Income Tax Calculator
Calculate your income tax for FY 2024-25 under both old and new tax regimes. Find which regime saves more.
FY 2024-25 Tax Slabs
| Income | Rate |
|---|---|
| Up to ₹3 lakh | Nil |
| ₹3L – ₹7L | 5% |
| ₹7L – ₹10L | 10% |
| ₹10L – ₹12L | 15% |
| ₹12L – ₹15L | 20% |
| Above ₹15L | 30% |
| Income | Rate |
|---|---|
| Up to ₹2.5 lakh | Nil |
| ₹2.5L – ₹5L | 5% |
| ₹5L – ₹10L | 20% |
| Above ₹10L | 30% |
Frequently asked questions
Which tax regime is better for me?
It depends on your deductions. If you have significant deductions (80C investments, HRA, home loan interest, 80D), the old regime is often better. If your deductions are minimal, the new regime's lower slabs usually save more tax. Use this calculator to compare both.
What is the standard deduction?
Standard deduction is a flat deduction from salary income — ₹75,000 under the new regime and ₹50,000 under the old regime for FY 2024-25. It was introduced to replace the earlier transport allowance and medical reimbursement exemptions.
What is Section 87A rebate?
Section 87A gives a tax rebate of up to ₹25,000 under the new regime if your net taxable income is ₹7 lakh or less. Under the old regime, the rebate is up to ₹12,500 for income up to ₹5 lakh. This effectively makes income up to these limits tax-free.
What is surcharge and when does it apply?
Surcharge is an additional tax on high incomes: 10% for income ₹50L–₹1Cr, 15% for ₹1Cr–₹2Cr, 25% for ₹2Cr–₹5Cr, and 37% for above ₹5Cr (capped at 25% under the new regime). A 4% Health & Education cess is added on top of tax + surcharge.
Can I switch between old and new regime every year?
Salaried employees can switch between regimes every year at the time of filing. However, if you have business income, you can switch only once from new to old regime.