15 Lakh Income Tax Calculator New Regime

The 15 lakh income tax calculator under the new regime is a crucial tool for understanding your tax liability in India. With the introduction of the new tax regime, it’s essential to know how it affects your taxes.

1. Enter your annual income.
2. Enter your standard deduction and medical insurance expenses.
3. Select your preferred tax regime.
4. Click ‘Calculate’ to see your tax liability.

The calculator uses the following formulas to calculate your tax liability:

Income	Expenses	Tax Regime	Tax Liability
15,00,000	50,000	New	52,500

Income Slab	Old Regime Tax Rate	New Regime Tax Rate
5-10 lakh	20%	10%

• Always consider the standard deduction and medical insurance while calculating your taxable income.
• Choose the tax regime that suits you best based on your expenses and investments.
• Use this calculator to plan your taxes in advance.

What is the difference between the old and new tax regimes?

The old tax regime offers more exemptions and deductions, while the new regime has lower tax rates but fewer exemptions.

For more information, refer to the Income Tax Department and Taxmann.