title: Income Tax Calculator description: Calculate your income tax liability for FY 2024-25 (AY 2025-26) under both old and new tax regimes with deductions and rebates.
Income Tax Calculator
Understanding Income Tax in India
India follows a progressive income tax system where higher income attracts higher tax rates. For FY 2024-25, you have the option to choose between the old tax regime (with deductions) and the new tax regime (lower rates but fewer deductions). Our calculator helps you compare both regimes and choose the one that minimizes your tax liability.
Tax Regimes at a Glance
Old Tax Regime (with deductions)
| Income Slab | Tax Rate | |-------------|----------| | Up to ₹2,50,000 | Nil | | ₹2,50,001 – ₹5,00,000 | 5% | | ₹5,00,001 – ₹10,00,000 | 20% | | Above ₹10,00,000 | 30% |
Plus: Rebate under Section 87A (up to ₹12,500) and Health & Education Cess (4%).
New Tax Regime (default – lower rates)
| Income Slab | Tax Rate | |-------------|----------| | Up to ₹3,00,000 | Nil | | ₹3,00,001 – ₹6,00,000 | 5% | | ₹6,00,001 – ₹9,00,000 | 10% | | ₹9,00,001 – ₹12,00,000 | 15% | | ₹12,00,001 – ₹15,00,000 | 20% | | Above ₹15,00,000 | 30% |
Rebate under Section 87A: up to ₹25,000 (if income ≤ ₹7,00,000). Cess: 4%.
Key Deductions (Old Regime)
| Section | Maximum Deduction | |---------|-------------------| | 80C (PPF, ELSS, LIC, etc.) | ₹1,50,000 | | 80D (Health Insurance) | ₹25,000 (self) / ₹50,000 (senior) | | 80CCD(1B) (NPS extra) | ₹50,000 | | 80E (Education Loan) | No limit (interest only) | | 80G (Donations) | 50% or 100% of amount |
Using the Calculator
Enter your gross salary, other income (rental, capital gains, etc.), and deductions. The calculator will:
- Compute tax under both regimes
- Show the effective tax rate
- Highlight which regime is better for you
- Display the tax payable after rebate and cess
Example Calculation
Salaried employee with ₹12,00,000 gross income, 80C of ₹1,50,000, 80D of ₹25,000
| Regime | Tax Before Cess | Cess | Net Tax | |--------|----------------|------|---------| | Old | ₹1,12,500 | ₹4,500 | ₹1,17,000 | | New | ₹1,15,000 | ₹4,600 | ₹1,19,600 |
Old regime is better by ₹2,600 in this case.
Advance Tax and TDS
- TDS deducted by employer based on estimated income.
- Advance tax required if tax liability > ₹10,000 (pay in quarterly installments).
- Use our calculator to estimate advance tax dues.
Frequently Asked Questions
Which regime should I choose? Compare both using our calculator. Generally, if you have high deductions (80C, 80D, home loan), old regime may be better. For those with few deductions, new regime often wins.
Is rebate under 87A available in both regimes? Yes, but the limit and eligibility differ. In new regime, rebate is up to ₹25,000 if income ≤ ₹7,00,000.
What is the surcharge on high income? Surcharge applies for income above ₹50 lakh (10% to 37% depending on slab).
Can I switch between regimes each year? Yes, you can choose the regime that benefits you most each financial year.