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📋 Tax Savings Calculator
Calculate your tax liability and discover savings opportunities
Total income before any deductions
₹75,000 for FY 2024-25
Max ₹1.5 lakhs (PPF, ELSS, LIC, etc.)
Max ₹25,000 (₹50,000 for senior citizens)
Additional ₹50,000 for NPS investment
Max ₹2 lakhs under Section 24(b)
Tax Summary (Old Regime)
₹96,200
Total Tax Payable
Tax Calculation Details
Gross Income₹12,00,000
Total Deductions₹3,00,000
Taxable Income₹9,00,000
Tax Before Cess₹92,500
Health and Education Cess (4%)₹3,700
Tax Savings from Deductions₹59,800
Tax-Saving Investments under Section 80C
- ELSS Mutual Funds - Lowest lock-in (3 years), potential for highest returns
- PPF (Public Provident Fund) - 15-year lock-in, EEE status, 7.1% interest rate
- Life Insurance Premium - Term insurance premium qualifies for deduction
- Sukanya Samriddhi Yojana - For girl child, 8.2% interest, best for parents
Old vs New Tax Regime (FY 2024-25)
- Old Regime - Higher tax rates but allows deductions under 80C, 80D, HRA, etc. Better if deductions exceed ₹3.75 lakhs
- New Regime - Lower tax rates, standard deduction of ₹75,000, but no other deductions. Better for minimal investments
Tax Slabs (Old Regime FY 2024-25)
| Income Range | Tax Rate |
|---|---|
| Up to ₹2,50,000 | Nil |
| ₹2,50,001 to ₹5,00,000 | 5% |
| ₹5,00,001 to ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
Additional Tax-Saving Options
- Section 80D - Health Insurance up to ₹1 lakh for self, spouse, children and parents
- Section 80E - Education Loan Interest with no upper limit, available for 8 years
- Section 80G - Donations with 50% or 100% deduction for eligible charities
- Section 80TTA - Savings Bank Interest up to ₹10,000
- Section 24(b) - Home Loan Interest up to ₹2 lakhs for self-occupied property