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આવકવેરા કેલ્ક્યુલેટર (જૂની વિ નવા)

What is an Income Tax Calculator?

2020 ના કેન્દ્રીય બજેટમાં, નાણાં પ્રધાન નિર્મલા સીતારામણે જૂની યોજના હેઠળ કર ચૂકવવા માટે વ્યક્તિગત અને એચયુએફ કરદાતાઓ માટે નવી યોજના દાખલ કરી છે અથવા કરવેરાની નવી યોજના રજૂ કરવામાં આવી છે. વ્યક્તિગત / એચયુએફ પાસે ફાયદાકારક હોય તેવા બે કર સ્લેબ વચ્ચે પસંદગી કરવાનો વિકલ્પ હશે.

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જૂની યોજના હેઠળ, વિવિધ કપાત થાય છે એટલે કે પ્રકરણ વી.આઇ.એ. હેઠળ, પગારમાંથી ધોરણ કપાત, મકાન સંપત્તિ, હાઉસિંગ લોન પર વ્યાજ, G૦ જી કપાત વગેરે. તમામ કપાત ન્યૂ ટેક્સ સ્લેબ અંતર્ગત કરવામાં આવી છે જેમાં નવા દર અને ટેક્સ સ્લેબ છે. સૂચવવામાં આવ્યું છે.

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અહીં અમે બંને યોજનાઓ હેઠળ ટેક્સ સ્લેબ અને કરના દરો પર ધ્યાન આપીએ છીએ:

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1. જૂની યોજના

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મૂળભૂત મુક્તિ મર્યાદા રૂ .૨..5 લાખ

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કરની આવકનો દર

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2.5 લાખથી 5 લાખ 5%

5 લાખથી 10 લાખ 20%

10 લાખથી વધુ 30%

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તમામ કપાત જૂની યોજના હેઠળ એટલે કે ધો. કપાત, પ્રકરણ વીઆઇએ હેઠળ કપાત, 80 જી અને અન્ય 80 કપાત, ધો. મકાન સંપત્તિમાંથી કપાત, આવાસ લોન પરના વ્યાજ વગેરે.

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2. નવી યોજના

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બેઝિક છૂટની મર્યાદા રૂ .૨..5 લાખ

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કરની આવકનો દર

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2.5 લાખથી 5 લાખ 5%

5 લાખથી 7.5 લાખ 10%

7.5 લાખથી 10 લાખ 15%

10 લાખથી 12.5 લાખ 20%

12.5 લાખથી 15 લાખ 25%

15 લાખથી વધુ 30%

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જૂની યોજના હેઠળ ઉપલબ્ધ આ યોજના હેઠળ કોઈ કપાતની મંજૂરી આપવામાં આવશે નહીં

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જો તમે બંને યોજનામાં તમારા ટેક્સની ગણતરી કરવા માંગતા હો અને પછી કયા વિકલ્પનો ઉપયોગ કરવાનો છે તે નિર્ણય લો, અમે કેલ્ક્યુલેટર પ્રદાન કરી રહ્યા છીએ.

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Demonstration of Income Tax Calculation

Below is a virtual representation of Priya’s Income structure.

  • Basic Salary: Rs.1,00,000 per month

 

  • HRA: Rs.50,000 per month

 

  • Special allowance: Rs.21,000 per month

 

  • Leave Travel Allowance: Rs.20,000  per year

 

  • Rent Paid: Rs.30,000 per month

Income tax slabs 1

To calculate the income tax, you must include the income from all the sources in the IT calculator.

 

Now, To reduce her taxable income and save on income tax, Priya has made several investments and incurred expenses. She can claim deductions for these investments and expenses under the old tax regime

 

  • PPF Investment: Priya has invested Rs. 50,000 in a Public Provident Fund (PPF) account.

 

  • ELSS Purchase: She purchased Equity-Linked Saving Scheme (ELSS) investments worth Rs. 20,000 during the year.

 

  • LIC Premium: Priya paid Rs. 8,000 as a premium for her Life Insurance Corporation (LIC) policy.

 

  • Medical Insurance: She paid Rs. 12,000 for medical insurance.

Income tax slabs 2

Income Tax  Calculation Under Old Tax Regime

Income tax slabs 3

Income Tax  Calculation Under New Tax Regime

Screenshot 2023-10-04

Below is a detailed explanation of how tax has been calculated under the new tax regime.

Screenshot 2023-10-04-1

Exemptions & Deductions on Total Income Tax {under New Tax Regime FY 2024-25 [AY 2025-26]}

Here are the tax exemptions and deductions available under the new tax regime (introduced under Section 115 BAC) in the Income Tax Act.

 

  • Additional Employee Costs: Deduction for additional employee-related expenses incurred by employers.

 

  • Perquisites for Official Purposes: Tax exemption for expenses like meals, accommodation, and transportation related to official duties.

 

  • Transport Allowance for PwD: Tax relief for Persons with Disabilities (PwD) on travel expenses between their home and workplace.

 

 

  • Exemption for Voluntary Retirement Scheme: Income from a voluntary retirement scheme is not taxed.

 

  • Travel/ Tour/ Transfer Compensation: Deduction for expenses incurred during official travel, tours, or transfers.

 

  • Gifts of up to Rs. 5,000: Gifts received up to Rs. 5,000 yearly are not taxable.

 

 

  • Gratuity Amount: Gratuity received on retirement or death is not subject to tax.

 

 

  • Deductions on Deposits in Agniveer Corpus Fund: Deduction is available for deposits made in the Agniveer Corpus Fund.

 

  • Standard Deductions on Family Pension: Standard deductions are available on family pensions received by taxpayers.

 

  • Conveyance Allowance: Deduction for expenses related to work-related travel.

Exemptions & Deductions on Total Income Tax {under Old Tax Regime FY 2024-25 [AY 2025-26]}

  • Section 87A: If your income is Rs. 5 lakhs or below, you can avail of a tax rebate of up to Rs. 12,500.

 

  • Section 80C: When you invest in tax-saving schemes like ULIP, PPF, National Savings Certificate, ELSS, and similar financial instruments, you can claim a tax deduction of up to Rs. 1.5 lakh on the interest income.

 

  • Section 80CCD (1B): This clause permits a tax exemption for National Pension Scheme (NPS) contributions up to Rs. 2 lakhs.

 

  • Section 80G: Donations made to charitable organizations or for scientific research can be fully exempted from taxable income under this section.

 

  • Section 80D: A tax exemption of up to Rs. 25,000 on medical insurance can be availed on premium payments for yourself and your family. This limit may extend to Rs. 50,000 for senior citizens.

 

  • Section 80E: For up to 8 years, the interest paid on education loans is fully exempted.

 

  • Section 80TTA/80TTB: Under Section 80TTA, interest or income from savings accounts up to Rs. 10,000 is waived from taxable income. The limit extends to Rs. 50,000 for senior citizens on all interest forms.

 

  • Section 80GG: You can avail of a tax exemption for annual house rent payments if you do not receive HRA (House Rent Allowance).

 

  • Section 10(14): Exemptions for specific allowances such as children's education allowance, hostel allowance, etc.

 

  • Standard Deduction: Salaried individuals and pensioners can claim a flat deduction of Rs. 50,000.

 

 

  • Leave Travel Allowance (LTA): Exemptions are provided for expenses incurred on domestic travel.

How To Use Income Tax Calculator?

Below are the easy steps to use the Income Tax Calculator.

 

  • Step 1. Firstly, access and navigate to the Income Tax Calculator here.

 

  • Step 2. Select the financial year for which you want to calculate your taxes.

 

  • Step 3. Choose the appropriate category i.e. Individual, HUF, LLP, Company etc.

 

  • Step 4. Choose whether you are opting for new tax regime u/s 115BAC

 

  • Step 5. Choose the gender and category i.e. whether Senior citizen etc.

 

  • Step 6. Choose Residential Status

 

  • Step 7. Enter net Taxable Income

 

  • Step 8. The accurate tax liability will be auto-populated

 

*****Point To Remember: If a particular field does not apply to your financial situation, you can enter "0".

Frequently Asked Questions (FAQs)

1. Are income tax calculators accurate?

Income tax calculators are generally accurate for estimating tax liabilities, but they may not account for all individual circumstances or recent changes in tax laws. It is advisable to consult with our Karrtax professionals for a precise assessment.

 

2. Are there different types of income tax calculators?

Yes, there are various income tax calculators designed for specific purposes.

 

3. Do I still need to file a tax return if I use an income tax calculator?

Yes, using an income tax calculator is for estimation purposes only. You must still file your tax return with the tax authorities.

 

4. Are income tax calculators free to use?

Many income tax calculators are free to use online. However, some tax preparation software providers offer more advanced calculators or services for a fee.

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