Estimate your income tax liability under old and new tax regimes.
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Learn how Ontario severance pay works under the ESA, when you qualify for statutory severance, and what common law reasonable notice means for your termination payout.
Read full articleIf you claim significant deductions, the old regime may be better. Otherwise the new regime with lower rates might help.
New regime has lower rates but no deductions. Old regime has higher rates but allows 80C, HRA, etc.
Section 80C allows deductions up to ₹1.5 lakh for investments like PPF, ELSS, life insurance, EPF, and tax-saving FDs.
A 4% cess is applied on the total income tax amount to fund health and education initiatives.
If your income is below the basic exemption limit, filing is not mandatory but is recommended to claim refunds for TDS deducted.
TDS (Tax Deducted at Source) is tax deducted by your employer or payer. It is credited against your total tax liability when filing returns.
You can invest in tax-saving instruments under Section 80C, claim HRA, get a home loan, contribute to NPS, and claim medical insurance under Section 80D.
Interest from savings accounts is taxable under Income from Other Sources, but a deduction up to ₹10,000 is available under Section 80TTA.