💰 Income & Deductions
80G donations, interest on home loan, etc.
💳 Tax Comparison
Old Tax Regime
₹1,87,800
₹10,12,200
With all deductions
New Tax Regime
₹1,30,000
₹10,70,000
Standard deduction only
Recommended
New Tax Regime saves ₹57,800
Tax Breakdown (Recommended)
Gross Income:
₹12,00,000
Taxable Income:
₹10,50,000
Income Tax:
₹1,25,000
Cess (4%):
₹5,000
Total Tax:
₹1,30,000
Take-home:
₹10,70,000
📅 Monthly Breakdown
Gross Monthly
₹1,00,000
Monthly Tax
₹10,833
Take-home
₹89,167
Effective Rate
10.8%
💡 Tax Optimization Tips
Maximize 80C
You can invest ₹0 more in 80C to save ₹0 in taxes.
Health Insurance
Consider increasing health insurance to maximize 80D deductions.
HRA Optimization
If paying rent, ensure you're claiming optimal HRA exemption.
📋 Tax Slabs FY 2023-24
Old Tax Regime
Up to ₹2.5L
Nil
₹2.5L - ₹5L
5%
₹5L - ₹10L
20%
Above ₹10L
30%
New Tax Regime
Up to ₹3L
Nil
₹3L - ₹6L
5%
₹6L - ₹9L
10%
₹9L - ₹12L
15%
₹12L - ₹15L
20%
Above ₹15L
30%
ℹ️ Important Notes
Disclaimer
This calculator provides estimates based on current tax laws. Consult a tax professional for personalized advice. Tax laws may change.
Regime Choice
You can switch between regimes each year. Choose based on your deductions and investments. New regime offers lower rates but fewer deductions.
Deductions
Old regime allows deductions like 80C, 80D, HRA, etc. New regime has a standard deduction of ₹50,000 but most other deductions are not available.