Let’s find out how you can calculate Income Tax from Taxable Income using an online income tax calculator.
Step 2: Fill in basic details
![Basic details for Calculate income tax Basic details to calculate Taxable income](https://lenvica.com/wp-content/uploads/2021/11/Basic-Details.png)
Step 3: Key in your salary details
![Salary Earnings Salary Earnings to calculate taxable Income](https://lenvica.com/wp-content/uploads/2021/11/Earnings-4.png)
![Salary Deduction Deductions to Calculate Taxable Income](https://lenvica.com/wp-content/uploads/2021/11/Deduction-2.png)
Step 4: Declare your investments
![Calculate Taxable income Calculate Taxable income](https://lenvica.com/wp-content/uploads/2021/11/Declare-Investment.png)
Step 5: Calculate Taxable Income
‘Compute income tax’ to calculate the Taxable Income
![Calculate Income Tax Calculate Income Tax From Taxable Income](https://lenvica.com/wp-content/uploads/2021/11/Declaration1.jpg)
Step 6: Taxable Income
View Calculation Summary and find how Income Tax is calculated from the Taxable Income
As you see, in the old regime, the first 2.5 lakhs are not taxable, the next 2.5 lakhs are taxed at 5% the next 5 lakhs are taxed at 20% and the rest is taxed at 30%. The tax slab is different for Senior citizens aged between 60 to 80 years and also in case of Super Senior citizens aged above 80 years.
![Calculate Taxable Income Calculate Taxable Income](https://lenvica.com/wp-content/uploads/2021/11/Old-regime.jpg)
As you see, in the new regime, the first 2.5 lakhs are not taxable, the next 2.5 lakhs are taxed at 5%, the next 5 lakhs are taxed at 10% and so on.
![Calculate Taxable Income New Regime Calculate Taxable Income New Regime](https://lenvica.com/wp-content/uploads/2021/11/Calculate-Taxable-Income-New-Regime.png)
If the taxable income is less than 5 lakhs, you are eligible for a rebate of up to INR 12500 in both regimes.
The income tax calculator helps you understand the tax calculation process and also helps you save tax by letting you experiment your investment declarations. The income tax calculator advises you on how to save maximum tax.
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