There is often confusion in calculating tax. The last date for filing ITR for the financial year 2024-25 has been kept as 31st July 2025. To avoid any kind of fee, remember to file your tax before this date.

With these steps, you will be able to calculate tax under both the Old Tax Regime and the New Tax Regime. At the same time, this method will be useful for all types of taxpayers. Taxpayers like individuals, firms, companies, or any kind of institution are included.

How to calculate income tax?

Step 1- First of all you have to go to the e-filing portal.

Step 2- After this enter your PAN number and name here.

Step 3- Then enter your ITR type, these include individual, firm, company or any kind of institution.

Step 4- After this, residential status has to be selected.

Step 5- After this, you have to choose either the old tax regime or the new tax regime.

Step 5- Also select the financial year.

Step 6- After which, choose the age category you fall in.

This includes regular citizens, senior citizens, and super senior citizens.

Step 7- After this, you have to include the total income and total deduction amount.

Step 8- After which you will see the tax summary on the right side. In which you will see the total income, total deduction, and tax under the new tax regime and old tax regime.

Step 9- Along with this, if you want to see the comparison between the two tax regimes, then click on the option of view comparison.

Here you are told the details of the basic calculator.

What is the new tax regime?

In the financial year 2024-25, Finance Minister Nirmala Sitharaman announced the new tax regime. Now taxpayers have two options to file ITR. These include the old tax regime and the new tax regime. Under the new tax regime, there is no tax on annual income up to Rs 12 lakh. However, you will not get many types of tax benefits in this.