Income Tax Calculator Guide – Old vs New Regime India FY 2024-25
A complete guide to calculating your income tax, comparing the old and new tax regimes and claiming every deduction you're entitled to.
Calculate your exact tax liability in under 2 minutes — free, no signup.
Open Tax Calculator →New Tax Regime Slabs FY 2024-25
| Income Range | Tax Rate |
|---|---|
| Up to ₹3,00,000 | Nil |
| ₹3,00,001 – ₹7,00,000 | 5% |
| ₹7,00,001 – ₹10,00,000 | 10% |
| ₹10,00,001 – ₹12,00,000 | 15% |
| ₹12,00,001 – ₹15,00,000 | 20% |
| Above ₹15,00,000 | 30% |
Add 4% health and education cess on the total tax. Income up to ₹7 lakh has zero effective tax under the new regime due to Rebate 87A.
Old vs New Regime: Which Saves More Tax?
The new regime has lower slab rates but strips away most deductions. The old regime taxes income at higher rates but lets you reduce taxable income through 80C, HRA, home loan interest, NPS and more. The break-even point for most salaried employees is around ₹3.75–4 lakh in total deductions — if you can claim more than that, the old regime is usually better.
How to Use the Tax Calculator
- Enter gross income: Total CTC or income before deductions.
- Add deductions (Old Regime): 80C up to ₹1.5L, standard deduction ₹75K, HRA, home loan interest, 80CCD(1B) NPS ₹50K.
- Compare regimes: The calculator shows both side by side automatically.
- Check HRA tab: Enter rent paid, HRA received and city to get exact exemption.
- Check NPS tab: Calculate 80CCD(1B) extra ₹50K deduction and employer NPS 80CCD(2).
Key Deductions Under Old Regime
- Section 80C (₹1.5L limit): PPF, ELSS mutual funds, life insurance premiums, home loan principal, children's tuition.
- Standard deduction: ₹75,000 for salaried employees (both regimes from FY 2024-25).
- HRA exemption: For employees paying rent — the min of actual HRA, rent minus 10% basic, or 50%/40% basic.
- Section 80CCD(1B): Extra ₹50,000 for NPS contribution — available only in Old Regime.
- Home loan interest (Section 24b): Up to ₹2 lakh deduction on interest paid for self-occupied property.
Frequently Asked Questions
It depends on your deductions. If your total eligible deductions (80C + HRA + home loan + NPS etc.) exceed roughly ₹3.75 lakh, the Old Regime usually saves more. For people with fewer deductions, the simpler New Regime wins. The calculator compares both instantly.
Standard deduction ₹75,000, employer NPS under 80CCD(2) (up to 10% of basic), family pension deduction, and gratuity/leave exemptions. No 80C, HRA, home loan interest, or 80CCD(1B).
The minimum of: actual HRA received, rent paid minus 10% of basic salary, or 50% of basic (metro cities) / 40% (non-metro). The HRA tab calculates this automatically when you enter rent paid and your city.