Income Tax Calculator FY 2024-25 | India New & Old Tax Regime

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Income Tax Calculator

FY 2024-25

🇮🇳 AY 2025-26 Updated

India Income Tax Calculator
FY 2024-25

Compare New & Old Tax Regime. Calculate your exact tax liability in under 60 seconds.

Updated for Union Budget 2024. Includes ₹75,000 standard deduction (New Regime), revised Section 87A rebate, 80C deductions, HRA, NPS, and surcharge calculations.

New Tax Regime (Default): Lower tax rates, standard deduction of ₹75,000. No 80C, HRA, or most other exemptions. Best if total deductions are below ~₹3.75 lakh. Section 87A rebate up to ₹25,000 for income ≤ ₹7 lakh.

Personal Details

Age Category i

Employment Type

Income Details

Gross Annual Income (CTC / Revenue)

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Other Income (Interest, rent, etc.)

₹

Deductions & Exemptions (Old Regime)

Section 80C i

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Section 80D i

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HRA Exemption i

₹

Home Loan Interest (Sec 24b) i

₹

NPS (Sec 80CCD(1B)) i

₹

Other Deductions (80E, 80G, etc.)

₹

TOTAL TAX PAYABLE (FY 2024-25)

₹0

📊 Slab-wise Tax Breakdown

// Guide

How to Use This Calculator

Select Your Tax Regime

Choose between New Tax Regime (default for FY 2024-25, no deductions but lower rates) or Old Tax Regime (allows 80C, HRA, and other deductions). The calculator shows results for your selected regime.

Enter Your Age & Employment Type

Age affects the basic exemption limit under Old Regime. Senior Citizens (60–80) get ₹3 lakh exemption; Super Seniors (80+) get ₹5 lakh. Employment type determines standard deduction applicability.

Input Your Gross Annual Income

Enter your total annual income before any deductions. For salaried individuals, this is your CTC or gross salary. Also add any other income — interest, rent, freelance, etc.

Add Deductions (Old Regime Only)

If using the Old Regime, fill in your deductions: 80C investments (up to ₹1.5L), health insurance (80D), HRA, home loan interest (Section 24b), NPS, and others. Each has the applicable maximum limit.

Click Calculate and Review Results

Your results show total tax payable including base tax, surcharge (if any), and 4% cess. The slab-wise breakdown explains exactly how each portion of your income is taxed. A regime comparison hint helps you decide which option saves more.

// Reference Guide

Income Tax Slabs & Deductions: FY 2024-25

The Union Budget 2024 introduced key changes to the income tax structure. The New Tax Regime continues to be the default regime for FY 2024-25, with increased standard deduction for salaried employees raised from ₹50,000 to ₹75,000. Understanding both regimes is essential for accurate tax planning.

New Tax Regime Slabs (FY 2024-25)

The new regime offers reduced tax rates without most deductions and exemptions. It is the default option for all taxpayers from FY 2023-24 onwards.

Income Range	Tax Rate	Tax on Slab (Max)
Up to ₹3,00,000	NIL	₹0
₹3,00,001 – ₹7,00,000	5%	₹20,000
₹7,00,001 – ₹10,00,000	10%	₹30,000
₹10,00,001 – ₹12,00,000	15%	₹30,000
₹12,00,001 – ₹15,00,000	20%	₹60,000
Above ₹15,00,000	30%	—

Plus: 4% Health & Education Cess on total tax. Surcharge applies for income above ₹50 lakh. Standard deduction of ₹75,000 for salaried employees reduces taxable income.

Old Tax Regime Slabs (FY 2024-25 — Below 60 years)

Income Range	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 Changes in FY 2024-25 Budget

💼

Standard Deduction Raised

Standard deduction for salaried employees under New Tax Regime increased from ₹50,000 to ₹75,000 per year in Budget 2024, providing additional relief.

🎁

Section 87A Rebate

New Regime: Rebate up to ₹25,000 for taxable income ≤ ₹7 lakh — effectively zero tax. Old Regime: Rebate up to ₹12,500 for income ≤ ₹5 lakh.

📉

Surcharge Cap (New Regime)

Maximum surcharge capped at 25% under New Tax Regime for income above ₹5 crore (vs 37% under Old Regime). This significantly benefits very high-income earners.

🏠

Old Regime Deductions

Old regime still allows 80C (₹1.5L), HRA, 80D (health insurance), home loan interest (Section 24b: ₹2L), NPS 80CCD(1B): ₹50,000, and LTA.

// FAQ

Frequently Asked Questions

What is the income tax slab for FY 2024-25 under the New Tax Regime?

New Regime slabs: Up to ₹3L — Nil | ₹3–7L — 5% | ₹7–10L — 10% | ₹10–12L — 15% | ₹12–15L — 20% | Above ₹15L — 30%. Salaried employees get ₹75,000 standard deduction. Section 87A rebate of ₹25,000 for income ≤ ₹7 lakh means effective zero tax up to ₹7 lakh for salaried employees (₹7.75L with standard deduction).

What is the Section 87A rebate for FY 2024-25?

Under the New Tax Regime: rebate up to ₹25,000 for net taxable income ≤ ₹7,00,000 — meaning zero tax payable. Under the Old Tax Regime: rebate up to ₹12,500 for income ≤ ₹5,00,000. The rebate is applied before cess, effectively making tax zero for those within the threshold.

Which tax regime is better — New or Old for FY 2024-25?

General guideline: The New Regime is better if your total deductions (80C + HRA + 80D + home loan interest + NPS) are less than approximately ₹3–4 lakh. The Old Regime benefits those with higher deductions — particularly home loan interest, large 80C investments, and HRA. Use this calculator to compare both and choose the lower tax option for your specific situation.

What are the surcharge rates for FY 2024-25?

Surcharge is applied on income tax (before cess) for high earners: 10% surcharge for income ₹50L–₹1Cr; 15% for ₹1Cr–₹2Cr; 25% for ₹2Cr–₹5Cr; 25% (New) / 37% (Old) for income above ₹5Cr. Additionally, 4% Health & Education Cess is levied on (Tax + Surcharge). Our calculator computes surcharge automatically.

India Income Tax CalculatorFY 2024-25