Income Tax Calculator 2024-25
Calculate income tax for India, USA, UK, Canada, Australia with latest tax slabs, deductions, and credits. Compare tax systems across countries.
Income Details
Salary & Wages
AnnualOther Income
Deductions & Allowances
Tax SavingsTax Summary
Enter your income details to see comprehensive tax calculation
Common Examples
Country-Specific Income Tax Guides 2024-25
India Income Tax Guide
New Tax Regime (Default)
Standard Deduction: ₹50,000 (Salaried) / ₹75,000 (Family Pension)
Old Tax Regime (With Deductions)
Key Deductions:
- Section 80C: Up to ₹1.5 lakh (PPF, ELSS, EPF, etc.)
- Section 80D: Health Insurance (₹25,000-₹1 lakh)
- HRA: House Rent Allowance
- Standard Deduction: ₹50,000
Rebate u/s 87A
Up to ₹12,500
For income up to ₹5 lakh
Surcharge
10-37%
On income above ₹50 lakh
Cess
4%
On tax + surcharge
USA Federal Income Tax Guide 2024
Single Filer Brackets
Married Filing Jointly
Key Deductions & Credits
Standard Deduction
$14,600 (Single)
$29,200 (Married Joint)
Child Tax Credit
$2,000
Per qualifying child
401(k) Contribution
$23,000
Max employee contribution
Income Tax Comparison Across Countries
| Country | Highest Rate | Tax-Free Threshold | Avg Effective Rate | Filing Deadline | Social Security |
|---|---|---|---|---|---|
| 🇮🇳 India | 30% + Cess | ₹3,00,000 | 5-15% | July 31 | PF: 12% each |
| 🇺🇸 USA | 37% Federal | $14,600 | 10-24% | April 15 | FICA: 7.65% |
| 🇬🇧 UK | 45% | £12,570 | 20-40% | Jan 31 | NI: 8-12% |
| 🇨🇦 Canada | 33% Federal | $15,705 | 15-29% | April 30 | CPP: 5.95% |
| 🇦🇺 Australia | 45% | $18,200 | 19-37% | Oct 31 | Medicare: 2% |
| 🇩🇪 Germany | 45% | €11,604 | 14-42% | July 31 | ~20% total |
Frequently Asked Questions (FAQ)
Which tax regime should I choose in India?
New Regime (default): Choose if you have few investments/deductions. Offers lower rates but limited deductions.
Old Regime: Choose if you have substantial investments (₹1.5L+ in 80C), HRA, home loan interest, etc. Calculate both to compare.
Note: Salaried employees can switch regimes each year, but business/professionals must choose for the entire financial year.
How accurate is this tax calculator?
Our calculator uses official tax slabs, rates, and deduction limits for 2024-25 tax year. It accounts for basic deductions, cess, surcharge, and standard exemptions. However, for complex situations involving capital gains, multiple income sources, or specific tax treaties, consult a tax professional. We update rates annually based on government budgets.
What's the difference between tax deduction and tax credit?
Tax Deduction (Section 80C, HRA, etc.): Reduces your taxable income. Example: ₹1.5L deduction reduces taxable income by ₹1.5L, saving tax at your highest slab rate.
Tax Credit (87A rebate, child tax credit): Directly reduces your tax liability. Example: ₹12,500 rebate reduces tax payable by exactly ₹12,500.
Tax Credits are more valuable as they provide rupee-for-rupee reduction.
How do I reduce my income tax legally?
India: Maximize 80C (₹1.5L), 80D health insurance, HRA, home loan interest (up to ₹2L), NPS (additional ₹50K), donate to charities (80G).
USA: Max out 401(k) ($23K), IRA ($7K), HSA ($4,150), child tax credits, mortgage interest deduction.
General: Invest in tax-saving instruments, claim all eligible deductions, use tax-advantaged accounts, consider tax-loss harvesting for investments.
When should I file my tax returns?
India: July 31 for individuals (Dec 31 for audit cases).
USA: April 15 (typically).
UK: January 31 following tax year end.
Canada: April 30.
Australia: October 31.
Extensions may be available. File even if below threshold to claim refunds or for loan purposes.
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