Tax Calculator
📋 Income Tax Calculator
Old vs New Tax Regime
Income Tax Calculator – Compare Old vs New Tax Regime
An Income Tax Calculator is an essential financial tool that helps you estimate your tax liability under different tax regimes. With the introduction of the new tax regime in India, taxpayers now have the option to choose between the Old Tax Regime (with deductions) and the New Tax Regime (with lower rates but fewer exemptions). This calculator instantly compares both regimes to help you make an informed decision.
What is Income Tax?
Income tax is a direct tax levied by the government on your earnings during a financial year. In India, income tax is calculated based on slab rates which vary depending on your age and the tax regime you choose.
Who needs to pay income tax?
Individuals below 60 years
Senior citizens (60-80 years)
Super senior citizens (above 80 years)
Hindu Undivided Families (HUFs)
Businesses and professionals
Old Tax Regime vs New Tax Regime
Old Tax Regime (FY 2024-25)
Under the old regime, you can claim various deductions and exemptions, but tax rates are higher.
| Income Slab | Tax Rate |
|---|---|
| Up to ₹2,50,000 | Nil |
| ₹2,50,001 – ₹5,00,000 | 5% |
| ₹5,00,001 – ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
Popular Deductions Available:
Section 80C: Up to ₹1,50,000 (PPF, ELSS, Life Insurance, etc.)
Section 80D: Health insurance premiums
HRA: House Rent Allowance
Standard Deduction: ₹50,000 for salaried employees
Home Loan Interest: Under Section 24
New Tax Regime (FY 2024-25)
The new regime offers lower tax rates but most deductions and exemptions are not available.
| Income Slab | Tax Rate |
|---|---|
| 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% |
Standard Deduction of ₹50,000 is available in new regime as well.
How Does the Income Tax Calculator Work?
Our calculator takes three simple inputs:
Annual Income – Your total yearly income from all sources
Deductions – Investments and expenses eligible for tax benefits (only for old regime)
Tax Regime – Choose between Old or New regime
The calculator automatically:
Calculates taxable income after deductions (for old regime)
Applies appropriate tax slabs
Adds 4% Health & Education Cess
Shows comparison between regimes
Benefits of Using This Income Tax Calculator
| Benefit | Description |
|---|---|
| Instant Comparison | See both regimes side-by-side instantly |
| Accurate Calculations | Based on latest FY 2024-25 tax slabs |
| Deduction Planning | Know exactly how much to invest for tax savings |
| Tax Saving Tips | Identify which regime saves more tax |
| Cess Included | 4% Health & Education Cess automatically added |
| User-Friendly | Simple interface with instant results |