Income Tax Calculator
New vs Old Regime
FY 2024-25
Calculate your exact tax liability under New & Old Regime, compare savings instantly โ updated with Budget 2024 slabs, 87A rebate, and โน75K standard deduction.
Income Tax Calculator
FY 2024-25 | AY 2025-26 โ Budget 2024 Updated
Tax Slabs at a Glance
FY 2024-25 visual breakdown โ New Regime slab visualization
Income Tax Guide
Complete guide to FY 2024-25 tax rules โ Old vs New Regime explained
New Tax Regime (Default)
The default option from FY 2023-24. Offers lower slab rates starting at 5% but removes most deductions. Ideal for those with minimal investments or early in their career when 80C/HRA contributions are low.
Old Tax Regime
Allows deductions under 80C (โน1.5L), 80D (health), HRA, home loan interest 24B (โน2L), and NPS 80CCD(1B) (โน50K). Optimal for taxpayers whose total deductions exceed โน3.75L at โน12L income.
Tax Calculation Formula
Old Regime is Better When
- You max out 80C (โน1.5L in EPF, ELSS, PPF)
- You receive significant HRA or pay rent
- Home loan interest exceeds โน1.5L/year
- You have health insurance (80D)
- Total deductions exceed your breakeven
Calculate Gross Income
Salary + business + other income
Subtract Deductions
Standard ded + 80C/D/NPS (Old)
Apply Slab Rates
Progressive tax on taxable income
Add Cess & Surcharge
4% cess on tax + surcharge
All Old Regime Deductions
Maximise every available deduction to reduce your tax liability
Section 80C โ โน1.5L Max
- EPF / VPF employee contribution
- PPF โ Public Provident Fund
- ELSS Mutual Funds (3yr lock-in)
- 5-year Tax Saving FD
- NSC โ National Savings Certificate
- Life insurance premium (LIC etc.)
- Home loan principal repayment
- Children tuition fees (up to 2 children)
Section 80D โ Health Insurance
- Self + family premium: โน25,000/yr
- Senior citizen parents: โน50,000/yr
- If you are senior citizen: โน50,000/yr
- Preventive health checkup: โน5K (within limits)
- Maximum combined: โน75,000/yr
NPS โ 80CCD Benefits
- 80CCD(1): Within โน1.5L 80C cap
- 80CCD(1B): Additional โน50K exclusively for NPS
- 80CCD(2): Employer NPS โ no upper limit
- Tier 1 only: Tier 2 is not tax-deductible
Home Loan Deductions
- Section 24B: Interest up to โน2L/year
- Section 80C: Principal within โน1.5L cap
- 80EEA: First home buyers โน1.5L extra interest
- HRA: Separate rent exemption formula
Frequently Asked Questions
Your income tax questions answered โ FY 2024-25
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