FY 2024-25
Income Tax Calculator India
Calculate your income tax and take-home salary under Old vs New Tax Regime for FY 2024-25.
Understanding Indian Income Tax
India offers two tax regimes - the Old Regime with various deductions and exemptions, and the New Regime (default from FY 2023-24) with lower tax rates but fewer deductions.
New Tax Regime Slabs (FY 2024-25)
- ₹0 - ₹3 Lakh: Nil
- ₹3 - ₹7 Lakh: 5%
- ₹7 - ₹10 Lakh: 10%
- ₹10 - ₹12 Lakh: 15%
- ₹12 - ₹15 Lakh: 20%
- Above ₹15 Lakh: 30%
Old Tax Regime Slabs
- ₹0 - ₹2.5 Lakh: Nil
- ₹2.5 - ₹5 Lakh: 5%
- ₹5 - ₹10 Lakh: 20%
- Above ₹10 Lakh: 30%
Key Deductions (Old Regime Only)
- Section 80C: Up to ₹1.5 Lakh (PF, PPF, ELSS, LIC, etc.)
- Section 80D: Health Insurance (₹25K-₹1L)
- Section 80CCD(1B): NPS contribution (₹50K extra)
- HRA Exemption: Based on rent paid and city
- Section 24(b): Home Loan Interest (up to ₹2L)
Which Regime to Choose?
If your total deductions exceed ₹3.75 Lakh approximately, the Old Regime may be beneficial. Otherwise, the New Regime with its lower rates and ₹75,000 standard deduction is usually better.