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Income Tax Calculator

Compare your tax liability under the Old and New Tax Regimes (FY 2024-25).

Your Income & Deductions

Your total yearly income before any deductions.
Standard Deduction of ₹50,000 is automatically applied to both regimes for salaried individuals.
Deductions (For Old Regime Only)
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Maximum allowed limit is ₹1,50,000.
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Combine any other exemptions you claim here.

* Note: The New Tax Regime does not allow standard Section 80C, 80D, or HRA exemptions.

Our Recommendation

You should opt for the Old Regime

You will save ₹ 15,600 in taxes!

Old Regime

Total Tax Liability

₹ 33,800

Gross Income ₹ 9,00,000
Less: Deductions - ₹ 2,25,000
Taxable Income ₹ 6,75,000
New Regime

Total Tax Liability

₹ 46,800

Gross Income ₹ 9,00,000
Standard Deduction - ₹ 50,000
Taxable Income ₹ 8,50,000

Old vs New Tax Regime in India (FY 2024-25)

The New Tax Regime (Default)

The Government of India introduced the New Tax Regime to simplify the tax structure. It offers lower tax rates across broader income slabs but removes nearly all major exemptions and deductions like Section 80C (PPF, LIC), Section 80D (Mediclaim), and HRA.

However, incomes up to ₹7,00,000 are entirely tax-free under this regime due to the rebate under Section 87A. A standard deduction of ₹50,000 is also newly permitted.

The Old Tax Regime

The Old Tax Regime allows taxpayers to claim up to 70 different deductions and exemptions to substantially lower their taxable income. If you have significant investments in PF, PPF, life insurance, medical insurance, or pay house rent/home loan EMI, this regime often results in lower tax payments.

Taxable incomes up to ₹5,00,000 remain tax-free under this regime due to the Section 87A rebate. The ₹50,000 standard deduction applies here as well.

Frequently Asked Questions

It depends on your deductions. If your total deductions (80C, 80D, HRA, etc.) exceed ₹3-4 lakh, the Old Regime may save more tax. If you have fewer deductions, the New Regime with lower slab rates is often better. Use our calculator to compare both instantly.
Under the New Tax Regime (FY 2024-25), salaried individuals get a standard deduction of ₹75,000. This is automatically deducted from gross salary before calculating taxable income. The Old Regime offers ₹50,000 as standard deduction.
No, most deductions including Section 80C (₹1.5 lakh for PPF, ELSS, LIC), Section 80D (health insurance), and HRA exemption are NOT available in the New Tax Regime. Only the standard deduction and NPS employer contribution (80CCD(2)) are allowed.
New Regime: 0% up to ₹3L, 5% (₹3-7L), 10% (₹7-10L), 15% (₹10-12L), 20% (₹12-15L), 30% (above ₹15L). Old Regime: 0% up to ₹2.5L, 5% (₹2.5-5L), 20% (₹5-10L), 30% (above ₹10L). A rebate under 87A applies for income up to ₹7L (New) or ₹5L (Old).
First, calculate Gross Total Income (salary + other income). Then subtract eligible deductions (80C, 80D, HRA, etc. in Old Regime). Apply the tax slab rates to the taxable income. Add 4% Health & Education Cess on the tax amount. Subtract any TDS already paid to find tax payable/refund.