Income Tax Calculator
Calculate your Income Tax for FY 2024-25. Compare New vs Old Tax Regime to find maximum savings.
Income Details
Deductions are NOT applicable for New Regime.
Tax Comparison
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Compare New vs Old Tax Regime
The annual budget often changes tax rules. For FY 2024-25, the New Tax Regime has been made more attractive with:
- Increased Standard Deduction: From ₹50,000 to ₹75,000.
- Wider Slabs: Lower tax rates for income between ₹3L to ₹7L.
- Tax-Free Limit: Income up to ₹7 Lakhs is effectively tax-free due to the rebate.
The Old Tax Regime still retains popular deductions like:
- Section 80C: Up to ₹1.5 Lakhs (PPF, LIC, ELSS, etc.).
- Section 80D: Medical Insurance Premium.
- HRA / Home Loan Interest: Significant savings for those renting or owning homes.
Use this calculator to plug in your specific numbers. We auto-calculate the Surcharge and Cess so you see the exact tax liability.
Frequently Asked Questions
Which tax regime is better for me?
There is no single answer. The Old Regime is generally better if you have high deductions (like HRA, 80C, 80D, home loan interest) exceeding ₹3.75 Lakhs. The New Regime is better if you prefer lower tax rates and don't have many investments. Use our calculator to compare side-by-side.
What is Section 87A rebate?
Under Section 87A, individuals with a taxable income up to ₹5 Lakhs (Old Regime) or ₹7 Lakhs (New Regime) get a full tax rebate. This effectively makes their tax liability zero.
What is the Standard Deduction for FY 2024-25?
For FY 2024-25 (AY 2025-26), the Standard Deduction under the New Tax Regime has been increased to ₹75,000. Under the Old Regime, it remains ₹50,000.
Are tax rates different for Senior Citizens?
In the Old Regime, Senior Citizens (60-80 years) and Super Senior Citizens (80+ years) have higher basic exemption limits (₹3 Lakhs and ₹5 Lakhs, respectively). In the New Regime, the tax slabs are the same for everyone, regardless of age.
What deductions are allowed in the New Tax Regime?
Very few deductions are allowed in the New Tax Regime. The main ones include Standard Deduction (₹75,000) for salaried employees and Employer's contribution to NPS (Section 80CCD(2)). Most others (HRA, 80C, 80D) are removed.
Can I switch between regimes every year?
Salaried individuals can choose between Old and New Regimes every financial year based on what benefits them more. However, those with business/professional income can only switch back once in their lifetime.
How is Surcharge calculated?
Surcharge is an additional tax on high-income earners. It is levied if total income exceeds ₹50 Lakhs. The rates vary from 10% to 25% (capped at 25% in New Regime) depending on income slabs.
What is Health and Education Cess?
A 4% Health and Education Cess is added to the total income tax payable + surcharge. This applies to all taxpayers.
Is income from Agriculture taxable?
Agricultural income is exempt from tax under Section 10(1). However, for rate purposes, it may be aggregated with non-agricultural income for slab calculation.
What is the due date for filing ITR?
For most individuals, the due date for filing Income Tax Return (ITR) is 31st July of the Assessment Year. Late filing attracts penalties.