Income Tax Calculator

Estimate your income tax under India's new and old tax regimes.

This calculator provides an estimate only. Actual tax liability depends on the exact nature of income, deductions claimed, and current tax rules. Consult a Chartered Accountant or tax advisor for accurate computation.

Annual Income (₹)

Employment Type

Deductions (Old Regime only)

Section 80C (max ₹1.5L)

Section 80D (Health Insurance)

New Regime (FY 2024-25)

Taxable: ₹

Old Regime

Taxable: ₹

How It Works

Enter your annual income and applicable deductions. The calculator computes taxable income, tax slabs, and estimated tax liability under both the new and old tax regimes.

**Income Tax Calculator — Estimate Your Tax Under New vs. Old Regime**

India's income tax system underwent a major reform with the introduction of the New Tax Regime (announced in Budget 2020, revamped in Budget 2023). Taxpayers can now choose between the old regime (with deductions) and the new regime (lower rates, fewer deductions). Our calculator helps you compare both and identify which saves more tax.

**New Tax Regime FY 2024-25 (Default)**

| Annual Income | Tax Rate |
|---|---|
| Up to ₹3 lakhs | Nil |
| ₹3L – ₹7L | 5% |
| ₹7L – ₹10L | 10% |
| ₹10L – ₹12L | 15% |
| ₹12L – ₹15L | 20% |
| Above ₹15L | 30% |

Standard deduction: ₹75,000 (for salaried employees)
Rebate u/s 87A: Tax rebate up to ₹25,000 for income up to ₹7 lakhs

**Old Tax Regime**

| Annual Income | Tax Rate |
|---|---|
| Up to ₹2.5 lakhs | Nil |
| ₹2.5L – ₹5L | 5% |
| ₹5L – ₹10L | 20% |
| Above ₹10L | 30% |

Key deductions available in old regime:
- Section 80C: Up to ₹1.5 lakhs (PF, PPF, ELSS, LIC, home loan principal)
- Section 80D: Health insurance premium
- HRA exemption: For salaried employees with rent receipts
- Home loan interest: Up to ₹2 lakhs (Section 24b)
- Standard deduction: ₹50,000

**Which Regime Should You Choose?**

The new regime is generally better for:
- Income above ₹15 lakhs with limited deductions
- Young earners who don't have many investments yet

The old regime is generally better for:
- Those with high Section 80C investments (PF, ELSS, LIC)
- Those with HRA and home loans
- Those claiming multiple deductions totalling ₹3+ lakhs

**Health and Education Cess**

Add 4% Health and Education Cess on the tax amount calculated from slabs. This applies under both regimes.

**Surcharge**

For income above ₹50 lakhs, surcharge applies:
- ₹50L – ₹1 crore: 10%
- ₹1 crore – ₹2 crore: 15%
- Above ₹2 crore: 25%

Frequently Asked Questions

It depends on your deductions. If your total deductions (80C, 80D, HRA, home loan interest, etc.) exceed ~₹3.75 lakhs, the old regime may save more tax. Otherwise, the new regime is simpler and often cheaper.

₹75,000 for salaried employees under the new regime. ₹50,000 under the old regime.

Under the new regime, a full tax rebate up to ₹25,000 is available for net taxable income up to ₹7 lakhs, making income up to ₹7L effectively tax-free.

TDS (Tax Deducted at Source) is an advance collection of income tax. Your actual tax liability is computed when filing ITR. If TDS deducted > tax liability, you get a refund.

Very few — mainly the standard deduction (₹75,000), employer NPS contribution (Section 80CCD(2)), and Agniveer Corpus. Most other deductions (80C, 80D, HRA, etc.) are not available in the new regime.