Freelancer Tax Calculator (India)
For Financial Year 2023-24 (AY 2024-25)
Estimated Tax Liability
Taxable Income:
Income Tax:
Health & Education Cess (4%):
Total Tax Payable:
Disclaimer: This is an illustrative calculator for individuals below 60 years. It provides an estimate based on the data you provide and does not include factors like surcharge, capital gains, or other complex deductions. Always consult a qualified Chartered Accountant for accurate tax planning and filing.
How to Use the Calculator
- Enter Gross Annual Income: This is your total earnings before any expenses or taxes.
- Enter Business Expenses: Include all eligible costs related to your work, like software, internet, rent, etc.
- Choose Tax Regime: Select ‘New’ or ‘Old’. The New Regime is the default and has lower tax rates but no major deductions.
- Enter 80C Deductions (if Old Regime): If you choose the Old Regime, enter your investments in things like LIC, PPF, ELSS, etc. (up to ₹1.5 Lakh).
- Click “Calculate Tax”: The tool will estimate your total tax liability for the year.
Understanding the Terms
- Taxable Income: The portion of your income that is subject to tax after deducting business expenses and other eligible deductions.
- Old vs. New Tax Regime: The Old Regime allows for various deductions (like 80C, 80D, HRA) but has higher tax rates. The New Regime offers lower tax rates but you must forgo most deductions.
- Health & Education Cess: An additional tax of 4% levied on the income tax amount to fund health and education initiatives.
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