Income Tax Calculator
Calculate income tax for FY 2024-25 (AY 2025-26). Compare New vs Old tax regime with all deductions.
Income & Deductions
₹
Old Regime saves you more!
You can save ₹0 by choosing the Old Tax Regime.
Tax Summary
₹44.20 KTotal Tax
Take Home₹9.56 L
Total Tax₹44.20 K
Effective Tax Rate4.42%
Monthly Tax₹3.68 K
Tax Regime Comparison
New Regime (FY 2024-25)
₹0 - ₹3,00,0000%
₹3,00,000 - ₹7,00,0005%
₹7,00,000 - ₹10,00,00010%
₹10,00,000 - ₹12,00,00015%
₹12,00,000 - ₹15,00,00020%
₹15,00,000 - Above30%
Tax Payable₹44.20 K
Old Regime
₹0 - ₹2,50,0000%
₹2,50,000 - ₹5,00,0005%
₹5,00,000 - ₹10,00,00020%
₹10,00,000 - Above30%
Tax Payable₹44.20 K
Detailed Tax Breakdown
| Income Slab | Rate | Taxable Amount | Tax |
|---|---|---|---|
| ₹3,00,000 - ₹7,00,000 | 5% | ₹4.00 L | ₹20.00 K |
| ₹7,00,000 - ₹10,00,000 | 10% | ₹2.25 L | ₹22.50 K |
| Add: Health & Education Cess (4%) | ₹1.70 K | ||
| Total Tax Payable | ₹44.20 K | ||
Frequently Asked Questions
Understanding Income Tax in India
Income Tax is a direct tax levied on the income of individuals, HUFs, and other entities by the Government of India. For FY 2024-25, you can choose between the New Tax Regime (default) and Old Tax Regime based on which saves more tax.
New Tax Regime (Default)
- Lower tax rates with more slabs
- Standard deduction of ₹75,000 allowed
- No deduction for 80C, 80D, HRA, etc.
- No rebate on income up to ₹7 lakhs
- Default option - need to specifically opt out
Old Tax Regime
- Higher tax rates but all deductions allowed
- Section 80C, 80D, HRA, LTA deductions available
- Home loan interest deduction u/s 24(b)
- Rebate u/s 87A for income up to ₹5 lakhs
- Need to specifically opt for this regime