Monthly Income Budget Allocation Calculator
Plan your monthly expenses with smart budget allocation. Calculate taxes and compare 50/30/20 rule with custom allocations.
💰 Monthly Income
Total Budget
₹50,000
🧾 Tax Calculation (FY 2025-26 - New Regime)
Annual Income
₹6,00,000
Annual Tax
₹0
Monthly Tax
₹0
Net Monthly Income
₹50,000
📊 50/30/20 Rule (After Tax)
Needs (50%)₹25,000
Wants (30%)₹15,000
Savings (20%)₹10,000
Annual Savings₹1,20,000
⚙️ Custom Allocation (After Tax)
Needs (75%)₹37,500
Wants (5%)₹2,500
Savings (20%)₹10,000
Annual Savings₹1,20,000
📋 Detailed Budget Breakdown (After Tax)
Rent/Housing
30%₹15,000
Food & Groceries
15%₹7,500
Utilities & Bills
10%₹5,000
Transportation
10%₹5,000
Entertainment & Lifestyle
5%₹2,500
Savings
20%₹10,000
Miscellaneous
10%₹5,000
🎯 Savings Forecast
Monthly Savings
₹10,000
Annual Savings
₹1,20,000
5-Year Savings
₹6,00,000
💡 Pro Tip: If you continue this budget, in 12 months you'll save ₹1,20,000
📋 New Tax Regime (FY 2025-26) - Complete Details
✅ Key Features
- • Basic exemption: ₹4,00,000
- • Standard deduction: ₹75,000
- • Rebate u/s 87A: Up to ₹60,000
- • Cess: 4% on income tax
- • No deductions (80C, 80D, HRA)
🎯 Rebate Conditions
- • If taxable income ≤ ₹12,00,000
- • Full tax rebate up to ₹60,000
- • Makes tax = zero for low incomes
- • Applies after standard deduction
| Income Slab | Tax Rate | Description |
|---|---|---|
| 0 – ₹4,00,000 | 0% | No tax |
| ₹4,00,001 – ₹8,00,000 | 5% | 5% on income above ₹4L |
| ₹8,00,001 – ₹12,00,000 | 10% | 10% on income above ₹8L |
| ₹12,00,001 – ₹16,00,000 | 15% | 15% on income above ₹12L |
| ₹16,00,001 – ₹20,00,000 | 20% | 20% on income above ₹16L |
| ₹20,00,001 – ₹24,00,000 | 25% | 25% on income above ₹20L |
| > ₹24,00,000 | 30% | 30% on income above ₹24L |
💡 Example: ₹12,00,000 Annual Income
Gross Income₹12,00,000
Standard Deduction- ₹75,000
Taxable Income₹11,25,000
Tax (before rebate)₹67,500
Rebate u/s 87A- ₹60,000
Tax after rebate₹7,500
Cess (4%)₹300
Final Tax₹7,800
Note: This calculator uses the New Tax Regime (no deductions). The Old Tax Regime may offer lower taxes with deductions under Section 80C, 80D, etc.
💡 Budget Planning Tips
50/30/20 Rule Benefits
- • 50% for essential needs (housing, food, utilities)
- • 30% for wants (entertainment, shopping, dining)
- • 20% for savings and debt repayment
- • Simple and effective budgeting framework
- • Ensures consistent savings habit
Tax Planning Tips
- • Consider Old Tax Regime for deductions
- • Plan investments under Section 80C
- • Health insurance under Section 80D
- • Home loan interest deductions
- • Consult a tax advisor for optimization