1. What is the Tax Calculator for AY 2024/2025?

This calculator estimates income tax for Assessment Year 2024/2025 under India's new tax regime. It provides an approximate calculation based on the specified tax slabs and rates.

2. How Does the Calculator Work?

The calculator uses the tax formula:

Where:

• \( income \) — Gross income (INR)
• Tax slabs: 0-3L (0%), 3-6L (5%), 6-9L (10%), 9-12L (15%), 12-15L (20%), above 15L (30%)

Explanation: The formula calculates tax by applying different rates to income portions within each slab, following India's new tax regime structure.

3. Importance of Tax Calculation

Details: Accurate tax estimation helps in financial planning, ensures compliance with tax laws, and assists in making informed decisions about investments and deductions.

4. Using the Calculator

Tips: Enter gross income in INR. The value must be non-negative. The calculator will compute the approximate tax liability under the new regime.

5. Frequently Asked Questions (FAQ)

Q1: Is this calculator accurate for all taxpayers?
A: This provides an approximate calculation. Actual tax may vary based on specific deductions, exemptions, and other factors under the new regime.

Q2: What income should I enter?
A: Enter your total gross income before any deductions or exemptions applicable under the new tax regime.

Q3: Does this include cess and surcharge?
A: This calculation is based on basic tax slabs. It does not include health and education cess (4%) or any applicable surcharge.

Q4: Can I use this for old tax regime comparison?
A: No, this calculator is specifically designed for the new tax regime. Different rules and slabs apply under the old regime.

Q5: Are there any income exemptions in new regime?
A: The new regime offers lower rates but fewer exemptions. Standard deduction of ₹50,000 is available for salaried individuals.