Tax Savings Calculator
Maximize your tax deductions and credits with our smart calculator to keep more of your hard-earned money
Basic Information
Deductions
Tax Credits
Your Tax Savings Results
Estimated Tax Liability
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Total Deductions
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Total Tax Savings
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Savings Breakdown
Standard vs. Itemized
Enter your information to see which deduction method saves you more.
Top Savings Opportunities
Potential additional savings will appear here.
Marginal Tax Bracket
Your marginal tax bracket will be calculated here.
Recommended Actions
Personalized tax-saving recommendations will appear here.
📊 Current Tax Brackets (2024)
| Tax Rate | Income Range |
|---|---|
| 10% | $0 - $11,600 |
| 12% | $11,601 - $47,150 |
| 22% | $47,151 - $100,525 |
| 24% | $100,526 - $191,950 |
| 32% | $191,951 - $243,725 |
| 35% | $243,726 - $609,350 |
| 37% | $609,351+ |
| Tax Rate | Income Range |
|---|---|
| 10% | $0 - $23,200 |
| 12% | $23,201 - $94,300 |
| 22% | $94,301 - $201,050 |
| 24% | $201,051 - $383,900 |
| 32% | $383,901 - $487,450 |
| 35% | $487,451 - $731,200 |
| 37% | $731,201+ |
| Tax Rate | Income Range |
|---|---|
| 10% | $0 - $16,550 |
| 12% | $16,551 - $63,100 |
| 22% | $63,101 - $100,500 |
| 24% | $100,501 - $191,950 |
| 32% | $191,951 - $243,700 |
| 35% | $243,701 - $609,350 |
| 37% | $609,351+ |
Note: These are federal income tax brackets. State taxes may apply.
📚 Tax Savings Tips
Maximize Retirement
Contribute to 401(k)s and IRAs to reduce taxable income. For 2024, you can contribute up to $23,000 to a 401(k).
Homeowner Benefits
Deduct mortgage interest and property taxes if you itemize. Consider refinancing if rates have dropped.
Family Credits
Claim Child Tax Credit ($2,000 per child) and Child/Dependent Care Credit (up to $3,000 per child).
Health Savings
Use HSAs for medical expenses (triple tax advantage). 2024 limits: $4,150 individual, $8,300 family.
Education Savings
American Opportunity Credit offers up to $2,500 per student for the first four years of college.
Energy Credits
Get up to 30% back for solar panels and energy-efficient home improvements through 2032.
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Note: This calculator provides estimates only and should not be considered tax advice. Tax laws change frequently and results may vary based on your specific situation. Please consult a qualified tax professional for personalized advice.
Tax Savings Calculator
Maximize Your Income Tax Benefits in India
Want to know how much you can save on your income tax this year? Our Tax Savings Calculator helps you estimate your total deductions and rebates based on your income, investments, and expenses. Whether you’re a salaried employee or self-employed, this tool is tailored to suit the Indian tax system and gives accurate calculations in seconds.
What Is a Tax Savings Calculator?
A tax savings calculator is an online tool designed to help individuals in India determine how much they can save on taxes through deductions under various sections like 80C, 80D, and 87A. It assists users in planning their investments and optimizing their taxable income effectively.
Key Features of Our Calculator
- Estimates deductions under Section 80C, 80D, and other applicable sections
- Supports both old vs new tax regime comparison
- Includes calculations for HRA exemption, ELSS, PPF, and NPS
- Highlights tax benefits on home loan and insurance premiums
- Easy to use for salaried individuals and professionals
Who Should Use This Calculator?
This tool is ideal for:
- Salaried employees looking for income tax savings calculator
- Taxpayers comparing ELSS vs PPF tax saving options
- Homeowners calculating tax benefits on home loan interest
- People planning deductions through 80C calculator or 80D deduction calculator
- Investors using LIC, NPS, or health insurance for tax rebates
How It Works
- Enter your annual income and choose your tax regime.
- Add eligible investments under Section 80C (e.g., ELSS, LIC, PPF).
- Include health insurance premiums for 80D deductions.
- Input HRA details if you’re a tenant to check your HRA exemption.
- View your estimated tax savings and compare both regimes.
Example Use Case
Suppose you earn ₹8,00,000 annually and invest ₹1.5 lakh in ELSS, pay ₹20,000 in health insurance premiums, and claim HRA. The calculator will show you whether the old or new tax regime offers better savings and compute your standard deduction automatically.
Benefits of Using the Tax Planning Calculator
- Identify legal ways to reduce taxable income
- Plan smartly before the end of the financial year
- Compare potential tax saving options with ease
- Access a simple, intuitive interface for quick results
Optimized for Financial Year 2024–25
The calculator uses the latest tax rules and slab rates applicable for FY 2024–25, helping you plan investments accurately before filing your return.
Plan Your Deductions Today
Whether you’re using an online calculator for income tax deductions in India or just exploring tax saving options calculator tools, this solution gives you a holistic view of your tax liability and how to minimize it. Don’t wait until the last minute – start calculating your savings now!
Frequently Asked Questions (FAQs)
1. How can I calculate tax savings under Section 80C?
To calculate tax savings under Section 80C, add up all eligible investments and expenses like ELSS, PPF, LIC premiums, EPF, and home loan principal repayment. The total deduction limit is ₹1.5 lakh. Our calculator automatically includes these to estimate your tax benefit.
2. What is the difference in tax savings between the old and new tax regime?
The old regime allows deductions like 80C, 80D, HRA, and standard deduction, while the new regime offers lower slab rates but no deductions. The calculator compares both and shows which option results in lower tax liability.
3. Can I save tax if I live on rent and claim HRA?
Yes, salaried individuals who receive HRA and pay rent can claim exemption under HRA rules. The calculator factors in HRA exemption based on your salary, rent paid, and city type (metro/non-metro).
4. Does investing in ELSS help reduce tax liability?
Yes, Equity Linked Saving Schemes (ELSS) are eligible for deduction under Section 80C up to ₹1.5 lakh. They offer both tax savings and market-linked returns. Use the calculator to see how ELSS impacts your total deductions.
5. How much tax can I save using health insurance under Section 80D?
Under Section 80D, you can claim up to ₹25,000 for health insurance premiums for self, spouse, and children, and an additional ₹25,000–₹50,000 for parents depending on their age. The calculator lets you input these values for accurate savings.
6. Can I include home loan interest while calculating tax savings?
Yes, under Section 24(b), you can claim up to ₹2 lakh annually on home loan interest if the property is self-occupied. This is separate from the 80C benefit on principal repayment. The calculator includes both to give a complete tax-saving picture.
7. Is this calculator updated for FY 2024–25 tax slabs?
Yes, the tax savings calculator uses the latest income tax slab rates, surcharge limits, and deduction rules for financial year 2024–25, ensuring accurate and up-to-date results.