Tax calculator 2023_24: the easy guide to work out the amount of income tax you have to pay
Do you have queries on the amount of income tax that you will pay during the financial year 2023 24? You are not the only one. Tax filing may seem like an ordeal with frequent changes to tax rules and two different regimes to select. And that is why the Tax Calculator 2023-24 will be your smarter financial friend.
This guide will demystify all these aspects, including how to calculate income tax with the help of an income tax calculator 2023 24, what is the tax slab 2023 24, and the choices available in calculating taxes under the new vs old tax regime calculator. It is high time to streamline the process of tax filing as being quick, effortless, and stress-free.
Table of Contents
What Is a Tax Calculator 2023–24?
A tax calculator 2023–24 is a digital tool designed to help Indian taxpayers calculate their income tax liability based on income, deductions, and applicable tax slabs. Whether you’re salaried, a freelancer, or a business owner, these calculators give you a clear estimate of your tax dues for FY 2023–24.
Why Use a Tax Calculator?
- Saves time and reduces human errors
- Helps plan investments with Section 80C and 80D
- Simplifies choosing between tax regimes
- Useful for advance tax and self-assessment tax
- Helps estimate refund or dues in seconds
Understanding the Income Tax Slabs 2023–24
You can choose between two systems:
New Tax Regime (No Major Deductions)
| Annual Income | Tax Rate |
| Up to ₹2,50,000 | Nil |
| ₹2,50,001 – ₹5,00,000 | 5% |
| ₹5,00,001 – ₹7,50,000 | 10% |
| ₹7,50,001 – ₹10,00,000 | 15% |
| ₹10,00,001 – ₹12,50,000 | 20% |
| ₹12,50,001 – ₹15,00,000 | 25% |
| Above ₹15,00,000 | 30% |
Old Tax Regime (With Deductions)
| Annual Income | Tax Rate |
| Up to ₹2,50,000 | Nil |
| ₹2,50,001 – ₹5,00,000 | 5% |
| ₹5,00,001 – ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
You can use the old regime tax calculator or the new vs old tax regime calculator to check which one benefits you more.
How to Calculate Income Tax 2023–24
Here’s a simple step-by-step process using any online tax calculator India:
Step 1: Input Basic Details
- Age, gender, and residential status
- Income source: salary, business, rental, interest, or capital gains
Step 2: Choose Tax Regime
- Use the new vs old tax regime calculator to compare options
Step 3: Add Income Details
- Enter gross salary, HRA, bonus, interest income, rent received, etc.
Step 4: Apply Deductions
- Section 80C tax savings calculator (PF, ELSS, LIC)
- 80D for health insurance
- HRA calculator 2023–24 for rent exemptions
Step 5: View Results
- Total tax due with surcharge & cess
- Option for advance tax calculator 2023–24 and self-assessment tax calculator
Best Free Income Tax Calculators Online
You can find reliable tools from:
- Income Tax Department of India
- ClearTax
- Groww
- HDFC Life
- Bajaj Finserv
- TaxBuddy
These support salary tax calculator India, capital gains tax calculator 2023–24, and even income tax refund calculator features.
Income Tax Deductions 2023–24: What You Can Claim
Popular Deductions Under Old Regime:
- Section 80C – Up to ₹1.5 lakh (PF, LIC, ELSS, etc.)
- Section 80D – Health insurance premiums
- HRA exemption – Use HRA calculator 2023–24
- Standard deduction – ₹50,000 for salaried individuals
- Interest on home loan (Section 24b) – Up to ₹2 lakh
- 80G – Donations
Using a Section 80C tax savings calculator ensures you don’t miss any benefit.
Salary Tax Calculator India: Salaried People
Features:
- Breakup of input salary ( basic, HRA, bonus etc)
- Include deductions and exemptions
- Provide an approximate liability of the taxes payable each month and annually
- Look up TDS calculator 2023 24 figures
Example:
Assume that your gross monthly salary is 12 lakh and you invest 15000 lakh, in accordance with 80C and you spend 25000 on health insurance. Your net taxable income and amount of tax will be indicated in the calculator immediately.
Capital Gains Tax Calculator 2023–24
Used for income from sale of:
- Shares
- Mutual funds
- Real estate
- Gold
| Type | Tax Rate |
| Short-Term Capital Gains (STCG) | 15% or slab rate |
| Long-Term Capital Gains (LTCG) | 10% above ₹1 lakh (equity), 20% (real estate) |
The capital gains tax calculator 2023–24 helps you compute based on asset type, holding period, and gains.
Calculator of Income Tax Refund.
Is your tax more paid through TDS or advance tax? Subside the income tax refund calculator, to find out what it would be after ITR filing.
Key Inputs:
- Total payment of tax (TDS and advance tax)
- Paid tax liability
- Deductions applied
Other Tax Calculators You Should Use
1. Tax Calculator Professional 2023 2024
Deductions at the state level (An amount of 200/month in most states)
2. TDS calculator 2023-24
This aids employers and employees to be aware of TDS as per salary or other income
3. Self Declaration Estimator
In case taxes are not paid by the end of a year, this calculator operates to identify the sum.
4. Income tax estimator in India
It estimates future tax after deciding to take planned income and investments into consideration.
Comparison Table: New vs Old Tax Regime
| Feature | New Regime | Old Regime |
| Tax Rates | Lower | Higher |
| Deductions Allowed | Very Limited | Many |
| Section 80C Benefit | ❌ | ✅ |
| HRA & Standard Deduction | ❌ | ✅ |
| Best For | High Salary, Low Deductions | Taxpayers with Deductions |
FAQs
Q1: Can I switch regimes every year?
Yes, salaried individuals can switch every financial year.
Q2: Are online calculators accurate?
Yes, they provide close estimates based on your inputs.
Q3: Is it mandatory to use a calculator?
No, but it simplifies your tax planning greatly.
Conclusion:
The fastest way to get on top of your tax dues is to do so using a tax calculator 2023 24. With the help of such tools as the income tax calculator 202324, HRA calculator, and capital gains tax calculator 202324, you can arrange more wittingly, invest more effectively, and have no surprises when it comes to filing. In any case whether you are joining the old regime or the new one, the right perceptions are everything. Tax time can be easier than ever, get started now with the free income tax calculator.
Meta Description:
You can use the Tax Calculator 202324 to get an estimate of your liability. Comparing regimes, claiming deductions and planning ahead can be done using the online tax tools in India.
