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The IDFC FIRST Bank income tax calculator is a user-friendly online tool designed to help you calculate your income tax effortlessly. It allows you to input your salary details and other relevant financial information to get an accurate estimate of your tax liability. This calculator is particularly useful for those looking to compare tax liabilities under both the old and new tax regimes, making it easier to plan your finances effectively.
An income tax calculator is an online tool that enables you to calculate your income tax based on your salary and other taxable income. It considers various factors such as deductions, exemptions, and applicable tax slabs to provide an accurate tax estimate. The IDFC FIRST Bank income tax calculator, specifically tailored for Indian taxpayers, simplifies the ta computation process, ensuring that you stay informed about your tax obligations for the assessment year 2024-25. Whether you are under the old tax regime or the new regime, this calculator provides precise results, helping you make informed financial decisions.
Using the IDFC FIRST Bank online income tax calculator is a straightforward process. Here’s how you can use it explained step by step:
Input your details such as age, assessment year, annual salary, and any other sources of income.
Enter your income details with a complete breakup which may include your net income from your salary and other sources, HRA, and other allowances.
Select whether you want to calculate your tax under the old or new tax regime.
For the old regime, enter details of deductions like Section 80C, 80D, etc.
The calculator will automatically compute your tax liability based on the information provided.
Get a clear breakdown of your tax liability, including the total tax payable.
Income tax slabs are a crucial part of the Indian tax system. They determine the rate at which your income is taxed based on your total income in a financial year. The slabs are divided into different brackets, with varying tax rates applied to different levels of income.
The old tax regime offers various deductions and exemptions such as under Sections 80C, 80D, and 24(b). The tax slabs are progressive, with rates increasing as income increases.
For instance, for individuals below 60 years :
The new tax regime introduced simplified tax slabs with lower rates but without the option for most deductions and exemptions.
The slabs start with a
The old tax regime offers various deductions and exemptions such as under Sections 80C, 80D, and 24(b). The tax slabs are progressive, with rates increasing as income increases.
For instance, for individuals below 60 years :
Let’s consider an example of an individual with an annual salary of ₹15 lakhs. Here’s how the tax would be calculated under both regimes:
| Gross income | ₹ 15,00,000 |
| Deductions (e.g., 80C, 80D, etc.) | ₹2,00,000 |
| Net taxable income | ₹ 13,00,000 |
| Up to ₹2.5 lakhs | - |
| ₹2.5 lakhs to ₹5 lakhs (5% of ₹2.5 lakhs) | ₹12,500 |
| ₹5 lakhs to ₹10 lakhs (20% of ₹5 lakhs) | ₹ 1,00,000 |
| ₹10 lakhs to ₹13 lakhs (30% of ₹3 lakhs) | ₹90,000 |
| Gross income | ₹ 15,00,000 |
| Deductions | No deductions allowed |
| Up to ₹2.5 lakhs | - |
| ₹2.5 lakhs to ₹5 lakhs (5% of ₹2.5 lakhs) | ₹12,500 |
| ₹5 lakhs to ₹7.5 lakhs (10% of ₹2.5 lakhs) | ₹ 25,000 |
| ₹7.5 lakhs to ₹10 lakhs (15% of ₹2.5 lakhs) | ₹ 37,500 |
| ₹10 lakhs to ₹12.5 lakhs (20% of ₹2.5 lakhs) | ₹ 50,000 |
| ₹12.5 lakhs to ₹15 lakhs (25% of ₹2.5 lakhs) | ₹ 62,500 |
Note: The above calculation is for illustrative purposes only. Tax liability for individuals may vary depending on various allowances and other income sources. The IDFC FIRST Bank income tax calculator simplifies this process, offering a clear comparison between the old and new regimes, allowing you to make an informed decision.
The IDFC FIRST Bank income tax calculator provides accurate tax estimates.
It simplifies tax calculations, even for those unfamiliar with tax laws.
Easily compare tax liabilities under old and new regimes.
Helps in effective financial planning by providing clear tax liabilities
Avoid manual calculations and get instant results.
Available online, the calculator can be accessed anytime, anywhere.
Under the new tax regime, the tax you pay depends on your salary and the applicable income slabs. For instance, if your salary is ₹15 lakhs, you would pay a total tax of ₹1,45,600, including cess, without claiming any deductions or exemptions. You can easily determine your tax liability using the IDFC FIRST Bank income tax calculator, which provides accurate calculations based on the latest tax slabs.
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