Tax Dashboard
Note: Deductions (80C, 80D, etc.) are not allowed under the New Tax Regime (FY 24-25).
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Overall Summary
Monthly Payable
₹ 0
Net Yearly Tax
0 lac
Tax Ratio
0%
Total Liability (FY 24-25)
₹ 0
What is an Income Tax Calculator?
An **Income tax calculator** is a digital tool allowing taxpayers to estimate their income tax liabilities quickly and accurately. By entering key details, such as annual income, deductions, exemptions, and the financial year in question, users can find out the amount of tax payable.
It is particularly beneficial for individuals and businesses looking to plan their taxes effectively without delving into complex tax laws. Whether you are fully aware of how income tax is calculated or not, the online tool can help you out quickly by making all the essential calculations for you based on the inputs you provide.
- • **Decision Making:** Compare both regimes to see where you save more.
- • **Error-Free:** Automated formulas ensure mathematical precision.
Comparison of Tax Regimes (FY 2024-25)
| Criteria | Old Tax Regime | New Tax Regime (Default) |
|---|---|---|
| Standard Deduction | Rs. 50,000 | Rs. 50,000 |
| 80C Deductions | Allowed up to 1.5L | Not Allowed |
| Rebate u/s 87A | Up to 5L Income | Up to 7L Income |
TDS Dashboard
Total TDS Deductible
₹ 0
Rate Applied: 0%
Tax deducted at source is a particular amount that is reduced when a certain payment - such as salary, rent, commission, interest, and more is made. The individual that makes the payment deducts TDS, while the individual that receives a payment or income has the liability to pay the tax. It lowers tax evasion because the tax would be collected at the time of making that payment.
You can calculate how much TDS or the interest on your TDS through the TDS or TDS interest calculator. This TDS deduction calculator will help you estimate your TDS deduction.
What is the TDS Calculator?
The TDS calculator is a free and online tool that would help you to know whether you have to deduct TDS or not, and if you have to, then it would show you the TDS amount to be deducted. It will enable you to check whether you had the right amount of TDS deducted, or it will provide you with a basic insight into the related TDS rules.
Utilizing the TDS online calculator is simple, and it can be used at any preferred time and as many times as wished.
How Can I Use the TDS Amount Calculator?
Using the TDS calculator is simple, and all you have to do is to enter the below-mentioned details:
- Recipient: You will have to choose the type of recipient that you are. Suppose you are an individual, a sole proprietor, a HUF, or others.
- Payment: You will have to enter your payment in this section.
- Nature of Payment: The TDS will also depend on the nature of the payment, such as salary, FD, and more. You will need to enter that data on the calculator.
Now, the calculator will show you the results within seconds. The results would either be that TDS is deductible or not. If the answer is yes, then you will also be shown how much TDS is deductible.
How to Calculate TDS?
The calculation of TDS highly depends on the nature of the deduction. Mentioned below are the formula and the procedure for TDS calculation.
Formula:
Rate of Average Income Tax = Income Tax Payable (computed with slab rates) / Estimated income for the financial year.
Example:
Let us look at an example of how this formula works in the calculation of TDS for a better understanding.
If Mr Ramesh has received the salary of Rs. 1,00,000 in a year (these rates are time-sensitive and will change with financial years). According to Section 192, the TDS on your salary based on the current year’s slab rates would be Rs. 1,42,500. After the addition of 4% education and higher education cess, his net payable tax becomes Rs. 1,48,200.
The average rate on TDS would be = Rs. 1,48,200/12,00,000*100 = 12.35%.
So, the TDS that is deducted from Mr Ramesh's salary each month would be 12.35% of 1 lakh, which is, = Rs. 12,350.
Advantages of the online TDS Calculator
- ✓ This calculator will help you to estimate the amount that you are liable to deduct on a particular transaction.
- ✓ It is simple to use and is a handy tool in order to calculate the amount of TDS.
- ✓ It gives you the solution of the amount and the basic principle rule attached with that specific transaction.