Income Tax Calculator India FY 2024-25 — New vs Old Regime

Income Details

Annual Gross Income (₹)

₹

Total CTC / annual income before deductions

Age Group

Old Regime Deductions

Section 80C (PF, LIC, ELSS, etc.)

₹

Section 80D (Health Insurance)

₹

Other Deductions (HRA, NPS, 80E, etc.)

₹

New Regime Slabs (FY 2024-25)

Up to ₹3L: Nil | ₹3–7L: 5%

₹7–10L: 10% | ₹10–12L: 15%

₹12–15L: 20% | Above ₹15L: 30%

87A rebate: Zero tax if taxable ≤ ₹7L | +4% cess

New Regime (FY 2024-25)

Tax Payable (incl. 4% cess)

₹—

Rate: —

Std. Deduction: ₹75,000

Old Regime

Tax Payable (incl. 4% cess)

₹—

Rate: —

Std. Deduction: ₹50,000

Enter your income to compare regimes

Add your Old Regime deductions for best comparison

Gross Income

₹—

Before deductions

Tax You Save

₹—

By choosing right regime

Taxable Income (New)

₹—

After ₹75K std. deduction

Taxable Income (Old)

₹—

After all deductions

Tax vs Take-home (Best Regime)

Tax Rate

—%

Take-home ₹—

Tax Payable ₹—

What is an Income Tax Calculator?

Income tax in India is levied on your total taxable income — salary, interest, rental income, capital gains, and business income combined. From FY 2023-24, the New Tax Regime is the default, with lower slab rates but fewer deductions. The Old Regime allows deductions under 80C, HRA, home loan interest, etc.

Under the 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. A rebate u/s 87A makes income up to ₹7L effectively tax-free under the new regime.

Example Calculation

Scenario: ₹18 LPA, 80C ₹1.5L, HRA exempt ₹1.2L, home loan ₹1.8L

1New: ₹18L − ₹75K std = ₹17.25L taxable → Tax ≈ ₹3,37,500 + 4% cess

2Old: ₹18L − ₹50K − ₹1.5L − ₹1.2L − ₹1.8L = ₹12.75L taxable → Tax ≈ ₹1,97,500

3Old Regime saves ≈ ₹1,40,000/year

✓ Old Regime is better here — deductions exceed ₹3.75L threshold

Frequently Asked Questions

New vs Old tax regime explained for Indian taxpayers

Which tax regime is better — New or Old?

If your total deductions (80C + HRA + home loan + 80D + NPS) exceed approximately ₹3.75 lakh, the Old Regime typically saves more tax. If you have few deductions or your income is under ₹7 lakh, the New Regime is usually better. Always compare using a calculator for your specific situation.

Is income up to ₹7 lakh really tax-free under the New Regime?

Yes, effectively. After the ₹75,000 standard deduction and Section 87A rebate, anyone with gross salary up to ₹7.75 lakh will have zero income tax under the New Regime. However, income above ₹7 lakh is taxed starting from the ₹3 lakh threshold.

Can I switch between tax regimes every year?

Salaried individuals can switch between Old and New regime every year during ITR filing. Individuals with business income can switch to the Old Regime only once — after that they cannot switch back. Inform your employer of your regime choice at the start of each financial year.

What is surcharge and who has to pay it?

Surcharge is an additional tax on high earners: 10% for income ₹50L–₹1Cr, 15% for ₹1Cr–₹2Cr, 25% for ₹2Cr–₹5Cr, and 25% above ₹5Cr (under New Regime). Surcharge is calculated on the tax amount before adding cess, and significantly increases the effective tax rate at higher incomes.

Income Tax Calculator

functions New Regime Slabs (FY 2024-25)

What is an Income Tax Calculator?

Frequently Asked Questions

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