Income Tax Calculator
Calculate your income tax liability for FY 2024-25. Compare old vs new tax regimes and optimize your tax savings with deductions.
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Tax Summary
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Income Tax Slabs FY 2024-25
New Tax Regime (Default)
| Income Slab | Tax Rate | Tax Amount |
|---|---|---|
| Up to ₹3,00,000 | 0% | Nil |
| ₹3,00,001 - ₹7,00,000 | 5% | 5% of income exceeding ₹3,00,000 |
| ₹7,00,001 - ₹10,00,000 | 10% | ₹20,000 + 10% of income exceeding ₹7,00,000 |
| ₹10,00,001 - ₹12,00,000 | 15% | ₹50,000 + 15% of income exceeding ₹10,00,000 |
| ₹12,00,001 - ₹15,00,000 | 20% | ₹80,000 + 20% of income exceeding ₹12,00,000 |
| Above ₹15,00,000 | 30% | ₹1,40,000 + 30% of income exceeding ₹15,00,000 |
* Rebate under Section 87A available up to ₹7 Lakhs income
Old Tax Regime
| Income Slab | Tax Rate | Tax Amount |
|---|---|---|
| Up to ₹2,50,000 | 0% | Nil |
| ₹2,50,001 - ₹5,00,000 | 5% | 5% of income exceeding ₹2,50,000 |
| ₹5,00,001 - ₹10,00,000 | 20% | ₹12,500 + 20% of income exceeding ₹5,00,000 |
| Above ₹10,00,000 | 30% | ₹1,12,500 + 30% of income exceeding ₹10,00,000 |
* Standard deduction of ₹50,000 available. Rebate under Section 87A available up to ₹5 Lakhs income
Tax Saving Strategies
Section 80C
Invest up to ₹1.5 Lakhs in ELSS, PPF, EPF, NSC, tax-saving FDs, and life insurance premiums.
Health Insurance
Claim up to ₹25,000 for self/family and ₹50,000 for senior citizens under Section 80D.
Home Loan Benefits
Claim up to ₹2 Lakhs interest under Section 24 and principal repayment under Section 80C.
NPS Investment
Additional ₹50,000 deduction under Section 80CCD(1B) over and above Section 80C limit.
Frequently Asked Questions
Which tax regime should I choose?
Choose the new tax regime if you have minimal deductions and investments. Choose the old regime if you have significant investments (Section 80C, 80D, HRA, home loan interest, etc.) that can reduce your taxable income substantially.
What is the basic exemption limit?
Under the new regime: ₹3,00,000 for all individuals. Under the old regime: ₹2,50,000 for individuals below 60 years, ₹3,00,000 for senior citizens (60-80 years), and ₹5,00,000 for super senior citizens (above 80 years).
What is Section 87A rebate?
Section 87A provides tax rebate for individuals with total income up to ₹7 lakhs under new regime (full tax rebate) and up to ₹5 lakhs under old regime (maximum rebate of ₹12,500).
Can I switch between tax regimes?
Salaried individuals can switch between regimes each financial year. For business/profession income, once you choose a regime, you must continue with it unless you opt out under specified conditions.
What is the standard deduction?
A flat deduction of ₹50,000 is available for salaried individuals under both old and new tax regimes from FY 2023-24 onwards.