Income Tax Calculator (India)
🧾 Income Tax Calculator for FY 2024–25 (AY 2025–26)
Use this powerful and easy-to-use Income Tax Calculator to estimate your income tax liability under the latest rules as per Budget 2024. Designed for salaried individuals, pensioners, freelancers, and professionals, this calculator works for the financial year 2024–25 and helps you choose the most tax-saving option between the New Tax Regime and the Old Tax Regime.
⚙️ Key Features
- Compare Old vs New Regime tax instantly
- Breakdown of monthly and annual tax liability
- Include deductions like 80C, 80D, HRA, home loan, etc. (Old Regime)
- Auto-applies standard deduction and rebates
- Export results to PDF for easy sharing
📊 Tax Slabs for FY 2024–25
India now offers two tax regimes: the default New Regime and the optional Old Regime. Below is a side-by-side comparison:
New Tax Regime
(FY 2024–25)
| 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% |
✅ ₹50,000 Standard Deduction
✅ Section 87A rebate (zero tax if taxable income ≤ ₹7 lakh)
❌ Most deductions not allowed (e.g., 80C, HRA)
Old Tax Regime
(FY 2024–25)
| 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% |
✅ Deductions: 80C, 80D, HRA, home loan interest, etc.
✅ ₹50,000 Standard Deduction
✅ Section 87A rebate (zero tax if taxable income ≤ ₹5 lakh)
💡 Zero Tax on Income up to ₹12 Lakh – Yes, It’s Possible!
Many salaried individuals can effectively pay zero tax on gross income up to ₹12 lakh under the New Regime by utilizing:
- ₹50,000 standard deduction
- Employer contribution to NPS (Section 80CCD(2), not capped under the New Regime)
- Section 87A rebate for taxable income ≤ ₹7 lakh
By strategically using employer salary structuring and tax-exempt contributions, your taxable income can fall below ₹7 lakh, even if your gross income is higher. Our calculator factors these in for accuracy.
📋 Deductions Available in Old Tax Regime
- Section 80C: ₹1.5 lakh (LIC, PPF, ELSS, tuition, etc.)
- Section 80D: Health insurance premium
- Section 24(b): Home loan interest up to ₹2 lakh
- HRA: Based on rent and salary (if applicable)
- Standard Deduction: ₹50,000 for salaried/pensioners
- Other sections: 80E (education loan), 80G (donations), 80U (disability)
🧮 How to Use the Tax Calculator
- Enter your gross income and age
- Select the tax regime
- Fill in applicable deductions (Old Regime)
- View total tax liability and monthly TDS
- Export your result as a PDF for reference
📅 Monthly Breakdown
Get a detailed month-wise breakup of your total tax payable. Ideal for salaried users who want to plan TDS deductions.
📌 Budget 2024 Highlights (Relevant for FY 2024–25)
- New Tax Regime is now the default
- ₹50,000 standard deduction extended to New Regime
- Zero tax on taxable income up to ₹7 lakh (with rebate)
- No change in slab rates for FY 2024–25
📢 FAQs
- Is the New Tax Regime better? — It depends. New Regime is ideal if you don’t have many deductions.
- Can I switch regimes every year? — Yes, for salaried individuals. Business owners can opt once in a lifetime unless income falls below taxable.
- Is there zero tax on ₹12 lakh? — Yes, via structuring. If your effective taxable income drops below ₹7 lakh (e.g., using NPS), Section 87A rebate makes tax zero.
📞 Need Help?
For tax planning or calculator customization, contact us. We build tools, plugins, and calculators tailored for your site or business.
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⚠️ Disclaimer
This calculator offers a close estimate based on current tax rules. Final tax may vary based on actual income components. Always consult a tax professional for filing.