Income Tax Calculator
Compare your tax liability under Old and New Tax Regimes for FY 2024-25 (AY 2025-26)
Income Details
Enter your annual income and deductions
Deductions (Old Regime Only)
PPF, ELSS, LIC, EPF, etc.
Includes standard deduction of 50,000
Recommended Regime
New Tax Regime
You Save
26,000
Old Regime
70,200
Gross Income10.00 L
Deductions-2.25 L
Taxable Income7.75 L
New RegimeBest
44,200
Gross Income10.00 L
Std. Deduction-75,000
Taxable Income9.25 L
Tax Slabs FY 2024-25
Old Regime
0 - 2.5L: Nil
2.5L - 5L: 5%
5L - 10L: 20%
Above 10L: 30%
New Regime
0 - 3L: Nil
3L - 7L: 5%
7L - 10L: 10%
10L - 12L: 15%
12L - 15L: 20%
Above 15L: 30%
Understanding Old vs New Tax Regime
The Indian Income Tax system offers two tax regimes. The Old Regime allows various deductions and exemptions (like 80C, 80D, HRA), while the New Regime offers lower tax rates but with limited deductions.
When to Choose Old Regime?
- You have significant investments in 80C (PPF, ELSS, LIC)
- You pay health insurance premiums (80D)
- You have home loan interest deduction
- You receive HRA and live in a rented accommodation
When to Choose New Regime?
- You have minimal deductions and exemptions
- You don't want the hassle of maintaining investment proofs
- Your income is below 7 lakhs (rebate under 87A)
- You prefer lower tax rates over deductions
Disclaimer: This calculator is for illustrative purposes only and should not be considered as tax advice. Tax laws are subject to change. Please consult a qualified tax professional for accurate tax planning.