Financial Tools
Income Tax Calculator
Calculate your income tax liability for FY 2024-25 (AY 2025-26) with both old and new tax regimes
Updated for FY 2024-25
Instant Calculation
New Regime
Old Regime
Nine Lakh Rupees Only
Your Tax Calculation
Annual Income
₹9,00,000
Taxable Income
₹7,50,000
Total Tax
₹52,500
Cess (4%)
₹2,100
Total Tax Liability
₹54,600
Effective Tax Rate
6.07%
In-hand Salary
₹8,45,400
Tax Savings Potential: 65%
Tip: You could save ₹15,600 in taxes by maximizing your Section 80C deductions!
Tax Breakdown
Recommended Actions
Maximize Section 80C
Invest ₹1.5L in ELSS/PPF
Health Insurance
Save up to ₹25,000 under 80D
Home Loan
Claim interest deduction
Old Regime
₹62,400
With Deductions
New Regime
₹54,600
Lower Tax
Tax Slabs Comparison – FY 2024-25
| Income Range | Old Regime | New Regime |
|---|
Tax Saving Guide – FY 2024-25
Maximize your tax savings with these popular investment options and deductions:
Section 80C
₹1.5 Lakhs
EPF, PPF, ELSS, Life Insurance, Home Loan Principal, etc.
Section 80D
₹25,000-1L
Health insurance premiums for self, family, and parents
Standard Deduction
₹75,000
Available for salaried individuals in both regimes
Key Updates for FY 2024-25
The Union Budget 2023 introduced several changes that continue to apply for FY 2024-25:
Standard Deduction Increased: The standard deduction for salaried individuals has been increased to ₹75,000 from ₹50,000.
New Tax Regime as Default: The new tax regime is now the default option, though taxpayers can still opt for the old regime.
Tax Rebate Limit Increased: The tax rebate under section 87A has been increased to ₹25,000 for the new regime.
About Income Tax
Income tax is a tax levied by the Government of India on the income of individuals, HUFs, companies, and other entities. The tax rates and slabs vary based on the income level and the tax regime chosen by the taxpayer.
Tax Calculator FAQs
What is the difference between old and new tax regimes?
The old tax regime allows various deductions and exemptions (like 80C, 80D, HRA) but has higher tax rates. The new regime has lower tax rates but doesn’t allow most deductions and exemptions.
Which tax regime should I choose?
If you have significant investments and deductions (more than ₹2.5-3 lakhs), the old regime might be beneficial. Otherwise, the new regime with lower rates could save you more tax.
What is the basic exemption limit?
For individuals below 60 years, the basic exemption limit is ₹2.5 lakhs in the old regime and ₹3 lakhs in the new regime for FY 2024-25.
What is health and education cess?
Health and education cess is 4% of the income tax calculated. This is an additional tax levied to fund health and education initiatives.
Can I switch between tax regimes?
Salaried individuals can choose their preferred regime each year. For business income, once you opt for the new regime, you generally cannot switch back to the old regime.
What is the last date for filing ITR?
For individuals, the due date is typically July 31st of the assessment year. For businesses requiring audit, it’s usually October 31st.