Income Tax Return Calculator
ITR Calculator — Stepwise Wizard
Income Tax Return Calculator – Simplify Your Tax Planning
Welcome to BeYoutifulLife’s Income Tax Return Calculator. This is a smart and easy-to-use online tool that can help you figure out how much income tax you owe in just a few minutes. This calculator helps you figure out how much you will owe in taxes each year under the Old and New Tax Regimes set up by the Government of India. It works for salaried workers, freelancers, and business owners.
You can plan your investments, figure out your deductions, and sit down with your Chartered Accountant (CA) to finalise your financial and tax-saving plan with just a few pieces of information.
What Is an Income Tax Return Calculator?
An Income Tax Return (ITR) Calculator is a simple online tool that helps you calculate your income tax payable for the financial year. It takes into account various factors such as:
- Annual Income (Salary, Business, or Other Sources)
- Deductions (80C, 80D, 80TTA, 80G, etc.)
- HRA, LTA, and Standard Deduction
- Interest from Savings or Fixed Deposits
- Capital Gains (Short-term and Long-term)
- House Property Income
- Tax Regime – Old or New
- Age and Category (Normal, Senior Citizen, Super Senior)
Once you input these details, the calculator instantly displays your estimated taxable income, tax liability, and the total savings under both regimes.
Why Use Our Income Tax Return Calculator?
This calculator is meant to make estimating taxes easy, quick, and clear, unlike doing it by hand or using complicated Excel sheets.
Key Benefits:
- Instant Calculation: Get the right answer in just a few seconds.
- Compare Tax Regimes: See how much tax you would have to pay under both the Old and New systems.
- Planning your investments—find out how deductions affect your savings.
- Easy to Use: The interface is clean and works for both beginners and experts.
- Free and safe: there is no data storage, and all calculations happen in real time.
We want to make it easier for you to understand your ITR and work with your CA to make smart financial choices.
Understanding Old vs New Tax Regime
The Government of India introduced the New Tax Regime in Budget 2020 as an optional system with lower tax rates but without most deductions and exemptions..
| Income Range | Old Regime (with deductions) | New Regime (no major deductions) |
| ₹0 – ₹2.5 lakh | No Tax | No Tax |
| ₹2.5 – ₹5 lakh | 5% | 5% |
| ₹5 – ₹7.5 lakh | 20% | 10% |
| ₹7.5 – ₹10 lakh | 20% | 15% |
| ₹10 – ₹12.5 lakh | 30% | 20% |
| ₹12.5 – ₹15 lakh | 30% | 25% |
| Above ₹15 lakh | 30% | 30% |
The Old Regime lets you avoid taxes on things like: • Section 80C (investments in ELSS, PPF, LIC, etc.)
- 80D (Health Insurance)
- HRA, LTA, Standard Deduction, and more.
The New Regime has lower slab rates, but most of these deductions aren’t allowed. It works well for people who don’t have many investments or exemptions.
Section 80C of the Old Regime lets you make investments in things like ELSS, PPF, LIC, and more.
- 80D (Health Insurance)
- HRA, LTA, the Standard Deduction, and more.
The New Regime has lower slab rates, but it doesn’t let you take most of these deductions. It works for people who don’t have many investments or exemptions.
What’s New in Income Tax Rules (FY 2024–25)
As per the Union Budget 2023 and 2024 updates, here are the latest highlights:
- New Regime is now Default: Taxpayers can opt for the Old Regime if they prefer.
- Rebate limit under Section 87A increased to ₹7 lakh under the New Regime (no tax payable if income ≤ ₹7 lakh).
- Standard Deduction of ₹50,000 available under both regimes.
- Higher exemption limits for senior citizens.
- Revised tax slabs and optional switching each financial year.
For official tax filing, visit the Income Tax e-Filing Portal.
How to Use the Our Income Tax Calculator
Follow these simple steps to calculate your tax:
1. Enter Your Annual Income: Include salary, business, or freelance income.
2. Add Exemptions & Deductions: HRA, LTA, 80C, 80D, etc.
3. Select Age Category: Below 60, 60–80, or above 80 years.
4. Choose Tax Regime: Old or New.
5. Click “Calculate” – Instantly view tax payable and savings comparison.
The calculator then displays:
- Taxable Income
- Total Tax Payable
- Tax Saved under Old vs New Regime
- Suggestions to optimize your tax planning
Plan Your Tax & Investments Smarter
Using this calculator isn’t just about computing taxes—it’s about strategic planning. By comparing regimes, you can:
- Understand which regime saves more tax.
- Decide how much to invest under Section 80C (ELSS, NPS, PPF).
- Estimate post-tax income for better budgeting.
- Discuss results with your CA or financial advisor to plan the year ahead.
Why Tax Planning Matters
Good tax planning helps you:
- Avoid last-minute filing stress.
- Reduce tax liability legally.
- Build disciplined financial habits.
- Grow wealth through long-term investments.
BeYoutifulLife’s goal is to empower individuals to take control of their finances with clarity and confidence.
File Your ITR Online
Once you’ve calculated your taxes using our tool, you can easily file your returns online at the Official Income Tax Portal.
Ensure all details are correct and reviewed by your CA before submission to avoid errors.
FAQs
An Income Tax Return Calculator helps estimate your tax liability for the financial year. It simplifies planning by showing tax payable under both old and new regimes within seconds.
If you claim many deductions (80C, HRA, 80D), the old regime may suit you. If you prefer a simple, no-deduction approach, the new regime could save more tax
Yes. Salaried individuals can switch annually before filing ITR. Business taxpayers can switch once and revert only once as per tax rules.
Basic documents include Form 16, bank statements, investment proofs (80C/80D), rent receipts (for HRA), and capital gains details if applicable.
You can file your returns securely on the Income Tax e-Filing Portal. BeYoutifulLife’s calculator helps you prepare all data accurately before submission.