Indian Income Tax Calculator
Developed by Hemant Parashar, B.Sc.Compare tax liabilities side-by-side between the Old Regime and the New Tax Regime (Section 115BAC) for FY 2024-25 (AY 2025-26) with standard deductions and rebates.
Financial Disclaimer
Calculations are based on slabs announced in Budget 2024 for FY 2024-25. Result estimates should not replace formal tax filing advice.
Tax Information
Deductions (Applicable to Old Regime Only)
Tax Comparison (FY 2024-25)
| Tax Metric | Old Tax Regime | New Tax Regime |
|---|---|---|
| Gross & Other Income | ₹0 | ₹0 |
| Standard Deduction | -₹50,000 | -₹75,000 |
| Section Deductions (80C, 80D, 24b) | -₹0 | ₹0 |
| Net Taxable Income | ₹0 | ₹0 |
| Slab-wise Calculated Tax | ₹0 | ₹0 |
| Tax Rebate (Sec 87A) | ₹0 | ₹0 |
| Cess (4% Health & Education) | ₹0 | ₹0 |
| Total Net Tax Payable | ₹0 | ₹0 |
How to Use the Income Tax Calculator
This calculator estimates tax liability under the Old and New tax regimes for individuals below 60 years. Follow these steps to check your liability:
- Enter your gross annual salary or business revenues and any other secondary income source.
- For the Old Regime comparison, input deductions like Section 80C (PPF, EPF, Life Insurance premiums up to ₹1.5L), Section 80D (Health Insurance premium), and Section 24b (Home Loan interest up to ₹2L).
- Press "Compare Slabs" to view standard deductions and slab breakdowns automatically.
Indian Tax Slab Rates (FY 2024-25)
New Tax Regime (Section 115BAC):
| Income Bracket | Rate |
|---|---|
| Up to ₹3,00,000 | Nil |
| ₹3,00,001 to ₹6,00,000 | 5% |
| ₹6,00,001 to ₹9,00,000 | 10% |
| ₹9,00,001 to ₹12,00,000 | 15% |
| ₹12,00,001 to ₹15,00,000 | 20% |
| Above ₹15,00,000 | 30% |
* Note: A standard deduction of ₹75,000 is available under the New Tax Regime for salary income. Rebate under Sec 87A is available for income up to ₹7 Lakhs (net tax is zero).
Old Tax Regime:
| Income Bracket | Rate |
|---|---|
| Up to ₹2,50,000 | Nil |
| ₹2,50,001 to ₹5,00,000 | 5% |
| ₹5,00,001 to ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
* Note: A standard deduction of ₹50,000 is available under the Old Tax Regime. Rebate under Sec 87A is available for taxable income up to ₹5 Lakhs.
Frequently Asked Questions (FAQ)
Which tax regime is better for me?
Generally, if you have high deductions (Section 80C, 80D, HRA, home loan interest exceeding ₹2.5 Lakhs), the Old Regime might save you tax. For low or no deductions, the New Tax Regime is simpler and offers lower tax slab rates along with a higher zero-tax rebate limit of ₹7 Lakhs.
This tool was developed and verified by Hemant Parashar, B.Sc. Graduate and part-time blogger, to provide free, high-accuracy mathematical resources for educational use. Complex parameters were verified by Hemant Parashar (Developer & Chief Editor).