Gross Income Is Your Total Earnings Before Any Deductions, While Net Taxable Income Is What Remains After Subtracting Eligible Deductions, Exemptions, And The Standard Deduction. Income Tax Is Calculated On Your Net Taxable Income, Not Your Gross Income.

Salaried Individuals Can Choose Between The Old And New Regime Each Financial Year When Filing Their Return. Those With Business Income Have More Limited Ability To Switch Back And Forth, So It Is Best To Confirm Your Eligibility With A Tax Professional.

This Calculator Gives A Reliable Estimate Based On Current Slab Rates For General Planning Purposes. It Does Not Account For Every Deduction, Exemption, Or Special-Rate Income Such As Capital Gains, So We Recommend Confirming Your Final Figures With A Chartered Accountant Before Filing.

Surcharge Is An Additional Charge On Your Income Tax That Applies Once Your Total Income Crosses Certain High-Income Thresholds, Typically Starting Above ₹50 Lakh. The Surcharge Rate Increases In Steps As Income Rises Further.

Section 87A (New: Section 156) Provides A Tax Rebate That Can Bring Your Tax Liability To Zero If Your Net Taxable Income Falls Below A Specified Threshold, Which Differs Between The Old And New Tax Regimes And Is Updated From Time To Time By The Government.

Yes, Under The Old Tax Regime, Senior Citizens (Aged 60 To 80) And Super Senior Citizens (Above 80) Get A Higher Basic Exemption Limit Compared To Individuals Below 60. The New Tax Regime Applies The Same Slabs Regardless Of Age.

Income Tax Slabs Are Reviewed And Can Be Revised By The Government In The Annual Union Budget, So It Is Important To Use A Calculator That Reflects The Current Assessment Year's Rates Rather Than An Outdated Version.