Income Tax Calculator

Calculate your income tax based on Indian tax slabs and deductions

Compare Old vs New tax regime and find out which one saves you more money. Includes all major deductions under Section 80C, 80D, HRA, and standard deduction.

Calculate Tax

💡 Tip: Use the regime comparison to see which tax regime is better for your income level and deductions.

Understanding Indian Income Tax

New Tax Regime (FY 2024-25)

  • Up to ₹3,00,000: Nil
  • ₹3,00,001 - ₹6,00,000: 5%
  • ₹6,00,001 - ₹9,00,000: 10%
  • ₹9,00,001 - ₹12,00,000: 15%
  • ₹12,00,001 - ₹15,00,000: 20%
  • Above ₹15,00,000: 30%

Old Tax Regime

  • 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%
* Plus deductions under 80C, 80D, HRA, etc.

Major Deductions (Old Regime)

  • Section 80C: Up to ₹1,50,000 for PPF, ELSS, life insurance, etc.
  • Section 80D: Medical insurance premiums (₹25,000-₹50,000)
  • HRA: House Rent Allowance exemption based on rent paid
  • Standard Deduction: ₹50,000 for salaried employees

Which Regime to Choose?

  • Choose New Regime if you have minimal deductions
  • Choose Old Regime if you have significant investments and deductions
  • Use the calculator to compare both regimes for your specific situation
  • Consider your long-term financial planning and investment goals

Important Notes

  • This calculator is for informational purposes only. For official tax filing, consult a tax professional.
  • Tax slabs and rates are based on FY 2024-25 and may change in future fiscal years.
  • Health and Education Cess of 4% is applicable on the calculated income tax amount.
  • The new regime is the default regime from FY 2023-24 onwards unless you opt for the old regime.

Why Our Income Tax Calculator Stands Out

Old vs New Regime Comparison

Compare both tax regimes side-by-side instantly. See which regime saves you more based on your income and deductions for FY 2024-25.

All Major Deductions Included

Comprehensive support for Section 80C, 80D, HRA, home loan interest, standard deduction, and more to calculate accurate tax liability.

Updated Tax Slabs

Always current with the latest Indian tax slabs, including new regime rates and standard deductions for FY 2024-25.

How to Use the Income Tax Calculator

1

Enter Your Annual Income

Input your total annual income including salary, business income, rental income, and other sources. Enter gross salary before any deductions.

2

Add Your Deductions

Enter deductions under Section 80C (PPF, ELSS, LIC), 80D (health insurance), HRA, home loan interest, and other eligible deductions.

3

Select Tax Regime

Choose between Old or New tax regime. The calculator automatically compares both to show which one benefits you more.

4

View Tax Breakdown

See detailed tax calculation with slab-wise breakdown, effective tax rate, and total tax payable including cess. Compare savings between regimes.

Frequently Asked Questions

Which tax regime should I choose - Old or New?

Choose the New Regime if you have minimal deductions or don't invest much in tax-saving instruments - you'll benefit from lower tax rates. Choose the Old Regime if you have significant investments in PPF, ELSS, home loans, or claim HRA - the deductions can result in lower tax. Use our calculator to compare both for your specific situation.

What is the income tax slab for FY 2024-25 in India?

New Regime: 0% up to ₹3L, 5% for ₹3-6L, 10% for ₹6-9L, 15% for ₹9-12L, 20% for ₹12-15L, 30% above ₹15L. Old Regime: 0% up to ₹2.5L, 5% for ₹2.5-5L, 20% for ₹5-10L, 30% above ₹10L. Health & Education Cess of 4% applies on the calculated tax. Senior citizens (60+) get ₹3L basic exemption in old regime.

What deductions are available under Section 80C?

Section 80C allows deductions up to ₹1.5 lakh for investments in PPF, ELSS mutual funds, life insurance premiums, EPF, NSC, tax-saving FDs (5-year), home loan principal repayment, tuition fees, and sukanya samriddhi yojana. This is available only in the Old Tax Regime. The New Regime doesn't allow 80C deductions.

How is HRA exemption calculated?

HRA exemption is the minimum of: (a) Actual HRA received, (b) 50% of salary for metro cities (Mumbai, Delhi, Kolkata, Chennai) or 40% for non-metro cities, (c) Rent paid minus 10% of salary. HRA exemption is available only in the Old Tax Regime and not applicable in the New Regime.

What is standard deduction for salaried employees?

Standard deduction of ₹50,000 is available for salaried individuals and pensioners in both Old and New tax regimes. It's automatically deducted from gross salary. Family pensioners get ₹15,000 standard deduction. This reduces your taxable income without requiring any investment or documentation.

Can I switch between tax regimes every year?

Yes, salaried individuals can switch between Old and New regime every financial year while filing ITR. However, individuals with business income can switch only once during their lifetime. The New Regime is the default from FY 2023-24. You need to explicitly opt for the Old Regime by filing the required form.