Calculator

Income Tax Calculator India 2024-25

Calculate your income tax under both old and new tax regimes. Compare tax liability and find which regime saves you more taxes.

Enter Your Income
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Deductions (Old Regime Only)

Tax Comparison

New Tax Regime is better for you!

You save ₹40,300 compared to the old regime.

New Regime

₹71,500

Total Tax Payable

Old Regime

₹1.12 L

Total Tax Payable

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Understanding Income Tax in India

India has two tax regimes - the old regime with higher rates but more deductions, and the new regime with lower rates but fewer deductions. Our calculator helps you compute tax under both regimes so you can make an informed choice.

New Tax Regime Slabs (FY 2024-25)

Income SlabTax Rate
Up to ₹3 lakhNil
₹3 - 7 lakh5%
₹7 - 10 lakh10%
₹10 - 12 lakh15%
₹12 - 15 lakh20%
Above ₹15 lakh30%

Tax Saving Tips

  • Maximize 80C investments (PPF, ELSS, insurance) up to ₹1.5 lakh
  • Claim HRA exemption if you pay rent and get HRA
  • Use Section 80D for health insurance premiums
  • Home loan interest under Section 24 gives up to ₹2 lakh deduction
  • NPS contribution under 80CCD(1B) gives additional ₹50,000 deduction

Important Deadlines

The due date for filing income tax returns for salaried individuals is usually July 31st of the assessment year. Advance tax should be paid quarterly if your tax liability exceeds ₹10,000. Late filing attracts penalties and interest, so file your returns on time.

Frequently Asked Questions

What is the new tax regime in India?
The new tax regime offers lower tax rates but with fewer deductions and exemptions. It has become the default regime from FY 2023-24. You can still opt for the old regime if it benefits you more. The new regime has tax slabs of 0%, 5%, 10%, 15%, 20%, and 30%.
Which tax regime should I choose?
If you have significant investments in 80C, HRA exemption, home loan interest, and other deductions, the old regime may be better. If you have minimal deductions or prefer simplicity, the new regime with lower rates might save you more tax. Use our calculator to compare both.
What is the standard deduction in 2024-25?
For FY 2024-25, the standard deduction is ₹75,000 under the new tax regime and ₹50,000 under the old tax regime. This is automatically deducted from your salary income before calculating tax.
What are the main deductions under Section 80C?
Section 80C allows deductions up to ₹1.5 lakh for investments in PPF, ELSS, life insurance, NSC, 5-year FD, home loan principal, children's tuition fees, and more. This is only available under the old tax regime.
Is there any tax rebate available?
Under Section 87A, if your taxable income is up to ₹5 lakh (old regime) or ₹7 lakh (new regime), you get a rebate making your tax liability zero. This makes income up to these limits effectively tax-free.
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