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Income Tax Calculator – Old vs New Regime (2024-25)

India's Ultimate Income Tax Calculator

Effortlessly calculate your tax under both Old and New Regimes. Get detailed comparisons, income breakdowns, and smart tax-saving tips whether you're salaried or have business income.

Understand Your Taxes, Plan Your Future

Use our advanced Income Tax Calculator to simplify your tax filing and optimize your savings. Whether you're a salaried employee, freelancer, or business owner, this tool offers deep insights into your tax liability under both the Old and New Tax Regimes—enabling smarter financial decisions.

Dual Regime Comparison

Quickly compare your tax payable under Old vs New Tax Regime to select the most beneficial one.

All-Income Coverage

Includes salary, rental income, capital gains, business income, and interest income in one place.

Interactive Tax Summary

View a detailed tax breakdown with intuitive charts, making complex data easy to understand.

Tax-Saving Deductions

Maximize deductions under Section 80C, 80D, HRA, and more—tailored to your profile.

Advance Tax & TDS Insights

Get a preview of your TDS liability and advance tax due to avoid last-minute surprises.

Mobile-Friendly & Secure

Access your personalized tax report anytime on mobile with top-notch data privacy features.

How to Use This Calculator

  1. Verify Tax Year: The calculator uses FY 2023-24 (AY 2024-25) rules. Update report year fields if needed.
  2. Personal Details: Select your age group (Tax Payer Category). Optionally, add Name, PAN for your report.
  3. Income Details (Annual): Input salary, pension, business profit, house property income, capital gains, and other earnings.
  4. Deductions (Old Regime): Enter amounts for 80C, 80D, HRA, home loan interest, NPS, etc. Max limits are shown.
  5. Calculate: Click "Calculate My Tax" to see the magic!
  6. Review Results: Compare Old vs. New regime taxes, view savings, charts, and detailed breakdowns.
  7. Utilities: Download your summary or share insights via WhatsApp.

Enter Your Financial Details

Provide financial information for calculations of your Income Tax. Calculations use AY 2024-25 tax laws. Fields marked * are essential.

1. Personal Information

Your name for the downloadable report. Not stored.
Your PAN is safe. It's used for display on your report only and is stored temporarily in your browser during this session. We do not collect this data.
Enter the FY for your report.
Enter the FY for your report.
Affects basic exemption limit in Old Regime.

2. Income Details (Annual)

If salaried. Standard Deduction of ₹50,000 will be auto-applied.
Treated similar to salary. Standard Deduction applies.
Standard deduction of 1/3rd or ₹15,000 (whichever is less) auto-applies.
Enter net profit after all allowable business expenses. (Not for presumptive schemes like 44AD/AE/ADA - enter final profit).
After municipal taxes & 30% std. deduction. Max loss set-off ₹2L against other income. For self-occupied property with loan, this can be negative (interest paid, max ₹2L).
Enter total taxable capital gains. (Note: Specific tax rates for certain capital gains are not applied by this simplified slab calculator). This amount is added to total income.

Other Income Sources

For 80TTA/TTB deduction (Old Regime). Also include in 'Other Income from Other Sources' if not specified elsewhere.
Taxable interest from FDs, RDs, bonds etc.
Total dividends received from shares/mutual funds.
E.g., winnings from lottery (taxed differently but add here for GTI), gifts above threshold etc.

3. Deductions (Primarily for Old Regime)

If applicable and calculated separately. (This tool doesn't calculate HRA).
EPF, PPF, LIC, ELSS, Tuition Fees, Home Loan Principal etc. (Overall limit ₹1,50,000).
Max limits: Self/Family ₹25k (₹50k if sr. citizen) + Parents ₹25k (₹50k if sr. citizen). Enter total eligible.
Additional employee contribution to NPS (Max ₹50,000).
Interest on loan for self-occupied property. This contributes to 'Loss from House Property' (max ₹2,00,000). Ensure this isn't double-counted if already included in 'Net Income/Loss from House Property'.
Paid for let-out property. Should ideally be deducted when calculating 'Net Income from House Property'. If entered here, ensure it's not already reduced from HP income.
Sum of other eligible deductions like donations (80G), education loan interest (80E), 80TTB (if senior, over 80TTA), etc. Ensure 80TTA/TTB for savings interest isn't double-counted if 'Interest from Savings Account' is entered.
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Congratulations!

You have no tax payable under the selected regime(s)!

Tax Slabs & Rates (FY 2023-24 / AY 2024-25)

Health & Education Cess of 4% is applicable on income tax and surcharge (if any). Standard Deduction of ₹50,000 is available for salaried individuals and pensioners under both regimes. For Family Pension, a standard deduction of 1/3rd of pension or ₹15,000 (whichever is less) applies.

Old Tax Regime

For Individuals (< 60 years) & HUF:

  • Up to ₹2,50,000: Nil
  • ₹2,50,001 - ₹5,00,000: 5% (Rebate u/s 87A if income ≤ ₹5L)
  • ₹5,00,001 - ₹10,00,000: 20%
  • Above ₹10,00,000: 30%

For Senior Citizens (60 to < 80 years):

  • Up to ₹3,00,000: Nil
  • ₹3,00,001 - ₹5,00,000: 5% (Rebate u/s 87A if income ≤ ₹5L)
  • ₹5,00,001 - ₹10,00,000: 20%
  • Above ₹10,00,000: 30%

For Super Senior Citizens (>= 80 years):

  • Up to ₹5,00,000: Nil
  • ₹5,00,001 - ₹10,00,000: 20%
  • Above ₹10,00,000: 30%

New Tax Regime (Sec 115BAC - Default)

Applicable to all Individuals & HUF:

  • Up to ₹3,00,000: Nil
  • ₹3,00,001 - ₹6,00,000: 5%
  • ₹6,00,001 - ₹9,00,000: 10%
  • ₹9,00,001 - ₹12,00,000: 15%
  • ₹12,00,001 - ₹15,00,000: 20%
  • Above ₹15,00,000: 30%

Rebate u/s 87A (New Regime): Tax liability is NIL if total income is up to ₹7,00,000.

Surcharge Rates (on Income Tax)

  • 10% if total income > ₹50 Lakhs and ≤ ₹1 Crore
  • 15% if total income > ₹1 Crore and ≤ ₹2 Crores
  • 25% if total income > ₹2 Crores and ≤ ₹5 Crores
  • 37% if total income > ₹5 Crores (Old Regime). For New Regime, max surcharge is 25%.

*Surcharge rules can be complex. This calculator applies general rates.

📄 Types of ITR Forms & ⏰ Filing Deadlines as per Government Latest News @ 2024–25

ITR-1 (Sahaj)

  • For resident individuals
  • Income up to ₹50 lakh
  • From salary, 1 house property, other sources
  • Not for business, capital gains, or foreign income
  • Due Date: 31st July

ITR-2

  • For individuals & HUFs
  • With capital gains or foreign income
  • Multiple house properties allowed
  • No business/professional income
  • Due Date: 31st July

ITR-3

  • For individuals & HUFs
  • Having business or professional income
  • Can include salary, capital gains, etc.
  • Used by proprietors
  • Due Date: 31st July

ITR-4 (Sugam)

  • For presumptive income (Sec 44AD/ADA/AE)
  • Individuals, HUFs, and firms (non-LLP)
  • Income up to ₹2 crore (business)
  • Up to ₹50 lakh (profession)
  • Due Date: 31st July

ITR-5

  • For firms, LLPs, AOPs, BOIs
  • Not for individuals or HUFs
  • Used by business entities other than companies
  • Due Date: 31st Oct

ITR-6

  • For companies (not under Sec 11)
  • Used by businesses registered under Companies Act
  • Must be filed electronically
  • Due Date: 31st Oct

ITR-7

  • For trusts, NGOs, institutions
  • Filed under Sec 139(4A) to 139(4D)
  • Includes political parties, colleges, etc.
  • Due Date: 31st Oct

Tax-Saving Investments

  • Deadline to claim deductions
  • Includes investments under 80C, 80D, etc.
  • Due Date: 31st March

Belated & Revised ITR

  • For those who missed original deadline
  • Corrections allowed in filed ITR
  • Due Date: 31st Dec

Real-World Applications

Salary Planning

Optimize your salary structure to minimize tax and maximize take-home pay.

Investment Decisions

Make informed investment choices based on tax benefits and regime comparisons.

Financial Planning

Craft comprehensive financial plans considering all tax implications.

Education Planning

Plan education expenses and loan repayments with tax considerations in mind.

Health Insurance Strategy

Optimize health insurance premiums for maximum tax deductions and coverage.

Retirement Security

Plan your retirement savings with tax-efficient strategies for a secure future.

See It In Action: Examples

Example 1: Salaried Individual

Age: 30 years
Gross Salary: ₹12,00,000
80C Deductions: ₹1,50,000
80D Deduction: ₹25,000
HRA Exemption: ₹60,000

Use the calculator to see the tax comparison. The Old Regime might be beneficial due to multiple deductions.

Example 2: Business Owner

Age: 45 years
Net Business Profit: ₹10,00,000
Interest from FD: ₹50,000
80C (PPF): ₹70,000

The New Regime could be simpler if deductions are limited. The calculator will provide a clear tax difference.

Input these values into the calculator above to see the precise results and comparisons!

Frequently Asked Questions

1. Which Financial Year's rules does this calculator use?

This calculator uses the income tax laws, slabs, and deduction rules applicable for the Financial Year 2023-24 (Assessment Year 2024-25).

2. Is Standard Deduction available in the New Tax Regime?

Yes, from FY 2023-24, a Standard Deduction of ₹50,000 is available for salaried individuals and pensioners under both the Old and New Tax Regimes. For family pension, a deduction of 1/3rd of pension or ₹15,000 (whichever is less) is available under both regimes.

3. How does Rebate u/s 87A work?

Old Regime: If net taxable income ≤ ₹5,00,000, rebate up to ₹12,500 makes tax nil.
New Regime (FY 2023-24): If net taxable income ≤ ₹7,00,000, the tax liability becomes nil due to this rebate.

4. Can business owners use this calculator?

Yes. Business owners can input their "Net Profit from Business/Profession." The calculator assumes this is the final profit figure after all allowable business expenses. It does not compute business income from raw P&L data or handle presumptive taxation schemes (like 44AD/AE/ADA) specifics, for which you should input the final taxable profit.

5. How are Capital Gains handled?

You can enter "Net Taxable Capital Gains." This amount is added to your Gross Total Income and taxed at applicable slab rates by this calculator. Note that certain capital gains (like LTCG on equity over ₹1L, STCG on equity) have special tax rates (e.g., 10%, 15%). This simplified calculator applies slab rates to the total CG amount entered. For precise CG tax, consult a tax advisor or use a specialized CG calculator.

6. Is my data like PAN safe?

Yes. Optional personal data (Name, PAN) is used only for display on your downloadable report and is processed within your browser. It's NOT collected or stored on our servers.

Questions or Feedback?

We value your input! If you have specific queries, suggestions, or need assistance, please don't hesitate to reach out.

Contact Our Team

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What Our Users Say

Absolutely Fantastic!

This calculator is a game-changer. So detailed yet easy to use. The business income feature is great!

Rohan M. Verified
Entrepreneur, Pune
Best Tax Tool Online

The comparison summary card and income breakdown chart are incredibly insightful. Highly recommended.

Ananya S. Verified
CA Student, Delhi
Saved Me Hours!

Love the future planning tips and the clear slab information. Very comprehensive.

Vikram P. Verified
IT Professional, Bangalore
Good, but needs more CG detail

Excellent for general tax. For complex capital gains, one might need more specific tools, but overall very helpful.

Priya K. Verified
Investor, Mumbai

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Why Choose This Calculator?

Accuracy & Up-to-Date

Based on the latest tax laws for FY 2023-24 (AY 2024-25) ensuring reliable estimations.

Comprehensive Coverage

Handles salary, pension, business income, capital gains (simplified), and various deductions.

Clear Visualizations

Easy-to-understand comparison summaries, charts, and detailed breakdowns simplify complex data.

User-Friendly & Responsive

Intuitive design that works seamlessly across all devices for tax planning on the go.

Take control of your tax planning today. This tool is designed to provide you with the insights you need for a financially sound future. However, for complex situations or official filings, always consult a qualified tax professional.

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