India Tax Calculator Online Free
Compare tax regimes with Basic Salary component and Home Loan audit for Bharat.
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Frequently Asked Questions
What is the rebate for New Regime in FY ?
Salaried individuals in Bharat with income up to ₹12.75 Lakhs (including ₹75k Standard Deduction) pay zero tax in the New Regime.
Can I claim 80C in the New Regime?
No. Section 80C benefits (PPF, LIC, ELSS) are strictly restricted to the Old Tax Regime.
Why is Basic Salary needed for tax?
Essential components like HRA exemption and Employer NPS contributions are capped based on a percentage of your Basic + DA.
Can I switch regimes every year?
Salaried employees in India can choose the better regime every year at the time of filing their ITR.
Is Home Loan principal deductible?
Yes, under Section 80C (up to ₹1.5L), but only if you opt for the Old Tax Regime.
What is Section 87A rebate?
It provides a tax waiver for low-to-mid income earners. In the New Regime, it effectively covers income up to ₹12 Lakhs.
Is interest from Savings Accounts taxable?
Yes, but you can claim a deduction up to ₹10,000 under Section 80TTA in the Old Regime.
What happens if I have rental income?
Rental income is added to your total income. You can claim a 30% standard deduction on the rent received (Old Regime).
Is Standard Deduction available for pensioners?
Yes, pensioners in Bharat receive the same Standard Deduction benefits as active salaried employees.
What is the deadline for tax planning?
You must complete your 80C and 80D investments by March 31st of the relevant financial year.