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Free Online Tax Calculator for 2023-24 for Income Tax Slabs, – New vs Old Regime


HRA Exemptions


As per old tax regime, max deduction allowed is ₹1,50,000.
As per new tax regime, the maximum deduction allowed is restricted to 14% of salary for central government employees and 10% for any other employee.

Tax Old Scheme


Tax new scheme

Tip For You

Increasing Investment percentage annually helps to achieve targets faster. 10% is suggested.


Paying tax is inevitable, be it for an individual or a business. Tax is levied on the income earned by an individual or business after certain deductions. Due to multiple income tax slab rates combined with many tax exemptions and deductions, calculation of income tax can be a challenging task. Not with the presence of an easy-to-use online income tax calculator, though!

Read more – Find out your Take Home Salary using Fisdom’s Take Home Salary Calculator

What is the income tax calculator?

An online income tax calculator is an automated tool designed to help taxpayers calculate their liability as per the tax regime laid out by the Income Tax Department in India. This calculator has integrated basic information such as annual salary, tuition fees, rent paid, interest on a child’s education loan, and savings, if any. This information allows the calculator to provide near-accurate tax liability estimates to the user.

Fisdom’s online income tax calculator is an easy-to-use tool and is available free of cost. It can be used by anyone looking to calculate their tax liability as per latest tax laws applicable in the ongoing financial year.

How to use Fisdom’s income tax calculator?

Fisdom’s online income tax calculator helps one to easily determine the tax outflow for the latest financial year, as per the old and the new tax regime. The calculator requires users to input certain data on income, investments, and expenses to estimate the taxes payable. 

Here is the step-by-step process to use Fisdom’s income tax calculator:

  1. From the drop-down under the ‘Assessment Year’ section, select the assessment year for which you wish to calculate income tax.
  2. Select the ‘Age Category’ from:
    1. Below 60
    2. 60 or above
    3. 80 or above

This will determine your income tax rate in the old tax regime, hence it is important to select the right option.

  1. Under the ‘Income’ category:
    1. Enter gross salary (annual excluding any deductions)
    2. Enter annual income from other sources (if applicable)
    3. Annual income from interest
    4. Annual income from let-out property (if any)
    5. Annual interest paid on a home loan for self-occupied property
    6. Annual interest paid on home loan (while living in rented property)
  2. Under the HRA exemptions, mention:
    1. Basic salary received – annual
    2. Monthly dearness allowance (if it forms part of your income)
    3. HRA / house rent allowance received – annual
    4. Total rent paid – annual
    5. Also, select ‘YES/NO’ depending on whether you reside in a metro city or non-metro city
  3. Under the Deductions section, you will see a note stating the maximum deduction as per old and new tax regime. Here, 
    1. Enter Basic deduction as per Section 80C
    2. Contribution to NPS/ National Pension Scheme – if any,
    3. Medical Insurance premium – if applicable
    4. Donation to Charity – if made during the financial year
    5. Interest on education loan – if applicable
    6. Interest on deposits in savings account

Income tax rates as per tax slabs – FY 2023-24

The Union Budget 2023 revised the new tax regime to be the default regime, effective from April 1, 2023. The old tax regime is, however, still available for taxpayers to use and it retains the benefit of exemptions and deductions. Under the new regime, the income tax slabs are the same for all taxpayers, irrespective of their age and gender. Thus, senior citizens between the ages of 60 and 80 and super senior citizens over 80 years of age will pay the same taxes as individuals under the age of 60.

Old Tax RegimeNew Tax Regime
Tax Slab (Rs. )Old Tax RatesTax Slab (Rs. )New Tax Rates
0 – 2.5 lakh0%0 – 3 lakh0%
2.5 lakh – 5 lakh5%3 lakh – 6 lakh5%
5 lakh – 10 lakh20%6 lakh – 9 lakh10%
10 lakh & above30%9 lakh – 12 lakh15%
12 lakh  – 15 lakh20%
15 lakh & above30%

Income tax rebate

As per the new income tax regime for FY 2023-24 (AY 2024-25), the rebate under Section 87A has been increased from Rs. 5 lakhs to Rs. 7 lakhs. Thus, individuals with a net taxable income of up to Rs. 7 lakh can avail tax rebate u/s 87A under the new tax regime. Those who choose to pay tax as per the old regime will be able to avail rebate as per the earlier limit of Rs. 5 lakhs.

Surcharge and cess

Finance minister announced changes to surcharge applicable for highest taxpayers. The table below summarises surcharge rates as per old and new regime:

IncomeOld RegimeNew Regime
Above Rs. 50 Lakhs and up to Rs. 1 Crore10%10%
Above Rs. 1 Crore and up to Rs. 2 Crores15%15%
Above Rs. 2 Crores and up to Rs. 5 Crores25%25%
Above Rs. 5 Crores37%25%

Apart from this, the Health and Education cess at 4% is levied on the income tax plus surcharge (if applicable) amount.

Exemptions and deductions

Refer to the table below for an overview of the standard deductions and exemptions available under the tax regimes for financial years 2022-23 and 2023-24.

ParticularsNew Tax Regime for 

FY 2022-23

New Tax Regime for 

FY 2023-24

Rebate eligibility up to income level Rs. 5,00,000Rs. 7,00,000 
Rebate u/s 87ARs.12,500 Rs.25,000
Standard DeductionNo Rs. 50,000
Effective Tax-Free Salary income Rs. 5,00,000Rs. 7,50,000 
HRA ExemptionNo No
Deduction u/s 80C (EPF, LIC, ELSS, PPF, FD, Children’s tuition fee, etc.)No No
Leave Travel Allowance (LTA) NoNo 
Interest on education loan – 80E NoNo 
Other allowances including food allowance of Rs 50/meal subject to 2 meals a day NoNo 
Entertainment Allowance Deduction and Professional TaxNo No
Perquisites for official purposes YesYes 
Interest on Home Loan u/s 24b on self-occupied or vacant propertyNo No
Interest on Home Loan u/s 24b on let-out property YesYes 
30% of additional employee cost (under Section 80JJAA)No No
Employee’s contribution to NPS NoNo 
Employer’s contribution to NPSYes Yes
Medical insurance premium – 80D NoNo 
Disabled Individual – 80UNo No
Savings Bank Interest u/s 80TTA and 80TTBNo No
Interest on Electric vehicle loan – 80EEBNo No
Donation to Political party/trust etc. – 80G NoNo 
Gifts up to Rs 5,000 YesYes 
Deduction on Family Pension IncomeYes Yes
Transport Allowance for a specially abled personYes Yes
Exemption on voluntary retirement 10(10C)Yes Yes
Exemption on gratuity u/s 10(10) YesYes 
Exemption on Leave encashment u/s 10(10AA)Yes Yes
Daily Allowance YesYes 
Conveyance Allowance YesYes 

Who should file ITR and how can one submit an income tax return?

A taxpayer:

  1. Whose total income is above the basic exemption limit or 
  2. Who satisfies other conditions (like holding foreign assets) 

Must file Income Tax Returns (ITR).

The format of ITR is specified by the tax authorities. 

Failure to file ITR within the specified due date can result in:

  1. interest, 
  2. penalty 
  3. prosecution. 

ITR can be filed electronically and the ITR V can be obtained upon filing the ITR. The ITR form will vary depending on one’s sources of income, income bracket, and foreign assets. One need not send the ITR V copy to the Centralized Processing Centre, if it is authorized through Aadhaar or digital signature (DSC). If not authorized, the ITR V copy must be physically sent to CPC in Bangalore. The timeline for the same is 120 days from filing the ITR.


Is everyone required to file income tax returns?
If an individual’s income is under the basic exemption limit, he/she need not file income tax returns. If an individual’s income is below Rs 2.5 lakhs and he/she wants to claim an income tax refund, it is important to file an ITR.
Does the online income tax calculator help in estimating TDS?
No, the online income tax calculator cannot compute the Tax Deducted at Source (TDS). It is mainly meant for calculating tax liability for the assessment year.
Is income tax calculated on gross income?
Income tax is estimated on the ‘total income’ as against gross total income as per the income tax act. Gross total income less deductions gives the total income. The tax is calculated and payable on the net income.
Can we change the tax regime while calculating income tax every year?
Yes, a taxpayer can change the regime in each assessment year between old and new regimes. However, the taxpayers who have business income cannot use this option. Salaried individuals and pensioners are eligible to switch between tax regimes every year as per their convenience as long as they don’t have business income.
Is 80C exemption not applicable any more?
The Section 80C deduction is not removed, however, it has been restricted for taxpayers who opt for the new tax regime. If a taxpayer chooses the new tax regime, deduction claims under section 80C are not allowed.

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