India Income Tax Calculator 2022
FY 2021-22 | AY 2022-23 | New & Old Tax Regime
Introduction
🎯 What
India Income Tax Calculator 2022 estimates annual income tax liability for individuals based on FY 2021-22 rules under old and new tax regimes.
👥 Who
Salaried individuals, self-employed professionals, freelancers, pensioners, resident & non-resident individuals.
💡 Why
Income tax calculation is mandatory for compliance, tax planning, return filing, and salary structuring.
Basic Information
Deductions (Old Regime Only)
▼Tax Summary
Enter details and calculate
Tax Slabs (FY 2021-22)
Old Tax Regime
- • ₹0 - ₹2,50,000: Nil
- • ₹2,50,001 - ₹5,00,000: 5%
- • ₹5,00,001 - ₹10,00,000: 20%
- • Above ₹10,00,000: 30%
Rebate: ₹12,500 if income ≤ ₹5L
New Tax Regime
- • ₹0 - ₹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%
Allowances & Deductions (Old Regime)
- Section 80C: Maximum deduction of ₹1,50,000 for investments in PPF, EPF, ELSS, NSC, LIC, etc.
- Section 80D: Health insurance premium (₹25,000 for self/family, ₹50,000 for senior citizens)
- Section 80E: Interest on education loan (no upper limit)
- Section 80G: Donations to charitable institutions
- Section 80TTA: Interest on savings account (up to ₹10,000)
- Standard Deduction: ₹50,000 for salaried individuals
- HRA Exemption: House Rent Allowance (specific conditions apply)
- LTA: Leave Travel Allowance (specific conditions apply)
Note: New Regime does not allow these deductions except standard deduction.
Calculation Examples
Example 1: Old Regime
Gross Income: ₹6,00,000
80C Deduction: ₹1,50,000
Standard Deduction: ₹50,000
Calculation:
• Taxable Income: ₹6,00,000 - ₹2,00,000 = ₹4,00,000
• Tax: ₹2,50,000 @ 0% + ₹1,50,000 @ 5% = ₹7,500
• Cess (4%): ₹300
Total Tax: ₹7,800
Example 2: New Regime
Gross Income: ₹6,00,000
Deductions: None (New Regime)
Calculation:
• Taxable Income: ₹6,00,000
• Tax: ₹2,50,000 @ 0% + ₹2,50,000 @ 5% + ₹1,00,000 @ 10% = ₹22,500
• Cess (4%): ₹900
Total Tax: ₹23,400
Frequently Asked Questions
Q: Is income tax mandatory?
A: Yes, income tax is mandatory for individuals whose total income exceeds the basic exemption limit of ₹2,50,000 per year (for individuals below 60 years).
Q: Which regime is better - Old or New?
A: It depends on your deductions and income level. If you have significant deductions (₹1.5L+ under 80C, HRA, etc.), Old Regime may be better. For lower deductions, New Regime's lower rates might save more tax.
Q: Is Health & Education Cess mandatory?
A: Yes, 4% Health & Education Cess applies to the calculated income tax in both regimes.
Q: Can I switch between regimes every year?
A: Yes, salaried individuals can switch between Old and New Regime every year while filing returns. However, business income earners have restrictions.
Q: What is Section 87A rebate?
A: Section 87A provides a rebate of up to ₹12,500 for individuals having total income up to ₹5,00,000 under the Old Regime, effectively making tax zero.
Disclaimer: This India Income Tax Calculator 2022 is for informational and educational purposes only. Tax rules may change and vary by individual case. Actual tax liability may differ based on exemptions, surcharges, and other factors. Always verify calculations with the official Income Tax Department notifications or consult a qualified tax professional before making financial decisions or filing returns. Etaxing does not provide legal or filing services and is not responsible for any tax-related decisions or consequences.