Income Tax Calculator
Calculate your income tax for FY 2024-25 instantly. Compare Old vs New Tax Regime. Get accurate results with detailed breakdown and tax-saving tips.
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Income Tax Calculator
Enter your income details to calculate tax as per Indian law
Understanding Income Tax in India
Everything you need to know about tax slabs, deductions, and exemptions
New Tax Regime
Lower tax rates with the standard deduction of ₹75,000. No need to claim deductions under sections 80C, 80D, HRA etc.
- Simplified tax structure
- Lower tax rates
- Default regime from FY 2023-24
Old Tax Regime
Higher tax rates but allows multiple deductions and exemptions. Beneficial for those with high investments and deductions.
- Section 80C up to ₹1.5L
- HRA, LTA exemptions
- Home loan interest deduction
Tax Exemptions
Various exemptions available under both regimes. Standard deduction, HRA and special allowances can reduce your tax burden.
- Standard deduction: ₹50k-75k
- HRA exemption (Old regime)
- Leave Travel Allowance
Income Tax Slabs FY 2024-25
Compare tax slabs for both regimes
New Tax Regime (Default)
Old Tax Regime
- • Senior Citizens (60-80 years) gets ₹3,00,000 exemption in old regime
- • Super Senior Citizens (80+ years) gets ₹5,00,000 exemption in old regime
- • Health and Education Cess of 4% applies to total tax
- • Surcharge applicable on income above ₹50 lakhs
- • Rebate under Section 87A: Up to ₹25,000 for income up to ₹7 lakhs (New regime)
Tax Deductions & Exemptions
Popular deductions available under the old tax regime
Section 80C - Up to ₹1,50,000
- EPF/PPF: Employee Provident Fund and Public Provident Fund contributions
- ELSS: Equity Linked Saving Schemes (Mutual Funds)
- Life Insurance: Premium paid for life insurance policies
- NSC/FD: National Savings Certificate and Tax-saving Fixed Deposits
- Tuition Fees: For children's education (Max 2 children)
- Home Loan Principal: Principal repayment of home loan
Other Key Deductions
- Section 80D: Health insurance premium up to ₹25,000 (₹50,000 for senior citizens)
- Section 80E: Education loan interest - No upper limit
- Section 80G: Donations to charitable institutions (50%-100%)
- Section 24(b): Home loan interest up to ₹2,00,000
- HRA Exemption: House Rent Allowance based on rent paid
- LTA: Leave Travel Allowance for domestic travel
Tax Calculation Examples
Real-world examples to understand tax calculations
Entry Level Professional
Mid-level Manager
Senior Executive
Frequently Asked Questions
Common questions about income tax in India
Which tax regime should I choose old or new?
If you have significant investments in 80C (EPF, PPF, ELSS), home loan, health insurance or claim HRA, the old regime might be beneficial. If you have minimal deductions, the new regime with lower rates is usually better, you can use our calculator to compare both.
What is the deadline for filing income tax returns?
For individuals (non-audit cases), the ITR filing deadline is July 31st of the assessment year. For businesses requiring audit, it is September 30th. However, extensions may be granted by the government.
Can I switch between old and new tax regimes every year?
Yes, salaried individuals can switch between the two regimes every financial year while filing their ITR. Business owners can switch only once during their lifetime.
What is Section 87A rebate?
Section 87A provides a tax rebate of up to ₹25,000 for individuals with taxable income up to ₹7 lakhs under the new regime (₹5 lakhs under old regime). If your tax liability is less than ₹25,000 then you have to pay zero tax.
Is TDS deducted from my salary considered as tax paid?
Yes, TDS (Tax Deducted at Source) deducted by your employer is considered as advance tax payment. While filing ITR, this TDS amount is adjusted against your total tax liability and you will either get a refund or need to pay the balance.
What happens if I file ITR after the deadline?
Late filing attracts a penalty under Section 234F - ₹5,000 if filed after July 31st (₹1,000 if total income is less than ₹5 lakhs). Additionally, you cannot carry forward certain losses if ITR is filed late.
Start Calculating Your Tax Now
Get instant, accurate tax calculations for FY 2024-25. Compare both regimes and make informed decisions to save tax legally.
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This calculator gives an estimated calculation of your income tax based on the current Indian tax laws for the financial year 2024-25. Please note that the results are for informational purposes only and should not be treated as professional tax advice. Your actual tax liability may differ depending on your personal situation, deductions, and exemptions. For accurate guidance and filing, it's always best to consult a qualified chartered accountant or tax expert.