📑 Income Tax Calculator - Calculate Tax Online Free FY 2024-25
Calculate income tax under old and new tax regimes for FY 2024-25. Compare both regimes instantly. Free online tax calculator by agecalculatortool.in
🛠️ More Free Calculator Tools
📚 Understanding Income Tax in India FY 2024-25
An Income Tax Calculator helps you estimate your tax liability under both old and new tax regimes. From FY 2023-24, the new tax regime is the default. Understanding both regimes helps you choose the one that minimizes your tax outgo.
Old Tax Regime
The old regime offers various deductions and exemptions like Section 80C (₹1.5 lakh), 80D (health insurance), HRA, LTA, home loan interest, etc. Tax slabs: Nil up to ₹2.5L, 5% (2.5-5L), 20% (5-10L), 30% (above 10L). Senior citizens get higher exemption limits. Best for those with significant investments and deductions.
New Tax Regime (Default)
The new regime offers lower tax rates but removes most deductions. Slabs: Nil up to ₹3L, 5% (3-6L), 10% (6-9L), 15% (9-12L), 20% (12-15L), 30% (above 15L). Standard deduction of ₹50,000 is available. Best for those with fewer deductions or wanting simpler compliance.
How to Choose?
If your total deductions exceed ₹2.5-3 lakhs, the old regime may be better. Otherwise, the new regime usually results in lower tax. Use our calculator to compare both regimes and choose the one with lower tax liability.
❓ Income Tax Calculator - FAQs
Q1: Which tax regime is better for me?
It depends on your deductions. If you claim deductions above ₹2.5-3 lakhs (80C, 80D, HRA, home loan), old regime may be better. Otherwise, the new regime typically results in lower tax. Use our calculator to compare.
Q2: What is the tax rebate u/s 87A?
Section 87A rebate reduces tax to zero if taxable income ≤₹5L (old regime) or ≤₹7L (new regime). Maximum rebate: ₹12,500 (old) and ₹25,000 (new). This makes income up to ₹7L tax-free in the new regime.
Q3: Is standard deduction available in both regimes?
Yes, ₹50,000 standard deduction is available for salaried individuals and pensioners in both old and new tax regimes from FY 2023-24 onwards.
Q4: Can I switch between regimes every year?
Salaried individuals can switch regimes every financial year. However, those with business/professional income can switch only once in their lifetime. Choose carefully if you have business income.
Q5: Is this tax calculator free?
Yes! Our income tax calculator is 100% free. No registration needed. Compare old and new regimes instantly with updated FY 2024-25 slabs.