Which regime is better for me?

Generally, if your total deductions (80C, HRA, Home Loan Interest) exceed ₹3.75 Lakhs (approx), the Old Regime might be beneficial. Otherwise, the New Regime is usually better.

What is the rebate under Section 87A?

Under the New Regime, income up to ₹7 Lakhs is tax-free due to the rebate. Under the Old Regime, the rebate limit is ₹5 Lakhs.

Is standard deduction available in New Regime?

Yes, from FY 2024-25 onwards, a Standard Deduction of ₹75,000 is available under the New Tax Regime as well.

Income Tax Calculator

Approximate tax liability for FY 2024-25 (India)

Income Details

Enter your annual earnings and deductions

Annual Income (₹)

Investments (₹)

Standard deductions, 80C, 80D, etc.

Best Strategy

Maximize your potential! You save ₹70200 annually by opting for the New Tax Regime.

Old Tax Regime

Method A: With Exemptions

Taxable Income₹ 1350000

Slab Tax₹ 217500

Cess (4%)₹ 8700

Final Tax

₹ 226200

Recommended

New Tax Regime

Method B: Lower Rates (Default)

Taxable Income₹ 1500000

Slab Tax₹ 150000

Cess (4%)₹ 6000

Final Tax

₹ 156000

Tax Liability Comparison

What is Income Tax Calculator?

The Income Tax Calculator is an essential financial tool for Indian taxpayers. It helps you estimate your annual tax liability by comparing the Old Tax Regime (with exemptions like 80C) and the New Tax Regime (lower rates but fewer exemptions), helping you decide which one saves you more money.

How it Works