Income Tax Calculator FY 2024-25
Calculate your income tax liability for FY 2024-25 (AY 2025-26). Compare old vs new tax regime and choose the best option.
Income Tax Calculator
Compare Old vs New Tax Regime (2024-25)
Only applicable for Old Tax Regime
New Regime is Better
Save ₹33,800
per year
Old Tax
₹85,800
Net: ₹9.14 L
New Tax
₹52,000
Net: ₹9.48 L
Tax Comparison
Tax Slabs (2024-25)
Old Tax Regime
Up to ₹2.5L: 0%
₹2.5L - ₹5L: 5%
₹5L - ₹10L: 20%
Above ₹10L: 30%
New Tax Regime
Up to ₹3L: 0%
₹3L - ₹7L: 5%
₹7L - ₹10L: 10%
₹10L - ₹12L: 15%
₹12L - ₹15L: 20%
Above ₹15L: 30%
Tax Regime Selection
Old regime benefits those with high deductions (80C, HRA, etc.). New regime is better for those with minimal deductions. Health & education cess (4%) is applicable on both.
Income Tax Calculator India 2024-25 - Compare Old vs New Tax Regime
Use our free income tax calculator to compare Old vs New tax regime and calculate your tax liability for FY 2024-25. Our tax calculator helps you determine which regime saves you more money based on your income, deductions, and age. Make an informed decision about which tax regime to choose for optimal tax savings.
Compare Old vs New tax regime side-by-side
Calculate tax liability with accurate tax slabs for FY 2024-25
Understand tax savings by choosing the right regime
Free tax calculator with no registration required
Instant results showing tax payable and net income
Includes health & education cess (4%) in calculations
How to Use Income Tax Calculator
Enter Annual Income
Input your total annual income for FY 2024-25. This includes salary, business income, capital gains, and other sources.
Enter Your Age
Age determines eligibility for senior citizen tax benefits (60+) and super senior citizen benefits (80+).
Add Deductions
Enter deductions under Section 80C (up to ₹1.5L), HRA, 80D, etc. Only applicable for Old Tax Regime.
Compare Results
View tax payable, net income, and savings for both regimes. Choose the regime that saves you more money.
Income Tax Calculator FAQs
Which tax regime is better - Old or New?
The better regime depends on your income level and deductions. Old regime is beneficial if you have substantial deductions (80C, HRA, 80D, etc.) exceeding ₹1.5-2 lakhs. New regime benefits those with minimal deductions and simpler tax situations. Use our calculator to compare both regimes based on your specific situation.
What are the tax slabs for FY 2024-25?
Old Regime: Up to ₹2.5L (0%), ₹2.5L-₹5L (5%), ₹5L-₹10L (20%), Above ₹10L (30%). New Regime: Up to ₹3L (0%), ₹3L-₹7L (5%), ₹7L-₹10L (10%), ₹10L-₹12L (15%), ₹12L-₹15L (20%), Above ₹15L (30%). Health & education cess of 4% is applicable on tax amount in both regimes.
Can I switch between Old and New tax regime?
Yes, salaried individuals can choose their regime each financial year. However, once chosen, you cannot switch during the year. Business professionals and those with business income can switch, but certain conditions apply. It's best to calculate both scenarios before filing your return.
What deductions are available in Old Tax Regime?
Common deductions in Old regime include Section 80C (up to ₹1.5L - PPF, ELSS, life insurance, etc.), Section 80D (health insurance), HRA, Section 24 (home loan interest), Section 80G (donations), and others. New regime has minimal deductions, primarily standard deduction for salaried employees.
Is the tax calculator accurate for FY 2024-25?
Yes, our tax calculator uses the latest tax slabs and rates for FY 2024-25 (Assessment Year 2025-26). It includes all tax brackets, cess calculations, and senior citizen benefits. However, this is for estimation purposes. Consult a CA for complex tax situations.
How much tax will I pay on ₹10 lakhs income?
For ₹10L income: Old regime (with ₹1.5L deductions) - Taxable income ₹8.5L, tax approximately ₹87,500. New regime - Taxable income ₹10L, tax approximately ₹75,000. New regime saves ₹12,500 in this scenario. Actual tax depends on your specific deductions and age.
Tax Calculator - Frequently Asked Questions
Q1.How to calculate income tax for FY 2024-25?
Use our tax calculator to calculate income tax for FY 2024-25 (AY 2025-26). Enter your income, deductions under Section 80C, 80D, and other sections. The calculator will show tax liability under both old and new tax regimes, helping you choose the better option.
Q2.Which tax regime is better - old or new?
The better tax regime depends on your deductions. If you have significant deductions (80C, HRA, home loan interest), the old regime might be better. If you have minimal deductions, the new regime with lower tax rates could save more. Our calculator compares both regimes automatically.
Q3.What is the new tax regime for FY 2024-25?
The new tax regime for FY 2024-25 offers lower tax rates but doesn't allow most deductions and exemptions. Tax slabs: 0-3 lakhs (nil), 3-6 lakhs (5%), 6-9 lakhs (10%), 9-12 lakhs (15%), 12-15 lakhs (20%), above 15 lakhs (30%). Standard deduction of ₹50,000 is allowed.
Q4.Is this tax calculator accurate?
Yes, our tax calculator uses official income tax slabs and rates as per the Income Tax Act for FY 2024-25. It calculates tax liability accurately for both old and new regimes. However, for complex cases with multiple income sources or special deductions, consult a tax professional.
Q5.Can I switch between old and new tax regime?
Yes, salaried individuals can switch between old and new tax regimes every year. However, if you have business income, you can switch only once in your lifetime. Choose the regime that minimizes your tax liability each year using our calculator.