What is an Income Tax Calculator?

The Income Tax Calculator is a powerful tool designed by Investwell to simplify the process of calculating your income tax obligations. By inputting financial details, individuals can quickly determine their tax liability, enabling informed financial planning and compliance with tax regulations.

Income Tax Slabs: Old V/s New Tax Regime

Understanding the income tax slabs is crucial for effective taax planning. Understand the variations between the old and new tax regimes, including applicable rates and deductions, to make informed decisions.

Exemptions on Total Income Tax

Section 80C : Allows deductions on different investments from your taxable income up to ₹ 1.5 lakh annually.
Section 80CCG : Provides exemptions to first-time investors with investments in equities.
Section 80D : Permits tax deductions for health insurance premiums up to Rs 25,000 per fiscal year.
Section 24 : Allows for annual deductions for home loan repayment of up to Rs. 2 lakh.
Section 80EE : Benefits from income taxes on the interest portion of a loan for a residential property.
Section 10(14) : Gives exemptions for costs incurred as a result of the business of your employer.
Section 80CCD : Allows for the deduction of contributions made to the Atal Pension Yojana (APY) or the National Pension System (NPS).


What are the key differences between the Old and New Tax Regimes?

The Old and New Tax Regimes differ primarily in their structure of tax slabs and available deductions. More deductions and exemptions are available under the Old Regime. On the other hand, fewer deductions are offered under the New Regime but it has lower tax rates. The regime that most closely matches the objectives and financial status of the taxpayers may be selected.

What do capital gains from mutual fund sales mean?

Capital gains from the sale of mutual funds refer to profits earned through investments in these funds. They are subject to taxation based on factors like holding period and fund type. Taxation on debt mutual funds is determined by slab rates. Mutual funds come in a variety of forms, such as debt, equity, hybrid equity-oriented, and hybrid debt-oriented funds.


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