India Income Tax Calculator
Calculate your income tax for FY 2024-25 under both Old and New Regime. Compare deductions, see which regime saves you more, and view your complete tax breakdown.
New Regime
₹66,300
Take-home: ₹11,33,700
Old Regime
₹1,11,800
Take-home: ₹10,88,200
💡 New Regime saves you ₹45,500 per year
| Item | Amount |
|---|---|
| Gross Income | ₹12,00,000 |
| Standard Deduction | ₹75,000 |
| Taxable Income | ₹11,25,000 |
| Tax (before cess) | ₹63,750 |
| Health & Education Cess (4%) | ₹2,550 |
| Total Tax | ₹66,300 |
| Take-home Pay | ₹11,33,700 |
Frequently Asked Questions
What is the difference between Old and New Tax Regime in India?
The New Regime (default from FY 2023-24) offers lower tax rates but no deductions except standard deduction of ₹75,000. The Old Regime allows deductions under 80C (₹1.5L), 80D, HRA, home loan interest etc., but has higher base rates. Choose based on your total deductions — if they exceed ~₹3.75L, Old Regime may save more.
What is Section 87A rebate under New Regime?
Under the New Regime for FY 2024-25, if your taxable income (after ₹75K standard deduction) is ≤ ₹7,00,000, you pay zero tax due to the Section 87A rebate. This effectively makes income up to ₹7.75 lakh tax-free under the new regime.
How is Health & Education Cess calculated?
A 4% cess is applied on total income tax (not on income). So if your tax is ₹1,00,000, cess adds ₹4,000, making total tax ₹1,04,000. This cess funds health and education initiatives.
What deductions can I claim under Old Regime?
Key deductions: Section 80C (EPF, PPF, ELSS, life insurance — up to ₹1.5L), Section 80D (health insurance — ₹25K-₹1L), HRA exemption, home loan interest under Section 24 (up to ₹2L), NPS under 80CCD(1B) (₹50K extra), and standard deduction of ₹50,000.
Is this calculator accurate for filing ITR?
This provides estimates based on FY 2024-25 slabs. It does not account for surcharge (income > ₹50L), capital gains, professional tax, or employer-specific components like special allowances. Use it for planning and consult a CA for actual filing.