Income Tax Calculator India
Estimate your income tax liability for FY 2024-25 (AY 2025-26)
Income Tax Calculator
Features
Both Tax Regimes
Calculate your tax liability under both the old and new tax regimes to see which one is more beneficial for you.
Age-Based Calculation
Different tax slabs based on your age group - below 60, 60-80, or above 80 years.
Detailed Breakdown
Get a detailed breakdown of your tax liability including income tax, surcharge, and cess.
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Frequently Asked Questions
The old tax regime allows for various deductions and exemptions but has higher tax rates. The new tax regime has lower tax rates but most deductions and exemptions are not available. For FY 2024-25, the new regime offers revised slabs with a standard deduction of ₹75,000. You can choose the regime that results in lower tax liability for you.
Under the old regime, you can claim deductions such as Section 80C investments (up to ₹1.5 lakh), health insurance premiums (Section 80D), home loan interest, HRA, and more. For FY 2024-25, these deductions remain unchanged. Most of these deductions are not available under the new tax regime, which instead offers a higher standard deduction of ₹75,000.
Surcharge is an additional tax for high-income individuals. It is 10% of tax if income exceeds ₹50 lakh, 15% if income exceeds ₹1 crore, 25% if income exceeds ₹2 crore, and 37% if income exceeds ₹5 crore.
Health and Education Cess is charged at 4% on the amount of income tax and surcharge. This cess is used to fund education and health programs in India.
For FY 2024-25, the new tax regime has been revised with modified tax slabs. The standard deduction under the new regime has been increased to ₹75,000. The tax slabs have been adjusted with the ₹3-7 lakh slab now taxed at 5%, ₹7-10 lakh at 10%, ₹10-12 lakh at 15%, ₹12-15 lakh at 20%, and above ₹15 lakh at 30%. The old tax regime remains unchanged.