Income Tax Calculator
Enter your income and deductions, choose how you want to view tax (compare, new regime or old regime), and see total tax, cess and approximate monthly TDS.
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This calculator is for quick illustration and uses standard slabs for FY 2024–25. It does not consider surcharge, special incomes (capital gains, lottery) or every deduction rule. Please verify final tax with a CA or official income tax tools.
About the MarkLapse Income Tax Calculator
The MarkLapse Income Tax Calculator uses a simple accordion layout so you can fill income, deductions and HRA step by step. The top toggle lets you switch between compare mode, new regime only, or old regime only.
It is designed for salaried individuals and professionals who want a quick estimate of tax liability and approximate monthly TDS before finalising their tax regime choice.
Income Tax Calculator – Frequently Asked Questions
How do I choose between new and old regime here?
Use the three-button toggle at the top of the calculator. Choose “Compare” to see both regimes side by side, or select “New Regime” or “Old Regime” to focus on a single regime with tax and monthly TDS.
Which income should I enter in the salary and other income fields?
Enter your annual gross salary in the salary field, and any other taxable income such as interest or rental income in the other fields. The calculator uses these values to estimate your total income before deductions.
What deductions are supported under the old regime?
You can enter major deductions like 80C, NPS 80CCD(1B), 80D, 80G, 80E and 80TTA/80TTB, along with HRA exemption details. The calculator reduces your taxable income under the old regime using these inputs.
Does this calculator include HRA exemption?
Yes. If you receive HRA and pay rent, fill in the HRA section with basic salary, DA, HRA received, rent paid and whether you live in a metro city. The calculator then applies an approximate HRA exemption under the old regime.
Can I rely only on this tool for filing my income tax return?
No. This income tax calculator is for quick estimates and planning only. Actual tax may differ due to surcharge, capital gains, exemptions and other provisions. Always verify your numbers on the official income tax portal or with a qualified tax professional before filing returns.