Income Tax Calculator
Calculate your income tax liability for FY 2023-24 (AY 2024-25) under both old and new tax regimes
Income Details
Tax Calculation
| Regime | Tax Liability | Savings |
|---|---|---|
| New Regime | ₹0 | - |
| Old Regime | ₹0 | - |
About Income Tax Calculator
This calculator helps you estimate your income tax liability for the financial year 2023-24 (Assessment Year 2024-25) under both old and new tax regimes.
The new tax regime offers lower tax rates but with most deductions and exemptions removed, while the old regime has higher tax rates but allows various deductions.
From FY 2023-24, the new tax regime has become the default option, though taxpayers can still choose the old regime if they prefer.
FAQs
The new tax regime offers lower tax rates but removes most deductions and exemptions (except standard deduction for salaried individuals). The old regime has higher tax rates but allows deductions under Section 80C, 80D, HRA exemption, etc.
It depends on your income level and available deductions. Generally, if your total deductions exceed ₹3.75 lakh, the old regime might be better. Use this calculator to compare both options for your specific situation.
New Regime: 0% up to ₹3L, 5% (₹3-6L), 10% (₹6-9L), 15% (₹9-12L), 20% (₹12-15L), 30% (above ₹15L). Old Regime: 0% up to ₹2.5L/₹3L/₹5L based on age, 5% (₹2.5-5L), 20% (₹5-10L), 30% (above ₹10L).
For most individual taxpayers, the deadline is July 31, 2024. However, businesses requiring audit have until October 31, 2024.
For salaried individuals, a standard deduction of ₹50,000 is available under both old and new tax regimes from FY 2023-24.