Income Tax Calculator India
Calculate your income tax for FY 2024-25 instantly. Compare Old vs New Tax Regime and find out which option saves you more tax.
Income Summary
Income Sources
Deductions (Old Regime)
Detailed Tax Calculation
Tax Slab-wise Calculation
Old Tax Regime
New Tax Regime
Old Tax Regime
New Tax Regime
💡 Tax Savings Analysis
Old Regime Tax
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New Regime Tax
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Tax Savings
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Key Features
- Compare Old vs New Tax Regime instantly
- Latest tax slabs for FY 2024-25
- All deductions under sections 80C, 80D, 80E
- Age-based tax calculations
- Surcharge and cess calculations
Quick Tax Saving Tips
Frequently Asked Questions
The Old Tax Regime allows various deductions and exemptions like Section 80C, HRA, medical insurance premiums, etc., but has lower basic exemption limits. The New Tax Regime offers higher basic exemption limits with reduced tax rates but allows fewer deductions. You need to choose the regime that results in lower tax liability based on your deductions.
Yes, salaried individuals can choose between the old and new tax regime every year while filing their income tax return. However, individuals with business income can switch to the new regime but cannot revert back to the old regime in subsequent years unless they have no business income.
Section 87A provides a rebate of up to ₹12,500 for taxpayers with income up to ₹5 lakh in the old regime, and up to ₹25,000 for income up to ₹7 lakh in the new regime. This rebate effectively makes the tax liability zero for lower income groups.
New Regime: 0% up to ₹3L, 5% for ₹3-7L, 10% for ₹7-10L, 15% for ₹10-12L, 20% for ₹12-15L, 30% above ₹15L.
Old Regime: 0% up to ₹2.5L (₹3L for senior citizens, ₹5L for super senior citizens), 5% for ₹2.5-5L, 20% for ₹5-10L, 30% above ₹10L.
Disclaimer: This calculator provides estimates based on current tax slabs and rates for FY 2024-25. Actual tax calculation may vary based on specific circumstances. Please consult a tax advisor for accurate calculations and tax planning advice.