Income Tax Calculator
Calculate your income tax liability for FY 2024-25 (AY 2025-26) under both the Old Tax Regime and the New Tax Regime, including the revised slabs and standard deductions from Budget 2024. The calculator recommends the regime that minimises your tax.
Frequently Asked Questions
What changed in the New Tax Regime in Budget 2024?+
The July 2024 Union Budget revised new regime slabs (0% up to ₹3L, 5% from ₹3–7L, 10% from ₹7–10L, 15% from ₹10–12L, 20% from ₹12–15L, 30% above ₹15L), increased the standard deduction from ₹50,000 to ₹75,000, and raised the 87A rebate threshold to ₹7L taxable income.
Who should choose the Old Tax Regime?+
The Old Regime is generally better if you have large deductions — primarily 80C investments (₹1.5L), HRA, home loan interest, 80D insurance premiums, and NPS contributions. If total deductions exceed roughly ₹4–5L, the Old Regime often saves more tax.
Who should choose the New Tax Regime?+
The New Regime is better for those with minimal investments and deductions — for example, salaried individuals who do not claim HRA, have no home loan, and make no 80C investments. It is also simpler with fewer compliance requirements.
What is the 87A rebate?+
Section 87A provides a tax rebate that effectively makes income tax zero if your net taxable income is within the threshold. Under the Old Regime, the rebate applies up to ₹5L taxable income (max rebate ₹12,500). Under the New Regime, it applies up to ₹7L taxable income (max rebate ₹25,000).
Does the income tax calculation include cess?+
Yes. A Health and Education Cess of 4% is applied on the computed income tax in this calculator. The final figure shown is tax + cess, which is the actual amount payable.