Tax Calculator
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Income Tax Calculator – Simplify Your Tax Planning (FY 2025-26)
Calculating income tax manually can be a complex and time-consuming task. To ease this process, using an online income tax calculator can help you quickly estimate your tax liability based on your income, applicable tax slabs, and eligible deductions. An income tax calculator is a free, user-friendly tool that offers accurate results and allows you to compare the old and new tax regimes. It helps taxpayers understand how much tax they owe by factoring in their salary, deductions, and other sources of income.
Union Budget 2025-26 – Key Income Tax Updates
- Income tax rebate increased to ₹60,000 (no tax on income up to ₹12 lakh under the new regime).
- TDS limit on rent raised to ₹50,000/month.
- Senior citizen interest deduction raised to ₹1,00,000.
- TCS threshold on foreign remittances raised to ₹10 lakhs; TCS removed on education loans.
New Income Tax Slabs (FY 2025-26)
| Income Slab | Tax Rate |
|---|---|
| Up to ₹4 Lakhs | Nil |
| ₹4 Lakhs – ₹8 Lakhs | 5% |
| ₹8 Lakhs – ₹12 Lakhs | 10% |
| ₹12 Lakhs – ₹16 Lakhs | 15% |
| ₹16 Lakhs – ₹20 Lakhs | 20% |
| ₹20 Lakhs – ₹24 Lakhs | 25% |
| Above ₹24 Lakhs | 30% |
How to Use Govjobresult Income Tax Calculator
- Select the Assessment Year (e.g., AY 2026-27 for FY 2025-26).
- Choose your age category.
- Enter your salary details (monthly/yearly), income from other sources, and interest.
- Add deductions under 80C, 80D, 80E, 80TTA/TTB, and others.
- Provide HRA details (basic, DA, HRA received, rent paid).
- Select if you live in a metro city and click “Calculate”.
Example: Income Tax on ₹18,00,000 (New Regime)
Salary: ₹18,00,000
Standard Deduction: ₹75,000
Other Income: ₹35,000
Total Taxable Income: ₹17,60,000
- ₹4L – ₹8L @ 5% = ₹20,000
- ₹8L – ₹12L @ 10% = ₹40,000
- ₹12L – ₹16L @ 15% = ₹60,000
- ₹16L – ₹17.6L @ 20% = ₹32,000
- Total Tax: ₹1,52,000
- Health & Education Cess (4%): ₹6,080
- Total Tax Payable: ₹1,58,080
Benefits of Using an Income Tax Calculator
- Accuracy: Eliminates manual errors.
- Speed & Convenience: Calculate taxes anytime, anywhere.
- User-Friendly: Easy interface, free to use.
- Efficient Planning: Helps allocate expenses and save tax.
- Better Investments: Plan ELSS, PPF, FD, etc.
- Data Privacy: Secure and safe calculations online.
FAQs
- How can I calculate my income tax?
Use an online calculator by entering your income and deductions.- How much tax will be deducted from my salary?
Based on slab rates and applicable deductions.- Does everyone have to file income tax returns?
Yes, if your income exceeds the exempt limit.- Does the calculator also compute TDS?
It helps estimate your TDS, but actual TDS depends on your employer.- Can I use the calculator for multiple income sources?
Yes, it accepts various income types.
Start using the Income Tax Calculator today to understand your tax obligations better and optimise your savings!