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Income Tax Calculator

Compare your income tax liability under old and new regime for FY 2024-25. Includes 87A rebate, standard deduction, cess and all major deductions.

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Income Tax Calculator FY 2024-25
Filing Status
Annual Gross Income₹10,00,000
📋 Old Regime Deductions (not applicable under new regime)
Section 80C Deductions₹1,50,000
PF, PPF, ELSS, LIC, NSC — max ₹1.5L
Section 80D (Health Insurance)₹25,000
Self + family — max ₹25,000 (₹50,000 senior)
HRA Exemption₹0
Calculated from HRA Calculator
Other Deductions (80E, 80G etc.)₹0
Home loan interest, donations etc.
↺ Reset
Recommendation
New Regime saves ₹26,000
📋 Old Regime
Gross Income₹10,00,000
Total Deductions−₹2,25,000
Taxable Income₹7,75,000
Tax + 4% Cess₹70,200
Take Home₹9,29,800
⚡ New Regime
Gross Income₹10,00,000
Std Deduction−₹75,000
Taxable Income₹9,25,000
Tax + 4% Cess₹44,200
Take Home₹9,55,800
📋
Tax (Old Regime)
₹70,200
⚡
Tax (New Regime)
₹44,200
💰
New Regime Saves
₹26,000
Tax Calculation
Tax = Slab Tax × 1.04 (cess)
Taxable = Gross − Deductions
Take Home = Gross − Total Tax
New std deduction = ₹75,000
Old std deduction = ₹50,000
87A rebate = up to ₹7L (new regime)
💡Quick Tax Tips
New regime wins below ₹7 lakh. After the ₹75,000 standard deduction, income up to ₹7.75 lakh gross is completely tax-free under the new regime via 87A rebate. Old regime cannot match this.
NPS gives ₹50,000 extra deduction. Section 80CCD(1B) allows ₹50,000 NPS deduction over and above the ₹1.5 lakh 80C limit — the only way to exceed the 80C ceiling under the old regime.

New Tax Regime Slabs for FY 2024-25 (AY 2025-26)

The new regime tax slabs: ₹0–3 lakh = 0%; ₹3–7 lakh = 5%; ₹7–10 lakh = 10%; ₹10–12 lakh = 15%; ₹12–15 lakh = 20%; above ₹15 lakh = 30%. Budget 2024 increased the standard deduction from ₹50,000 to ₹75,000 for salaried employees under the new regime. The Section 87A rebate makes income up to ₹7 lakh completely tax-free — meaning gross income up to ₹7.75 lakh after the ₹75,000 standard deduction results in zero tax liability.

Old Tax Regime Slabs — With Deductions

Old regime slabs (individual below 60): ₹0–2.5 lakh = 0%; ₹2.5–5 lakh = 5%; ₹5–10 lakh = 20%; above ₹10 lakh = 30%. Senior citizens (60–79): basic exemption ₹3 lakh. Super senior citizens (80+): basic exemption ₹5 lakh. The old regime allows deductions under Section 80C (up to ₹1.5 lakh — PF, PPF, ELSS, LIC), 80D (health insurance up to ₹25,000), HRA exemption (use our HRA Calculator), 80E (education loan interest), 80G (donations) and many others.

Which Regime Saves More — Practical Break-Even Analysis

For income up to ₹7 lakh: new regime is always better — zero tax after 87A rebate. For ₹7–15 lakh: depends on deductions. The new regime wins if your deductions (80C + 80D + HRA + others) are below approximately ₹2–3 lakh; old regime wins above that. For income above ₹15 lakh: if total deductions exceed ₹3.75 lakh, old regime saves more. This calculator computes both precisely for your specific numbers — the recommendation banner updates instantly.

Maximising Tax Savings Under the Old Regime

  • Section 80C (₹1.5 lakh): EPF, PPF, ELSS, 5-year FD, NSC, SSY, LIC premium, home loan principal, children's tuition fees.
  • Section 80CCD(1B) (₹50,000 extra): NPS contribution — this is over and above 80C. See our NPS Calculator.
  • Section 80D (₹25,000–₹1 lakh): Health insurance for self, family and parents. Senior citizen parents: up to ₹50,000 deductible.
  • HRA Exemption: Calculated as the minimum of three components — use our HRA Calculator for exact figures.
  • Section 24(b) (₹2 lakh): Home loan interest for self-occupied property.

Important Dates — Tax Filing Calendar

31 July: Last date to file ITR without penalty for individuals (non-audit). 31 December: Last date to file belated or revised ITR. March 15: Last advance tax instalment. January–February: Investment declaration deadline for salaried employees (submit to employer). Missing the 31 July deadline results in a late fee of ₹5,000 (₹1,000 if income is below ₹5 lakh) and potential interest on outstanding tax. Always compute your tax liability here before the filing deadline. Use our TDS Calculator to verify your expected TDS matches your actual liability.

✓Verified by ToollyX Team · Last updated June 2026

Frequently Asked Questions

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Disclaimer: Tax calculations are estimates for FY 2024-25 based on standard tax law provisions. Actual tax liability may differ due to specific deductions, surcharge applicability and individual circumstances. Consult a chartered accountant for filing your income tax return.