Income Tax Calculator
Compare tax liability under Old and New regime for FY 2024-25
Income Details
Old Regime Deductions
Max ₹25,000 (₹50,000 for senior citizens)
Standard Deduction of ₹50,000 applied automatically under Old Regime.
Enter income details and click Calculate
| Details | Old Regime | New Regime |
|---|---|---|
| Gross Income | — | — |
| Total Deductions | — | — |
| Taxable Income | — | — |
| Base Tax | — | — |
| Surcharge | — | — |
| Health & Education Cess (4%) | — | — |
| Total Tax Payable | — | — |
| Monthly TDS | — | — |
Tax Savings with Better Regime
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How to Use
- Enter your Annual Gross Income (salary, business income, etc.).
- Select your Age Group — senior citizens and super seniors have different basic exemption limits.
- Under the Old Regime section, enter deductions you are eligible for: 80C (PPF, ELSS, LIC, etc.), 80D (health insurance), HRA, home loan interest, and others.
- Click Calculate Tax to see a side-by-side comparison of tax payable under both regimes.
- The regime with lower tax is highlighted — choose accordingly when filing your ITR.
Old Regime vs New Regime — Key Differences
| Feature | Old Regime | New Regime (2024-25) |
|---|---|---|
| Standard Deduction | ₹50,000 | ₹75,000 |
| Section 80C | Up to ₹1.5 lakh | Not available |
| Section 80D | Up to ₹25,000 / ₹50,000 | Not available |
| HRA Exemption | Available | Not available |
| Rebate u/s 87A | Up to ₹5L income (₹12,500) | Up to ₹7L income (full rebate) |
| Tax rates | Higher rates, fewer slabs | Lower rates, more slabs |
New Regime Tax Slabs (FY 2024-25)
| Taxable Income | Tax Rate |
|---|---|
| Up to ₹3 lakh | Nil |
| ₹3L – ₹7L | 5% |
| ₹7L – ₹10L | 10% |
| ₹10L – ₹12L | 15% |
| ₹12L – ₹15L | 20% |
| Above ₹15L | 30% |
Who Should Choose Which Regime?
- Old Regime is better if you have high deductions: HRA + 80C + 80D totalling ₹3L+ typically favours old regime for incomes above ₹10L.
- New Regime is better for salaried employees with few deductions, especially those earning up to ₹7.75L (effectively zero tax after standard deduction + 87A rebate).
- Run the calculator every year — the optimal choice can change with salary hikes and life changes (home loan, insurance, etc.).
Important: Cess and Surcharge
A 4% Health & Education Cess is levied on the total tax amount in both regimes. Additionally, surcharge applies if income exceeds ₹50 lakh (10%), ₹1 crore (15%), ₹2 crore (25%), or ₹5 crore (37%).
Frequently Asked Questions
It depends on your deductions. The New Regime is better if your total deductions (80C + 80D + HRA + home loan interest, etc.) are low — typically for those with income under ₹10L with few investments. The Old Regime is better if you have high deductions totalling ₹3L+. For most salaried employees with a home loan + 80C investments + HRA, the Old Regime often wins above ₹12L income. Run this calculator annually — the optimal choice changes with salary hikes and life events.
Section 87A is a tax rebate that reduces your tax liability to zero if your taxable income is within the threshold. Under the Old Regime: rebate up to ₹12,500 if taxable income ≤ ₹5L. Under the New Regime (FY 2024-25): full tax rebate if taxable income ≤ ₹7L — effectively zero tax. Note: taxable income, not gross income. A person earning ₹7.75L gross with ₹75K standard deduction has ₹7L taxable income → zero tax under New Regime.
Yes, for salaried employees and pensioners — you can switch regime every year when filing your ITR. For business income earners, once you opt out of the New Regime, you can only switch back once in a lifetime. Salaried employees should inform their employer at the start of the financial year; TDS will be deducted accordingly.
Yes — surcharge applies equally in both regimes. The rates are: 10% for income ₹50L–₹1Cr, 15% for ₹1Cr–₹2Cr, 25% for ₹2Cr–₹5Cr, 37% for above ₹5Cr. However, the maximum surcharge on capital gains (LTCG on equity) is capped at 15%. A 4% Health & Education Cess applies on tax + surcharge in both regimes.