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Income Tax Calculator : FY 2024 - 25 & AY 2025 - 26

Financial Year ^*

Financial year refers to the period during which an individual earns his/her income. The period is between April 1 of the current year to March 31 of next year. The income tax usually differs from one year to another as it is mainly based on the revisions made by the Union Government with respect to income tax slabs, deduction limit and so on.
Category ^*

Select the category under which you want to calculate Income Tax for the year.
Total Gross Income

It refers to the total annual income earned by an individual in a financial year. It represents the amount earned before deducting any taxes.

Income from salary

Basic Salary^*

Enter the basic salary for the full year. The basic salary refers to the fixed sum of money received by an employee and it does not include any extra benefits paid by the employer like dearness allowance, house rent allowance, bonus, overtime payment and so on. An individual's basic salary is fully taxable.
Dearness Allowance

Enter the dearness allowance annual amount. Dearness Allowance refers to the cost of living adjustment allowance earned by all the government employees in India. It mainly depends on the basic salary of the individual as it is calculated as a percentage of basic salary. The dearness allowance is fully taxable in nature.
House Rent Allowance

Enter the total house rent allowance amount. The term house rent allowance is one of the constituents of the salary paid by the employer to the employee. An individual can claim for HRA under the Income Tax Act if he/she stay in rented accommodation and it is fully tax exempt. If an individual stays in his/her own house then the amount of HRA received is fully taxable.
Medical Allowance

Enter the medical allowance amount. It is a fixed allowance paid by the employer to the employee for maintaining medical expenses irrespective of the monthly basic. Irrespective of the submission of bills be his/her employees, one can always get the medical allowance even without showing any kind of medical expenses.
Transport Allowance

Enter the transport allowance amount. It refers to the allowance paid by an employer to his/her employee for transportation purposes. It is mainly granted for meeting the purpose of commuting from place of residence to the place of office. An individual can claim for exemption under Section 10 (4) in the Income Tax Act.
Leave Travel Allowance

Enter the leave travel allowance amount received from the employer. It refers to the allowance received by an employee from the employer for travelling on leave. Only domestic travel is considered for exemption and no international travels are covered under LTA.
Bonus

Please enter the total bonus amount. The term bonus refers to the financial compensation received by an employee during his/her tenure of service. It is an additional compensation which is given along with the normal wage for accomplishing a specific goal set by the company.
Value of Perquisites

Please enter the perquisites received during a year. The term perquisites is also known as fringe benefits. It is a form of casual emolument or benefits attached to a particular position or office and it is in addition to the salary or wages. It is broadly defined in Section 17(2) of the Income Tax Act.
Profits in lieu of salary

Enter the payments amount received by an employee in lieu of or in addition to the wages or salary. It is taxable under the Income Tax Act and must be declared by the individual while filing the Income Tax Return.

Income from let-out house property (Rental Income)

Please enter the income received from letting out a house property (if any). A house property which is rented out either for the entire year or for a part of the year is considered as let out house property and any income arising out from it is taxable under the Income Tax Act. Enter the rental income amount after deducting municipal tax and any unrealized rent (if any).
Income from Interest

Please enter the interest amount received by an individual on the savings account is taxable as per the Income Tax Act. Interest earned may be from the savings account, fixed deposit schemes, post – office deposits, recurring deposits, bonds, public provident fund, employees provident fund and so on.
Income from other sources

Enter the amount received from Income from other sources like winnings from horse races, lotteries, crossword puzzles, card games, gambling, betting, gifts received either by individual or HUF comes under income from other sources.
Deduction from gross total income (INR)

Find the list of sections which provides exemption either fully or partly before arriving at the final Income Tax amount payable by an individual to the Income Tax Department. Enter the amount paid towards each of the deduction section or one can enter the deduction amount directly to arrive at the total deduction amount.
Meal vouchers Exemption

Income tax rules mentions meal allowance through meal vouchers.
Do you live in a rental accommodation?

Please provide details related to accommodation (either staying in rented ones or in own house). One can get a tax exemption if they stay in rented accommodation. The exemption amount varies as it depends on the city in which one stays. The exemption amount differs if one stays in a metro city or in a non – metro city.
Do you live in a Metro city?

Please provide details if you are staying in a metro city or in a non-metro city. As per the Income Tax provisions, the following list of four cities is considered as metro cities (Delhi, Kolkata, Mumbai and Chennai). Individuals who reside in metro cities are allowed to have 50% of basic salary as house rent allowances and those who reside in non – metro cities are allowed to have 40% of basic salary as house rent allowance.
Do you have any Medical Expenses to claim Tax Exemption?

Please enter the amount which you have spent towards the medical expenses (if any) in this column. Up to the fiscal year 2017 – 2018, the medical exemption was provided on submission of bills of up to Rs 15,000. During the fiscal year 2018-2019, the government has merged all the medical allowance and transportation allowance together under the head Standard Deduction during the presentation of union budget and it is fixed at Rs 40,000 per annum. In the recently announced interim budget, the standard deduction amount has been raised to Rs 50,000 per annum.

Total Income

Income from salary:

Income from rental property:

Income from Interest:

Income from other sources:

Transport allowance exemption:

Medical allowance exemption:

Transport and Medical Allowance Exemption:

HRA exemption:

Deductions:

Net Taxable income:

Income Tax to be paid (INR):

Tax Payable as per New Regime (INR):

Tax Components	Amount
Total Income
Total allowance exemption
Deductions
Taxable income
Tax Payable as per Old Regime
Tax Payable as per New Regime

Income Tax Sections

Tax Saving Contribution (Investment) Section 80C
Tax Saving Contribution (Investment) Section 80CCC
Tax Saving Contribution (Investment) Section 80CCD(1)
Employer’s Contribution to NPS under Section 80CCD(2) Section 80CCD(2)
Medical Insurance Section 80D
Differently Abled Dependent Section 80DD
Medical Expenditure on Self or Dependent Section 80DDB
Interest on Education Loan Section 80E
Home Loan Interest Amount Section 80EE
Deduction for HRA Section 80GG
Donations towards Rural Development or Scientific Research Section 80GGA
Donations made towards Political Parties Section 80GGC
Income From Patent Section 80RRB
Royalty Income of Authors Section 80QQB
Interest Income From Investments Section 80TTA
Interest on Savings for Senior Citizens Section 80TTB
Tax Benefits for Differently Abled Individuals Section 80U
Donation to Charitable Institutions and Relief Funds Section 80G
Deduction under Rajiv Gandhi Equity Savings Scheme Section 80CCG
Deduction for Interest Paid on Home Loan for Affordable Housing Section 80EEA
Deduction for interest paid on loan on the purchase of Electric Vehicle Section 80EEB