Calculate your income tax liability
New Tax Regime: Up to ₹3L - Nil, ₹3-6L - 5%, ₹6-9L - 10%, ₹9-12L - 15%, ₹12-15L - 20%, Above ₹15L - 30%. Old Regime: Up to ₹2.5L - Nil, ₹2.5-5L - 5%, ₹5-10L - 20%, Above ₹10L - 30%. New regime is default but old regime allows more deductions.
Choose Old Regime if your deductions (80C, 80D, HRA, home loan interest) exceed ₹3.75 lakh approximately. New Regime suits those with fewer deductions or simpler tax planning. Calculate under both and compare—our calculator helps with this analysis.
Section 80C allows up to ₹1.5 lakh deduction for: PPF, ELSS, life insurance premium, 5-year FD, NPS (Tier 1), home loan principal, children's tuition fees, NSC, Sukanya Samriddhi, and EPF contributions. Only available in Old Regime.
Employers estimate annual income, apply chosen tax regime, consider declared investments, and deduct tax proportionally each month. Submit investment proofs by January to avoid excess TDS. Claim refund if TDS exceeds actual liability when filing ITR.
For individuals, ITR deadline is usually July 31st (extended occasionally). Belated return can be filed until December 31st with late fee (₹5,000 or ₹1,000 if income <₹5L). Revised returns allowed until December 31st to correct mistakes.
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