Income Tax Calculator
Calculate your income tax for FY 2024-25 as per Indian tax rules
What Is an Income Tax Calculator?
An income tax calculator shows you how much tax you need to pay based on your annual income. It follows Indian tax rules for FY 2024-25 and lets you compare old and new tax regimes. Use it for tax planning and financial decisions.
How to Use
- Select the financial year
- Choose between new or old tax regime
- Enter your total annual income
- For old regime, enter deductions like 80C, 80D, and HRA
- Click "Calculate Tax" to see your tax liability
Tax Slabs
New Tax Regime (FY 2024-25)
0-3L: 0% | 3-6L: 5% | 6-9L: 10%
9-12L: 15% | 12-15L: 20% | 15L+: 30%
Old Tax Regime (FY 2024-25)
0-2.5L: 0% | 2.5-5L: 5% | 5-10L: 20% | 10L+: 30%
Example
Tax Calculation
Income: ₹10,00,000
Regime: New
Tax Payable: ₹50,000
Plan your taxes and save more with the right regime.
Worked Examples
Salaried Employee - ₹10L Income
Income: ₹10,00,000
Regime: New
FY: 2024-25
Tax: ₹50,000
A salaried employee with ₹10L income under the new tax regime. No deductions available.
Salaried Employee with Investments - ₹10L Income
Income: ₹10,00,000
Regime: Old
FY: 2024-25
Tax: ₹60,000
₹10L income with ₹1.5L 80C investment and ₹25K 80D. Old regime with deductions.
High Income - ₹20L
Income: ₹20,00,000
Regime: New
FY: 2024-25
Tax: ₹2,30,000
₹20L income under new regime. Higher tax slab rates apply.
High Income with Deductions - ₹20L
Income: ₹20,00,000
Regime: Old
FY: 2024-25
Tax: ₹2,85,000
₹20L income with ₹1.5L 80C, ₹25K 80D, and ₹2L HRA under old regime.
Senior Citizen - ₹5L Income
Income: ₹5,00,000
Regime: Old
FY: 2024-25
Tax: ₹0
₹5L income under old regime with ₹2.5L exemption limit and Section 87A rebate.
Business Income - ₹15L
Income: ₹15,00,000
Regime: New
FY: 2024-25
Tax: ₹1,50,000
₹15L business income under new regime. Higher deductions may be available under old regime.
Frequently Asked Questions
What is the difference between old and new tax regime?
The old tax regime allows you to claim deductions (like 80C, 80D, HRA) but has higher tax rates. The new tax regime has lower tax rates but does not allow most deductions. Choose based on which gives you lower tax liability.
What is Section 80C deduction?
Section 80C allows deduction up to ₹1,50,000 per year for investments in PPF, ELSS, LIC, NSC, FD (5-year), and more. This is available only in the old tax regime.
What is Section 80D deduction?
Section 80D allows deduction for health insurance premiums paid. You can claim up to ₹25,000 for self/family and ₹25,000 for parents (₹50,000 for senior citizens).
What is HRA exemption?
House Rent Allowance (HRA) exemption is available for salaried employees who pay rent. The exemption is the minimum of: actual HRA received, 50% of salary (metro cities) or 40% (non-metro), or rent paid minus 10% of salary.
Is the new tax regime better for me?
The new regime is generally better if you don't have many deductions/investments. If you invest heavily in 80C, 80D, etc., the old regime may save you more tax. Use this calculator to compare both!
What is surcharge and who pays it?
Surcharge is an additional tax on high-income earners. 10% surcharge if income > ₹50L, 15% if > ₹1Cr, 25% if > ₹2Cr, and 37% if > ₹5Cr. It applies on the income tax amount.
What is Health and Education Cess?
Health and Education Cess is 4% of the total tax (including surcharge). It is levied on all taxpayers and funds government health and education initiatives.
What is the basic exemption limit?
Under the new regime, the basic exemption limit is ₹3,00,000. Under the old regime, it is ₹2,50,000. Income below this limit is not taxable.
Can I choose different regimes each year?
Yes, salaried individuals can choose between old and new regimes every financial year. Once you choose, you need to stick with it for that year. You can switch again the next year.
Is this calculator accurate for FY 2024-25?
Yes, this calculator follows the tax rules for FY 2024-25 (Assessment Year 2025-26). However, actual tax liability may vary based on your specific income components and deductions. Always consult a tax professional.
Conclusion
Understanding your tax liability is crucial for financial planning. Use this income tax calculator to compare old vs new regimes, plan your investments, and optimize your tax savings. Always consult a tax professional for personalized advice.