Income Tax Calculator – India (New & Old Regime)
Calculate income tax for India using both new and old tax regimes with deductions.
Deductions (Old Regime Only)
Saved Calculations
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Use this Income Tax Calculator to estimate your tax liability under both the New and Old Tax Regimes for FY 2024–25. Enter your income, choose your regime, add deductions if applicable, and get your final tax in seconds. Ideal for salaried individuals, freelancers, and business owners.
What Is Income Tax in India?
Income tax in India is a tax charged by the Government of India on the income earned by individuals, salaried employees, businesses, and professionals during a financial year. The tax is calculated based on income slabs, which determine how much tax you pay as your income increases.
The Income Tax Department collects this tax under the Income Tax Act, 1961. Every person whose income crosses the basic exemption limit must pay tax and file an Income Tax Return (ITR).
Your tax liability depends on:
Your total income
Your chosen tax regime (New or Old)
Eligible exemptions and deductions
Rebate under Section 87A
Applicable surcharge and cess
Income tax is used by the government to fund public services, infrastructure, welfare schemes, education, healthcare, and national development.
How This Income Tax Calculator Works
This calculator computes tax using the latest Indian tax slabs and rules:
New Tax Regime (Default)
Lower tax rates
₹7,00,000 rebate (no tax if income ≤ ₹7 lakh)
Limited exemptions and deductions
Simple structure
Old Tax Regime
Higher tax rates
Allows deductions such as:
80C (PF, LIC, ELSS, tuition fees – up to ₹1,50,000)
HRA exemption
80D (medical insurance)
Standard Deduction ₹50,000
Good for individuals with high deductions
You get your total tax, taxable income, and regime comparison instantly.
Tax Slabs for FY 2024–25
New Regime Tax Slabs
| Income Range | Tax Rate |
|---|---|
| 0 – ₹3,00,000 | 0% |
| ₹3,00,001 – ₹7,00,000 | 0% (rebate applicable) |
| ₹7,00,001 – ₹10,00,000 | 10% |
| ₹10,00,001 – ₹12,00,000 | 15% |
| ₹12,00,001 – ₹15,00,000 | 20% |
| Above ₹15,00,000 | 30% |
Old Regime Tax Slabs
| Income Range | Tax Rate |
|---|---|
| 0 – ₹2,50,000 | 0% |
| ₹2,50,001 – ₹5,00,000 | 5% |
| ₹5,00,001 – ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
Features of This Income Tax Calculator
Supports New & Old Regime
Includes 80C, 80D, HRA, Standard Deduction
Auto-calculates taxable income
Shows rebate benefits
Works for salaried, business, and freelancing income
Copy, save, and share results
Full history tracking for multiple calculations
Who Should Use This Calculator?
This tool is ideal for:
Salaried employees comparing regimes
Freelancers estimating tax impact
Small business owners planning investments
Individuals calculating 80C or 80D benefits
Anyone preparing for advance tax or returns
Frequently Asked Questions (FAQ)
Which tax regime should I choose?
If you claim high deductions (80C, HRA, 80D), the Old Regime may be better.
If you have fewer deductions, the New Regime usually gives a lower tax.
Is the rebate under ₹7 lakh available in the new regime?
Yes. If total taxable income is ≤ ₹7,00,000, tax becomes zero.
Does the old regime still exist?
Yes. Both regimes are available. Taxpayers can choose each year.
Does the calculator include standard deduction?
Yes, the ₹50,000 Standard Deduction is included automatically under the Old Regime.
Is this calculator accurate for FY 2024–25?
Yes. It uses the most recent tax slabs and rules.
Conclusion
This Income Tax Calculator makes it easy to estimate your tax under both regimes using India’s latest FY 2024–25 rules. Enter your details and compare tax savings instantly so you can choose the most beneficial regime with clarity and confidence.