India Income Tax Calculator for FY 2024-25
Our comprehensive Indian tax calculator helps you accurately estimate your tax liability under both old and new tax regimes for better financial planning.
Calculate NowUse our free, comprehensive online tax calculator to instantly estimate your income tax in India for FY 2024–25. Whether you're filing under the old or new regime, this calculator provides a detailed breakdown of your tax liability, helping you understand your take-home salary and potential tax savings in seconds.
Optimized specifically for Indian tax laws and incorporating the latest income slabs announced in the Union Budget, this tool simplifies the complex tax calculation process for salaried employees, freelancers, business owners, and senior citizens. Get accurate results with our fast, easy-to-use income tax calculator that accounts for all applicable deductions and exemptions.
Our calculator is updated with the most recent tax regulations, ensuring that you receive the most current and relevant tax assessment possible. By considering your specific financial situation, including investments, loans, and insurance premiums, we provide personalized tax insights that help you make informed financial decisions.
Wondering whether to choose the old or new tax regime? Our calculator helps you compare both options side by side based on your income and deductions. See how much tax you'll pay under each regime and make an informed decision that maximizes your take-home salary for FY 2024–25.
The new tax regime offers simplified tax calculation with lower rates but fewer deductions, while the old regime provides numerous tax-saving opportunities through various deductions and exemptions. Our side-by-side comparison helps you determine which option results in lower tax liability based on your specific financial situation, investments, and eligible deductions.
Comprehensive Income Tax Calculator for India
Planning your finances for the 2024-25 fiscal year? Use our comprehensive income tax calculator to estimate your tax liability under both the old and new tax regimes. This free calculator helps you make informed decisions about which tax structure is most beneficial for your specific financial situation.
The Union Budget 2023 introduced significant changes to the new tax regime, making it the default option while keeping the old regime available for those who benefit from its deduction structure. Our calculator incorporates all the latest tax slabs, rates, and eligible deductions to provide you with the most accurate tax estimation.
Whether you're a salaried employee, business owner, or professional, understanding your tax liability is crucial for effective financial planning. Input your income details and applicable deductions below to see an instant breakdown of your taxes under both regimes, along with our recommendation on which one could save you more money.
Smart Tax Planning for FY 2024-25
If you're using the old tax regime, don't forget to claim deductions under Section 80C, 80D, and other key provisions. Our calculator allows you to input eligible deductions like insurance premiums, home loan interest, and investments to accurately estimate your taxable income. Maximize your savings with a smarter tax strategy.
The Indian tax system offers various opportunities to reduce your tax liability through strategic financial planning. By understanding which deductions and exemptions apply to your situation, you can significantly lower your taxable income and increase your take-home pay. Our calculator helps you explore these opportunities and make informed decisions about your tax planning strategy.
Tax Calculator
FY2024-2025
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Understanding India Income Tax (FY 2024-25)
The India income tax system operates on a progressive tax structure where higher income levels are taxed at higher rates. For the financial year 2024-25 (assessment year 2025-26), taxpayers can choose between the old tax regime with higher rates but more deductions, or the new regime with lower rates but fewer deductions.
New Tax Regime
- No tax for income up to ₹3 lakh
- 5% tax for income between ₹3-6 lakh
- 10% tax for income between ₹6-9 lakh
- 15% tax for income between ₹9-12 lakh
- 20% tax for income between ₹12-15 lakh
- 30% tax for income above ₹15 lakh
- Standard deduction of ₹50,000 is available
- Limited deductions compared to the old regime
Old Tax Regime
- No tax for income up to ₹2.5 lakh
- 5% tax for income between ₹2.5-5 lakh
- 20% tax for income between ₹5-10 lakh
- 30% tax for income above ₹10 lakh
- Numerous deductions available under various sections like 80C, 80D, 80TTA, etc.
- Housing loan interest deduction up to ₹2 lakh for self-occupied property
- Standard deduction of ₹50,000 for salaried employees
Important Tax Deductions under the Old Regime
- Section 80C (up to ₹1.5 lakh): Investments in PPF, ELSS, NSC, Tax-saving FDs, Life Insurance Premiums, ULIP, Principal repayment of home loan, Tuition fees, etc.
- Section 80D (up to ₹25,000 or ₹50,000 for senior citizens): Health Insurance Premiums
- Section 80TTA (up to ₹10,000): Interest earned from savings account
- Section 80TTB (up to ₹50,000 for senior citizens): Interest income from deposits
- Section 80E: Interest on education loan (no upper limit)
- Section 80G: Donations to charitable institutions (50% or 100% deduction)
- Section 24: Interest on home loan for self-occupied property (up to ₹2 lakh)
- Section 80CCD(1B): Additional deduction for NPS contribution (up to ₹50,000)
Making the Right Choice
When deciding between the old and new tax regimes, consider these factors:
- For individuals with significant deductions: If you have substantial investments that qualify for deductions or pay high home loan interest, the old regime might be more beneficial despite higher tax rates.
- For individuals with minimal deductions: If you don't have many tax-saving investments or deductions, the new regime with its lower tax rates could result in higher take-home income.
- For salaried professionals: Analyze your salary structure, house rent allowance, and investment patterns before making a decision.
- For business owners and freelancers: Consider your business expenses and available deductions under both regimes.
Our tax calculator helps you compare both regimes side by side based on your specific income and deduction details, making it easier to choose the option that maximizes your savings.
Frequently Asked Questions
How India Income Tax Works
Understanding the Indian tax system helps you manage your finances more effectively and potentially save money through proper tax planning.
Old vs New Tax Regime
Old Regime
- Higher tax rates but multiple deductions available
- Beneficial for those with significant investments, home loans, or medical expenses
- Includes standard deduction of ₹50,000 for salaried employees
New Regime
- Lower tax rates but limited deductions available
- Beneficial for those with lower deductions and exemptions
- Simplified tax calculation with more tax slabs
Common Tax Deductions
Section 80C (Up to ₹1.5 Lakh)
PPF, ELSS, Life Insurance, Home Loan Principal
Section 80D (Up to ₹25,000)
Health Insurance Premiums
Housing Loan Interest (Up to ₹2 Lakh)
Interest paid on home loans
NPS Contribution (Additional ₹50,000)
National Pension Scheme investments