Income Tax Calculator India (FY 2024-25)

Trusted Personal Finance Calculator

Old vs New Regime

Calculating your income tax can be confusing, especially with the choice between the old and new tax regimes. Each regime has different tax slabs and deduction rules.
Our Income Tax Calculator for India simplifies this process. By entering your income and deduction details, you can instantly see your tax liability under both the old and new tax regimes for the Financial Year 2024-25 (Assessment Year 2025-26). This allows you to compare and choose the more beneficial option for you.

FAQs

It depends on your financial situation. If you utilize deductions like 80C, 80D, and HRA to their full extent, the old regime might save you more tax. If you don’t have many deductions, the new regime’s lower rates might be more advantageous. Our calculator is the best way to compare.

Salaried individuals can choose between the old and new tax regimes each financial year. However, individuals with business income can only switch back to the old regime once after opting for the new one.

A standard deduction of ₹50,000 is available for salaried individuals and pensioners under both the old and the new tax regimes. Our calculator automatically considers this where applicable.

A cess of 4% is levied on the calculated income tax amount under both regimes. Our calculator includes this in the final tax liability figure.

More Questions?

How to Use the Income Tax Calculator
Enter Your Gross Annual Income: This includes your salary, income from business/profession, and income from other sources.
Enter Your Deductions: Input your total investments and expenses eligible for deductions under the old tax regime (e.g., under Section 80C, 80D, etc.). If you are unsure, you can leave this at zero.
The calculator will automatically compute and display your payable tax under both the Old Tax Regime and the New Tax Regime, along with the potential tax savings.

Old vs. New Tax Regime: A Quick Comparison
The primary difference between the two regimes lies in the tax rates and the availability of deductions and exemptions.
Old Tax Regime: This regime has higher tax rates but allows you to claim numerous deductions and exemptions, such as those under Section 80C (for PPF, ELSS, Life Insurance), Section 80D (Health Insurance), HRA, and more. It is generally beneficial for individuals who make significant tax-saving investments.
New Tax Regime: This regime offers lower, more simplified tax slabs but requires you to forgo most of the common deductions and exemptions. It is often beneficial for individuals with fewer investments who prefer a simpler tax filing process.