Income Tax Calculator 🏛️

Compare Mode
Taxable Income
₹11,25,000
Tax Payable
₹71,500
Net Income
₹11,28,500
Note: Calculated under New Regime (FY 24-25). Switch to Compare Mode to see Old Regime.

Tax Breakdown

  • Health & Education Cess (4%)
  • Net Income
  • Tax Payable

Tax Slabs & Rules (FY 2024-25)

New Regime (Default)

  • 0 - 3L: Nil
  • 3L - 7L: 5%
  • 7L - 10L: 10%
  • 10L - 12L: 15%
  • 12L - 15L: 20%
  • > 15L: 30%
  • Standard Deduction: ₹75,000
  • Rebate u/s 87A: Taxable income up to ₹7L is tax-free.

Old Regime

  • 0 - 2.5L: Nil
  • 2.5L - 5L: 5%
  • 5L - 10L: 20%
  • > 10L: 30%
  • Standard Deduction: ₹50,000
  • Rebate u/s 87A: Taxable income up to ₹5L is tax-free.
Note: Surcharge and Health & Education Cess (4%) will be applied.

About Income Tax Calculator

This calculator helps you estimate your income tax liability under both the Old and New Tax Regimes for FY 2024-25. It accounts for the latest tax slabs, standard deduction updates, and Section 87A rebates.

Features

  • Updated for FY 2024-25 Tax Slabs
  • Supports 80C, 80D, HRA and more
  • Instant Regime Comparison
  • Visual Tax Breakdown

How to Use

  1. Enter your Gross Annual Income.
  2. Enter deductions like 80C (PPF/LIC), 80D (Medical), and HRA.
  3. Compare tax liability under Old vs New Regime to choose the best option.

What is Income Tax?

Income Tax is a direct tax levied by the Government of India on the earnings of individuals, HUFs, and businesses. India follows a progressive tax system where higher income attracts higher tax rates. For FY 2024-25, taxpayers can choose between the Old Regime (with deductions like 80C, 80D, HRA) and the New Regime (lower rates, fewer deductions, ₹75,000 standard deduction).

Tax Calculation Method

Tax = Sum of (Taxable Income in each slab × Slab Rate) + 4% Cess

Under the New Regime: ₹0-3L (0%), ₹3-7L (5%), ₹7-10L (10%), ₹10-12L (15%), ₹12-15L (20%), >₹15L (30%). A standard deduction of ₹75,000 is available. Rebate u/s 87A makes tax zero if taxable income is ≤₹7L. Health & Education Cess of 4% is added on the tax amount.

Worked Example (New Regime)

  1. Annual Income = ₹12,00,000
  2. Standard Deduction = ₹75,000
  3. Taxable Income = ₹11,25,000
  4. ₹0 - ₹3,00,000 = ₹0 (0%)
  5. ₹3,00,000 - ₹7,00,000 = ₹20,000 (5%)
  6. ₹7,00,000 - ₹10,00,000 = ₹30,000 (10%)
  7. ₹10,00,000 - ₹11,25,000 = ₹18,750 (15%)
  8. Total Tax = ₹68,750
  9. Cess (4%) = ₹2,750
  10. Total Tax Payable = ₹71,500

Frequently Asked Questions

It depends on your deductions. If your total deductions (80C, 80D, HRA, LTA, etc.) exceed ~₹3.75 lakhs, the Old Regime may save more tax. If you have few deductions, the New Regime's lower slab rates are usually better. Use our Compare Mode to check both regimes side by side.
Under the New Regime, the standard deduction is ₹75,000 (increased from ₹50,000 in Budget 2024). Under the Old Regime, it remains ₹50,000. This deduction is available to all salaried employees and pensioners.
Under Section 87A, if your total taxable income is ≤₹5 lakhs (Old Regime) or ≤₹7 lakhs (New Regime), the entire tax liability is waived through a rebate. This effectively means zero tax for incomes up to these limits.
Yes, investments in PPF, ELSS mutual funds, life insurance premiums, and EPF contributions qualify for deduction under Section 80C, up to ₹1.5 lakhs per year. However, these deductions are only available under the Old Tax Regime.
For individuals and HUFs, the ITR filing deadline is typically July 31st of the assessment year. For example, for FY 2024-25, the deadline is July 31, 2025. Late filing attracts a penalty of ₹5,000 (₹1,000 if income is below ₹5 lakhs).

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