate. But do remember that if you opt for the new tax regime, you cannot get several deductions, including Section 80C and HRA. The following tables will help you understand how much tax you need to pay in both old and new tax regimes.TAX Calculator

Exemptions/deductions available under the old tax regime

The following are some exemptions and deductions available if you opt for the old tax regime:

Nature Exemptions/deductions
1. Section 16 Rs 50,000 standard deduction for salaried people
2. Section 10(5) of the Income Tax Act, 1961 LTA
3. Section 80C Up to Rs 150,000
4. Section 80D Medical expenses
5. Section 80E The interest of high education loan
6. Section 80G Donations for charitable purposes
7. Section 80TTA Up to Rs 10,000 on the interest income from the savings account
8. Section 24 Up to Rs 2 lakh on the interest given for the self-occupied home loan

Exemptions/deductions available under the new tax regime

The following are some exemptions and deductions available if you opt for the new tax regime:

Nature Exemptions/deductions
1. Section 24 (b) The interest paid for a home loan for a property that is rented out
2. 80CCD (1B) Employer's contribution to the NPS
3. Section 80C Interest and maturity proceeds in Sukanya Samriddhi Yojna and the PPF
4. Section 80CCH Deduction for the corpus fund
5. Section 80CCH Your contribution to Agniveer C
6. Section 57(iia) Deductions pertaining to income from family pensions
7. Section 16 Rs 50,000 standard deduction for salaried people

How to use Value Research’s income tax calculator?

At Value Research, we provide an easy-to-use income tax calculator with which you can compute tax on your taxable income. Our income tax calculator considers all important factors, including your age, basic monthly salary, HRA, annual gross income, and tax-saving investments, to estimate your total tax under the old or new tax regime. Here is a step-by-step guide to using our tax calculator.

  1. Click on and find the Tax Calculator tool under the ‘Essential Tool’ tab.Essential Tools
  2. Click on the Tax Calculator icon, and the page will open.Tax Calculator in India
  3. Now submit the necessary information in the appropriate boxes and click on the ‘Next’ tab.Income Tax Calculator
  4. Fill in the boxes and click on the ‘Next’ tab.New Tax Regime Calculator
  5. On this page, you will have to declare some other details and click on the ‘Next’ tab.Tax Calculator Declaration
  6. Now, you have to submit all your deductions falling under Section 80C. These include your SIPs in ELSS funds and others for the entire financial year. Once you submit, click on the ‘Next’ tab.Deductions Under Section 80
  7. On this page, you will need to submit other deductions, if any and then click on the ‘Calculate Tax’ tab. You will get the results within a few seconds.Calculate Tax

Benefits of using Value Research’s income tax calculator

When it comes to your financial goals, you should plan properly to achieve them. Value Research's income tax calculator will be a great help to you. Here are some benefits of our income tax calculator.

  • Assist you in selecting the more suitable tax regime: Now, you can file taxes under the new or old tax regime. With our income tax calculator, you can understand all your tax obligations under both tax regimes. Besides, our tax calculator also provides you with ideas to save tax.

  • User-friendliness: Our income tax calculator is very easy to use. All you need to do is provide some basic details, which are easily available. A few clicks are all required. You can do it anytime and from anywhere, and that too for free!

  • Help you in your financial planning: Most of us do not know much about various tax-saving instruments, including the ELSS scheme, tax benefits on home loans, the NPS and so on. Our income tax calculator considers all these features and helps users know how they can save their taxes.

Common terms related to the income tax calculator

  • Exemption: Exemption refers to a certain amount which is excluded from your total income before the tax is calculated. Some examples of exemptions include the LTA of your salary components, the interest that you earn from tax-free bonds and so on.

  • Deduction: Based on Chapter VI-A, as well as Section 80, you get a deduction in your total taxable income. You can get a tax deduction for spending on the tuition fee of your child, your life insurance policies and so on.

  • Financial year: During this period, you need to collect and submit all your investment details. It starts on April 1 of a specific year and ends on March 31 of the next year.

  • Assessment year: All your income for a specific financial year is assessed in the following financial year. It is called the assessment year.

  • Previous year: In an assessment year, the previous financial year's income is assessed. Then, the previous financial year is known as the previous year.

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Income tax calculator: Frequently Asked Questions (FAQs)

The income tax calculator does not consider TDS. Nevertheless, it decides all tax obligations for the assessment year.

When it comes to the exemption threshold for the fiscal year 2023-2024, it is up to Rs 2.5 lakh for all, including HUFs and NRIs.

Some major tax provisions were presented in the Union Budget 2022. These include:

  • If you want to file the updated return, you can file the same within the two years starting from the last assessment year.
  • For long-term capital gains across assets, a 15 per cent surcharge will be applicable.
  • When it comes to the employer contributions to the NPS, state as well as central government employees can enjoy a deduction of up to 14 per cent.
  • If you receive any virtual digital asset as a gift, then it will be subject to tax in the hands of the receiver.
  • Income earned from various digital assets is subject to a tax of 30 per cent.
  • If you sell any virtual digital assets, a TDS of 1 per cent will be levied.

No, the next tax regime is not mandatory. At the beginning of every financial year, you can go for either the new or old tax regime.

There is no separate new tax regime calculator available in the market. You can use any income tax calculator for 2023-24 for your income tax calculation.

If you opt for the new tax regime, you cannot get any deductions coming under Chapter VIA. These include 80CCD, 80C, 80CCC, 80GG, 80GGC, 80GGA, 80DDB, 80G, 80DD, 80E and 80D. Besides, if you have any family pension income or housing loan, then you will also not get any deduction. Besides, allowances like LTA and HRA are not allowed.

Income tax is always calculated on the net salary. While using an income tax calculator, You will get your net salary when you deduct all your deductions and allowances from your gross salary.

There are several ways to reduce your taxable income. Under Section 80C of the income tax act, you can get deductions up to Rs 1,50,000. However, do remember that you will not get these deductions if you opt for the new tax regime. Besides, you can claim an exemption on house rent, home loans, the NPS contributions and health insurance.

Calculate your total taxable income and the total tax payable. The formula for calculating the tax percentage is as follows:

Tax percentage = Total tax payable Net taxable income

Take your total taxable income for a particular financial year and then divide it by 12 months.

If your taxable income goes beyond Rs 2.5 lakh, the basic exemption limit, in a financial year, then you should file the income tax return. However, if you opt for the new tax regime and your total taxable income goes beyond 3 lakh, you need to file income tax returns. Also there are some other cases too. The following table will give a better idea.

Other's who need to file tax return

However, there are some other exceptions too.

You need to submit several details. These include

  • Basic information, including your address, PAN number and Aadhar number.
  • All details of your income, including income from your salary, home property and other sources.
  • Bank details of the financial year
  • If you have paid any TDS or advance tax, then the payment proof
  • All information about the deductions falling under Chapter VIA

You need to file your income tax return latest by July 31. However, the government may extend the date.

If you miss the deadline but pay by December 31, a penalty will be imposed on you. If your income exceeds Rs 5 lakh, then the penalty will be 5,000, and the amount of penalty will be Rs 1,000 if your income is less than Rs 5 lakh.

Besides, you'll be charged an interest of 1 percent every month on your outstanding tax amount. So, in case your tax liability is Rs 10,000 and you miss the deadline, then your penalty will be increasing by Rs 100 every passing month.

Further, if you do not file ITR by December 31, you can face severe consequences.

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