Income Tax Calculator ( Old Regime Vs. New )
Income Details
Old Regime Deductions (if applicable)
Tax Calculation Results
Enter your income details and click "Calculate Tax" to see results.
Tax Regime Information
New Tax Regime (Default from FY 2023-24)
The new tax regime offers lower tax rates but with most deductions and exemptions removed.
Tax Slabs for FY 2024-25 (AY 2025-26)
| Income Range | Tax Rate |
|---|---|
| Up to ₹3,00,000 | Nil |
| ₹3,00,001 - ₹6,00,000 | 5% |
| ₹6,00,001 - ₹9,00,000 | 10% |
| ₹9,00,001 - ₹12,00,000 | 15% |
| ₹12,00,001 - ₹15,00,000 | 20% |
| Above ₹15,00,000 | 30% |
Standard Deduction: ₹50,000 (available in new regime from FY 2023-24)
Rebate under Section 87A: Full tax rebate for income up to ₹7 lakhs
Old Tax Regime
The old tax regime allows various deductions and exemptions but has higher tax rates.
Tax Slabs for FY 2024-25 (AY 2025-26)
| Income Range (General) | Tax Rate |
|---|---|
| Up to ₹2,50,000 | Nil |
| ₹2,50,001 - ₹5,00,000 | 5% |
| ₹5,00,001 - ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
Key Deductions:
- Standard Deduction: ₹50,000
- Section 80C: Up to ₹1,50,000 (EPF, PPF, Life Insurance, etc.)
- Section 80CCD(1B): Additional ₹50,000 for NPS
- Section 80CCD(2): Employer NPS contribution (up to 10% of salary)
- Section 80D: Medical Insurance (₹25,000-₹1,00,000)
- HRA Exemption
- LTA (Leave Travel Allowance)
- Interest on Home Loan (Section 24)
Frequently Asked Questions
Which regime should I choose for FY 2024-25?
The best regime depends on your income level and available deductions. Generally:
- If you have significant deductions (HRA, 80C, 80D, NPS, etc.), old regime may be better
- If you have minimal deductions, new regime may be better
- For income up to ₹7.5 lakhs, new regime often provides better benefits
Can I switch between regimes for FY 2024-25?
Yes, salaried individuals can choose between regimes each year. For business/profession income, once you opt for new regime, you generally must continue with it.
What's the last date for filing ITR for AY 2025-26?
For most individuals, the due date is July 31st, 2025. Extended deadlines may apply in certain cases.
Are there any changes in tax slabs for FY 2024-25?
The tax slabs remain unchanged from FY 2023-24. The standard deduction of ₹50,000 continues in both regimes.
