12 Lakh Income Tax Calculator – Calculate Your Taxes Instantly
12 Lakh Income Tax Calculator
Tax Calculator 2025
Are you wondering how much income tax you need to pay on an annual income of ₹12,00,000? With the new tax slabs under the Finance Act 2024, tax calculations have changed, and understanding your exact tax liability is crucial.
Our 12 Lakh Income Tax Calculator makes it easy for you to estimate your tax under the new tax regime in just a few clicks. Simply enter your income, and our tool will compute your tax liability based on the latest slab rates.
Understanding the New Tax Regime for ₹12 Lakh Income
The Indian Income Tax System has two tax regimes:
- Old Tax Regime – Allows exemptions and deductions (like 80C, HRA, etc.).
- New Tax Regime – Offers lower tax rates but eliminates most deductions.
If your total taxable income is ₹12 lakh, your tax liability will depend on which regime you choose. Let’s break it down.
Income Tax Calculation on ₹12 Lakh under the New Regime (2024-25)
| Total Income | Tax as per Old Regime | Tax as per New Regime | Tax Benefit |
|---|---|---|---|
| ₹12,00,000 | ₹80,000 | ₹60,000 | ₹20,000 |
Tax Slab Rates Under the New Regime (FY 2024-25)
| Income Slab | Tax Rate |
|---|---|
| Up to ₹3,00,000 | 0% (No Tax) |
| ₹3,00,001 – ₹6,00,000 | 5% |
| ₹6,00,001 – ₹9,00,000 | 10% |
| ₹9,00,001 – ₹12,00,000 | 15% |
| ₹12,00,001 – ₹15,00,000 | 20% |
| Above ₹15,00,000 | 30% |
How to Reduce Your Tax Liability on ₹12 Lakh Income?
Even under the new tax regime, you can optimize your tax outflow by:
✅ Using the Standard Deduction of ₹50,000.
✅ Investing in NPS (National Pension System) for extra deductions.
✅ Availing the rebate under Section 87A (for incomes up to ₹7 lakh).
Why Use Our 12 Lakh Income Tax Calculator?
✔ Instant & Accurate – Get real-time tax estimates.
✔ Updated for FY 2024-25 – Uses the latest Union Budget tax slab rates.
✔ No Signup Required – 100% free and user-friendly.
FAQs – 12 Lakh Income Tax Calculation
1. How much tax do I need to pay if my income is ₹12 lakh?
Under the new tax regime, your tax liability is ₹60,000, while under the old regime, it would be ₹80,000.
2. Which tax regime is better for ₹12 lakh income?
If you claim deductions exceeding ₹2 lakh, the old regime might be better. Otherwise, the new regime offers lower tax rates.
3. Is there any rebate for ₹12 lakh income?
No, the Section 87A rebate is applicable only for incomes up to ₹7 lakh.
Conclusion
With changing tax laws, it’s essential to stay informed. Use our 12 Lakh Income Tax Calculator to find your tax liability and make informed financial decisions.
Calculate your tax now! 🚀
You can also try out: Loan EMI Calculator
