Income Tax Calculator
Calculate your income tax liability under both old and new tax regimes for FY 2024-25. Consider deductions and plan your tax savings.
Income Details
Tax Calculation Results
Tax Payable (New Regime)
Tax Payable (Old Regime)
₹ 78,000
Recommended Regime
New Regime
Tax Saving (New vs Old)
₹ 3,000
Tax Comparison
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Calculate NowAbout Income Tax Calculator
Our Income Tax Calculator helps you estimate your tax liability for the financial year 2024-25 under both the old and new tax regimes. India's income tax system offers taxpayers the choice between two regimes, each with different slab rates and deduction options.
The New Tax Regime offers lower tax rates but restricts most deductions and exemptions. It's generally beneficial for taxpayers who don't have significant investments or don't want to maintain investment proofs.
The Old Tax Regime offers higher tax rates but allows various deductions under sections like 80C, 80D, HRA, etc. It's beneficial for taxpayers who make substantial investments and can avail of these deductions.
This calculator considers basic deductions like 80C investments (up to ₹1.5 lakh), HRA exemption, and other deductions. For comprehensive tax planning, consult a tax advisor who can consider all applicable sections based on your specific financial situation.
Tax Slabs for FY 2024-25
| Income Range (₹) | New Regime Tax Rate | Old Regime Tax Rate |
|---|---|---|
| Up to 3,00,000 | 0% | 0% |
| 3,00,001 - 6,00,000 | 5% | 5% |
| 6,00,001 - 9,00,000 | 10% | 20% |
| 9,00,001 - 12,00,000 | 15% | 20% |
| 12,00,001 - 15,00,000 | 20% | 30% |
| Above 15,00,000 | 30% | 30% |
Note: Under the new regime, a standard deduction of ₹50,000 is available for salaried individuals. Surcharge applies on income above ₹50 lakh (10%), ₹1 crore (15%), and ₹2 crore (25%).
FAQs
Choose the new regime if you don't have significant investments or deductions. Choose the old regime if you can claim substantial deductions (over ₹2-3 lakhs). Our calculator helps compare both.
Section 80C allows deductions up to ₹1.5 lakh for investments in PPF, ELSS, life insurance, NSC, tax-saving FDs, home loan principal, and tuition fees.
Yes, you can switch between regimes each financial year. Salaried employees must declare their choice at the beginning of the financial year to their employer.
House Rent Allowance (HRA) exemption is available for salaried individuals paying rent. It's the minimum of: Actual HRA, 50% of salary (metro) or 40% (non-metro), or Rent paid minus 10% of salary.