Tax Saving Calculator - Calculate Your Tax Benefits

The Old Tax Regime allows various deductions and exemptions but has higher tax rates. The New Tax Regime has lower tax rates but doesn't allow most deductions except for employer's contribution to NPS and transport allowance. Choose based on your investment and deduction profile.

Section 80C includes investments in PPF, ELSS mutual funds, life insurance premiums, EPF contributions, NSC, tax-saving fixed deposits, principal repayment of home loan, children's tuition fees, and Sukanya Samriddhi Account. The maximum deduction limit is ₹1.5 lakhs per financial year.

Section 80D offers deduction for health insurance premiums. You can claim up to ₹25,000 for self, spouse, and children, and an additional ₹25,000 for parents below 60 years (₹50,000 if parents are senior citizens). This deduction is available in the Old Tax Regime only.

Under Section 24, you can claim up to ₹2 lakhs per year as deduction on home loan interest for self-occupied property. For let-out property, the entire interest amount is deductible. This benefit is available only in the Old Tax Regime.

Under Section 80TTA, interest earned from savings account can be claimed as deduction up to ₹10,000 per year. This applies to interest from savings accounts with banks, post offices, and co-operative societies. Senior citizens can claim up to ₹50,000 under Section 80TTB.

Yes, senior citizens (60-80 years) and super senior citizens (above 80 years) enjoy higher basic exemption limits of ₹3 lakhs and ₹5 lakhs respectively. They also get additional benefits under Section 80TTB for interest income and higher deduction limits under Section 80D for health insurance.

Salaried individuals can switch between old and new tax regimes every financial year. However, individuals with business income can switch from old to new regime only once and can return to old regime only once during their lifetime.