Income Tax & ITR Calculator
Understand ITR, old regime, new regime, salary slabs, standard deduction, rebate, cess, TDS, Form 16 and estimated tax in simple words.
Enter your salary details
Use annual salary income. The calculator compares old and new regimes and shows the slab-wise breakup. This is best for quick learning, not final filing.
Old vs New Regime Comparison
This quickly shows which regime gives lower estimated tax based on the salary and old-regime deductions you entered.
Result
ITR means Income Tax Return
ITR is the form you file with the Income Tax Department to report your income, deductions, taxes already paid, TDS and final tax payable or refund. Filing ITR does not always mean you need to pay extra tax. Sometimes you file it to claim refund or report income correctly.
Simple example
Your employer deducts TDS every month. At the end of the year, you file ITR to show your total income, claim allowed deductions, adjust TDS and check if you need to pay more tax or get a refund.
Which regime should you understand?
Old Regime
Usually useful when you have deductions and exemptions like 80C, HRA, insurance, home-loan interest or other eligible benefits.
New Regime
Usually simpler because rates are lower across slabs, but most common deductions and exemptions are not available. It includes a higher standard deduction for salaried taxpayers.
How ITR filing works in real life
Think of ITR filing like matching three things: your real income, the tax already deducted, and the tax you actually owe. If extra tax was deducted, you may get a refund. If less tax was paid, you may need to pay the balance.
Collect income data
Salary, interest, rent, freelance income, capital gains or any other income.
Check tax already paid
TDS by employer, bank TDS, advance tax or self-assessment tax.
Choose regime
Compare old and new regime based on deductions and your salary slab.
File and verify
Submit ITR and complete verification. Without verification, filing may not be treated as complete.
Things to keep ready
- Form 16: salary, TDS and employer details.
- AIS / Form 26AS: tax records, TDS, interest and reported transactions.
- Bank interest: savings and FD interest are also income.
- Investment proofs: 80C, insurance, ELSS, PF, tuition fee, if using old regime.
- Rent / home loan details: useful for HRA or housing deductions in old regime.
Why refund happens
Refund means tax deducted from you was more than your final tax. This can happen when your employer deducted TDS without considering all eligible deductions, or when bank TDS was deducted but your total tax was lower.
Easy example: If total tax is ₹40,000 but TDS already deducted is ₹50,000, then ₹10,000 may be refundable after filing and processing.
Tax system control map
Simple decision checklist
There is no one-size-fits-all answer. The better regime depends on your salary, deductions, exemptions and income type.
New regime may be easier if...
- You do not claim many deductions.
- You want a simpler tax calculation.
- You do not have HRA, home-loan interest or large 80C planning.
- You prefer lower slab rates over deduction planning.
Old regime may help if...
- You claim 80C investments like PF, ELSS, life insurance or tuition fee.
- You claim HRA because you live on rent.
- You have home-loan interest deduction.
- Your total eligible deductions are high enough to reduce taxable income meaningfully.
How salary-slab tax works
Slab tax does not mean your full salary is taxed at one rate. Only the income inside each slab is taxed at that slab’s rate. For example, if your income enters the 20% slab, only that part is taxed at 20%, not your full income.
New Regime Slabs Used Here
| Up to ₹4 lakh | 0% |
| ₹4 lakh – ₹8 lakh | 5% |
| ₹8 lakh – ₹12 lakh | 10% |
| ₹12 lakh – ₹16 lakh | 15% |
| ₹16 lakh – ₹20 lakh | 20% |
| ₹20 lakh – ₹24 lakh | 25% |
| Above ₹24 lakh | 30% |
Old Regime Slabs Used Here
| Up to ₹2.5 lakh | 0% |
| ₹2.5 lakh – ₹5 lakh | 5% |
| ₹5 lakh – ₹10 lakh | 20% |
| Above ₹10 lakh | 30% |
Important note
This calculator is for learning and quick estimation. Before filing ITR, verify current rules, rebate, cess, surcharge, exemptions and deductions from official tax sources or a tax professional.
Avoid these before filing
- Ignoring bank interest: savings and FD interest may need to be reported.
- Only checking salary slip: also check Form 16, AIS and Form 26AS.
- Choosing regime blindly: compare old and new before filing.
- Forgetting verification: submitting ITR and verifying it are both important.
- Assuming refund is instant: refund depends on processing and matching records.
Words you should know
Income Tax & ITR Calculator explained simply
This page explains Income Tax & ITR Calculator under Tax and ITR. It tells what the idea means, who controls it, what a user should check, and why it can affect real life money decisions.
Check the source
Look for the rule, rate, date, financial year and whether the number is an estimate or actual data.
Know who controls it
The controller may be RBI, Centre, State, GST Council, tax department, banks or local bodies.
Understand the impact
The topic may affect prices, tax, loans, public services, business cost or family budget.