Income Tax Calculator FY 2024-25
Compare Old vs New Tax Regime and find which saves you more
Enter Your Income & Deductions
Include salary, bonus, other income
EPF, PPF, ELSS, LIC, NSC, etc.
Only applicable in old regime
Max ₹25,000 (₹50,000 for senior citizens)
Max ₹2 lakh for self-occupied property
80E, 80G, NPS, etc.
Old Regime saves you ₹26,260 more in taxes
Based on your inputs above
New Tax Regime (FY 2024-25)
Old Tax Regime
New Regime — Slab Breakdown
| Slab | Rate | Tax |
|---|---|---|
| ₹0.0L – ₹3.0L | 0% | ₹0 |
| ₹3.0L – ₹7.0L | 5% | ₹20,000 |
| ₹7.0L – ₹10.0L | 10% | ₹30,000 |
| ₹10.0L – ₹12.0L | 15% | ₹18,750 |
Old Regime — Slab Breakdown
| Slab | Rate | Tax |
|---|---|---|
| ₹0.0L – ₹2.5L | 0% | ₹0 |
| ₹2.5L – ₹5.0L | 5% | ₹12,500 |
| ₹5.0L – ₹10.0L | 20% | ₹31,000 |
Income Tax Guide FY 2024-25 — Old vs New Regime Explained
The Indian income tax system underwent a significant overhaul with the introduction of the new tax regime. For FY 2024-25 (AY 2025-26), the new regime has been made the default regime with revised slabs and a higher standard deduction of ₹75,000. Understanding both regimes and choosing the right one can save you thousands of rupees annually.
New Tax Regime — Revised Slabs for FY 2024-25
The new regime offers lower tax rates but does not allow most deductions and exemptions. The slabs are: 0% up to ₹3 lakh, 5% from ₹3–7 lakh, 10% from ₹7–10 lakh, 15% from ₹10–12 lakh, 20% from ₹12–15 lakh, and 30% above ₹15 lakh. The standard deduction of ₹75,000 is available. Incomes up to ₹7 lakh get a full rebate under Section 87A, making the effective tax zero.
Old Tax Regime — Slabs and Deductions
The old regime has slabs of 0% up to ₹2.5 lakh, 5% from ₹2.5–5 lakh, 20% from ₹5–10 lakh, and 30% above ₹10 lakh. However, it allows numerous deductions: ₹50,000 standard deduction, up to ₹1.5 lakh under Section 80C, HRA exemption, home loan interest deduction up to ₹2 lakh under Section 24(b), health insurance premium under Section 80D, and many more.
Which Regime Should You Choose?
The break-even point depends on your total deductions. If your deductions exceed approximately ₹3.75 lakh (for income above ₹15 lakh), the old regime saves more tax. For those with fewer deductions — especially young earners without home loans or large 80C investments — the new regime is typically better. Use the calculator above to compare your specific situation.
Key Deductions Under Old Regime
- Section 80C (₹1.5 lakh): EPF, PPF, ELSS, NSC, tax-saving FD, LIC premium, home loan principal
- Section 80D (₹25,000–₹1 lakh): Health insurance premiums for self, family, and parents
- Section 24(b) (₹2 lakh): Home loan interest for self-occupied property
- Section 80E: Education loan interest (no limit)
- Section 80G: Donations to approved charitable organizations
- NPS — Section 80CCD(1B) (₹50,000): Additional NPS contribution over 80C limit
Surcharge and Cess
A 4% Health and Education Cess is levied on the total tax payable. Surcharge applies for high incomes: 10% for income between ₹50 lakh and ₹1 crore, 15% for ₹1–2 crore, 25% for ₹2–5 crore, and 37% above ₹5 crore (capped at 25% under the new regime).
Tax Planning Tips
- Maximize Section 80C investments early in the financial year
- Invest in NPS for additional ₹50,000 deduction under 80CCD(1B)
- Ensure health insurance for family to claim 80D deduction
- Submit investment proofs to employer to reduce TDS
- File ITR even if income is below taxable limit to build financial record