Income Tax Calculator
Calculate your tax liability quickly and accurately
Check how much tax you have to pay
The Upstox Income Tax Calculator
The Upstox Income Tax Calculator helps you calculate the applicable Income Tax based on your overall income and the tax liability as per your tax slab. To use the calculator, simply enter relevant details such as your salary, rent, capital gains, etc. and any applicable exemptions and deductions. You will then know the exact tax liability and also get smart insights on how to reduce your tax liability. You can use the Upstox IT calculator to compare taxes in the new and old tax regime. Both the regimes have different methods of calculating the exemptions and deductions and the tax you pay may differ. The one suitable for an individual depends on different metrics like salary bracket, allowances, deductions (PF, New Pension Scheme, Mutual Fund, etc) and more.
Latest Income Tax Slab and Rates - FY 2023-24 | AY 2024-25
| New Tax Regime (FY 2024-25): Income Tax Slabs For All Age Groups | |
Income tax slabs (Rs) | Income tax rate (%) |
From 0 to 3,00,000 | 0 |
From 3,00,001 to 7,00,000 | 5 |
From 7,00,001 to 10,00,000 | 10 |
From 10,00,001 to 12,00,000 | 15 |
From 12,00,001 to 15,00,000 | 20 |
From 15,00,001 and above | 30 |
| Old Tax Regime: Income Tax Slabs For Individuals Below 60 Years | |
Income tax slabs (Rs) | Income tax rates (%) |
From 0 to 2,50,000 | 0 |
From 2,50,001 to 5,00,000 | 5 |
From 5,00,001 to 10,00,000 | 20 |
From 10,00,001 and above | 30 |
| Old Tax Regime: Income Tax Slabs For Senior Citizens (60 - 79 Years) | |
Income tax slabs (Rs) | Income tax rates (%) |
From 0 to 3,00,000 | 0 |
From 3,00,001 to 5,00,000 | 5 |
From 5,00,001 to 10,00,000 | 20 |
From 10,00,001 and above | 30 |
| Old Tax Regime: Income Tax Slabs For Super Senior Citizens (80 Years and above) | |
Income tax slabs (Rs) | Income tax rates (%) |
From 0 to 5,00,000 | 0 |
From 5,00,001 to 10,00,000 | 20 |
From 10,00,001 and above | 30 |
| New Tax Regime (FY 2023-24): Income Tax Slabs For All Age Groups | |
Income tax slabs (Rs) | Income tax rate (%) |
From 0 to 3,00,000 | 0 |
From 3,00,001 to 6,00,000 | 5 |
From 6,00,001 to 9,00,000 | 10 |
From 9,00,001 to 12,00,000 | 15 |
From 12,00,001 to 15,00,000 | 20 |
From 15,00,001 and above | 30 |
What is the Income Tax Filing Process?
Here’s a step-by-step guide on how you can file your Income Tax returns on the ITR portal:
- Select the year you earned the income and the relevant assessment year. For instance, for income earned during the financial year 2023-24, the correct assessment year would be 2024-25.
- Select the ITR form applicable to you, from Form 1 to Form 4
Select whether it’s an ‘Original’ or ‘Revised’ return - Pick ‘Online Submission’ mode.
- Select your status from - Individual, Hindu Undivided Family (HUF), Firm, or LLP.
- Submit relevant information (For ITR 1):
- Personal: Name, address, bank account, Aadhaar number, PAN
- Income (Gross): Income from all sources must be disclosed, including salary, house property, pension, or any other source. Details of exempt income, if any, must also be provided
- Deductions: Claim all the deductions that you are entitled to under sections 80C, 80TTA, 80TTB, 80D, and others
- Taxes Already Paid: This covers the taxes you have already paid, including but not limited to TDS, Advance Tax, TCS, and Self-Assessment Tax
- Tax Liability: This section will display your tax obligation based on the details shared in the earlier sections
Here’s what happens after filing your ITR:
1. Refund
If the calculation results in a negative amount, you are eligible for a tax refund. Here’s what happens next:
- Refund Process: If you paid more taxes than required, the Income Tax Department will credit the refund to your account.
- Timeframe: The refund is expected to be credited within 30 days of filing the returns.
2. Tax Payable
If the calculation results in a positive amount, it means you have a tax liability. Here’s what you need to do:
- Paying the Tax: You need to pay the outstanding tax amount. This can be done online through the Income Tax Department's website or through designated banks.
- Interest and Penalties: Ensure timely payment to avoid interest and penalties for late payment. Interest is calculated under Sections 234B and 234C of the Income Tax Act for late payment of advance tax.
- Final Calculation: After payment, update the details of the tax paid in your return form. This includes providing the Challan Identification Number (CIN) and other relevant details.
3. Final Steps
At the end of the exercise, you will see your tax computation sheet. However, there’s an important step left: eVerifying the tax calculation.
- eVerify: Generate an OTP using your Aadhaar card. You can also e-verify by generating an Electronic Verification Code (EVC) on your bank or Demat portal. Remember that verification is a mandatory step.
- Submit: After verification, submit the form, and you are done.
Penalty for Late Filing
Note that there’s a penalty imposed by the Income Tax Department if you delay filing your taxes.
- Deadline: For salaried employees, the last date to file your taxes is 31 July.
- Penalty: If you file after this date, you will be charged a penalty.
Acknowledgment
As the final step, the Income Tax Department will send an acknowledgment email to your registered email address.
By completing these steps, you ensure that your tax filing process is accurate and compliant with the regulations.
Step | Details |
1. Assessment Year | Select the year corresponding to the income earned, e.g., for 2023-24 income, choose 2024-25. |
2. ITR Form | Choose either ITR 1 or ITR 4 based on your income profile for online submission. |
3. Return Type | Specify if the return is 'Original' or 'Revised '. |
4. Submission Mode | Opt for online submission mode. |
5. Taxpayer Status | Indicate your status as Individual, HUF, Firm, or LLP. |
6. Personal Information | Provide Name, Address, Bank Account details, Aadhaar number, and PAN. |
7. Income details | Disclose Gross Income from all sources including exemptions. |
8. Deductions | Claim deductions under sections 80C, 80TTA, 80TTB, 80D, and others. |
9. Tax Already Paid | Include tax payments like TDS, Advance Tax, TCS, and Self-Assessment Tax. |
10. Tax Liability | Tax liability: Tax applicable on taxable income - Tax Paid = Tax Payable. |
11. Outcome | Determine if you are due for a refund or need to pay taxes based on the computation. |
12. Submission and Completion | Submit the form online after completing all necessary sections. |
13. Penalty | Note down the potential penalties for late filing. Deadline: July 31 for salaried individuals. |
Frequently Asked Questions
The Upstox Income Tax Calculator helps you to:
- Compare tax liability in the old and new regimes.
- Gain valuable insights on which regime is better for you.
- Gain smart insights on how you can optimize your tax savings.
- Estimate your taxable income.
- Estimate the income tax payable.
There are a number of advantages of using the Upstox Income Tax Calculator, these include:
- 1. Fast and speedy calculations: Performs tax calculations quickly according to the Income Tax Act, rules, and other provisions.
- 2. Basic Tax Overview: Provides a quick view of basic tax calculations.
- 3. Comparison of Tax Regimes: Allows you to compare tax liabilities under the old and new tax regimes.
- 4. Smart insights: Gain expert insights on how and where you can save on taxes
Follow these steps to use our Income Tax calculator:
- 1. Select Financial Year: Choose the relevant financial year.
- 2. Select Age: Choose the applicable age bracket.
- 3. Select Residency: Indicate if you are a resident of a metro/non-metro city.
- 4. Enter Income: Go to the 'Income' tab and enter your gross salary, including income from self-occupied or rent-out property
- and other incomes.
- 5. Enter HRA Details: Provide details for HRA exemptions, including basic salary, DA, actual rent paid and HRA allowance.
- 6. Enter Deductions: Provide details of all deductions (Sections 80C, 80CCD, 80D, 80G, 80E, 80TTA, 80TTB, 80GG)
- 7. Submit: The calculator will then compute and provide details of your tax liability.
Note: The calculator provides tax liabilities for both the old and new tax regimes, enabling a better comparison for decision-making.