Income Tax & TDS — FY 2024-25

Income Tax Calculator FY 2024-25

Calculate your income tax liability for FY 2024-25 under the old and new tax regimes.

Enter your annual income to calculate and compare your income tax liability under both the old and new tax regimes for FY 2024-25, including applicable standard deduction, rebate under Section 87A, and 4% health & education cess.

Enter a valid income greater than 0.

Estimated Tax Liability

New Regime

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Old Regime

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Includes 4% health & education cess. Old regime assumes standard deduction only — add your specific deductions (80C, 80D, HRA, etc.) for a more accurate old-regime figure.

How to Use This Tool

  1. Enter your annual gross income before deductions.
  2. Click Calculate Tax to see your estimated tax liability under both the old and new regimes.
  3. Compare the two figures to see which regime results in lower tax for your income level.

Income Tax Slabs for FY 2024-25

New Tax Regime (Default)

The new regime offers lower tax rates but fewer deductions (only the standard deduction of ₹75,000 is applied here). Under Section 87A, taxable income up to ₹7,00,000 attracts nil tax due to a full rebate.

Old Tax Regime

The old regime allows deductions like Section 80C (up to ₹1.5 lakh), 80D (health insurance), HRA exemption, and home loan interest — none of which are included in this simplified calculation beyond the standard deduction of ₹50,000. If you claim significant deductions, your actual old-regime tax will likely be lower than shown here.

Which Regime Should You Choose?

Generally, the new regime favors taxpayers with fewer deductions to claim, while the old regime often works out better for those who actively invest in 80C instruments, pay significant home loan interest, or claim HRA. There's no universal answer — it depends entirely on your specific deduction profile, which is why comparing both is essential each year.

Cess

Both regimes add a 4% Health and Education Cess on top of the calculated tax (after any rebate), which this calculator includes.

Frequently Asked Questions

Which regime is the default now?

The new tax regime is the default regime; you need to actively opt for the old regime if you want to use it, typically by informing your employer or choosing it while filing your return.

Does this calculator include deductions like 80C or HRA?

No, for simplicity this only applies the standard deduction to both regimes. If you claim additional deductions under the old regime (80C, 80D, HRA, home loan interest, etc.), your actual old-regime tax liability will likely be lower than shown.

What is the Section 87A rebate?

It's a rebate that makes tax liability nil for taxpayers whose taxable income falls at or below a specified threshold, effectively meaning no tax is payable up to that income level under the respective regime.

This calculator is provided for general informational and estimation purposes only. Results should not be treated as professional financial, tax, legal, medical, or engineering advice. Always verify critical calculations with a qualified professional or official source before making decisions.