Calculate income tax under the New Tax Regime with latest slabs & โน75,000 standard deduction.
โข โน0 โ โน4L: NIL
โข โน4L โ โน8L: 5%
โข โน8L โ โน12L: 10%
โข โน12L โ โน16L: 15%
โข โน16L โ โน20L: 20%
โข โน20L โ โน24L: 25%
โข Above โน24L: 30%
Standard Deduction: โน75,000 | Rebate u/s 87A makes tax NIL if taxable income โค โน12L.
New Regime: NIL up to โน4L, 5% (4-8L), 10% (8-12L), 15% (12-16L), 20% (16-20L), 25% (20-24L), 30% above โน24L. Standard deduction โน75,000.
Yes! Under the new regime, due to rebate u/s 87A, income up to โน12L (taxable) becomes effectively tax-free. With โน75K standard deduction, gross income up to โน12.75L is tax-free.
New regime is better for most. Old regime is better only if your deductions (80C, HRA, home loan, etc.) exceed โน3.75L.
For individuals (non-audit cases), ITR filing deadline is 31 July of the assessment year. Late filing attracts penalty up to โน5,000.
"Health & Education Cess" is 4% of total income tax payable. It funds public health and education schemes.