Income Tax Calculator under old and New Regime

(1) Calculate Tax FY 2024-25 (AY 2025-26) as Proposed In Budget dt. 23.07.24

(1) Calculate Tax FY 2023-24 (AY 2024-25)

Calculate Income Tax for FY 2024-25 in Old and New Regime, View Impact on Tax payable in comparison to FY 2023-24 of Budget for FY 2024-25 ( dt. 23-07-2024) after the benefit of standard deduction OF 75000 (under New Regime i.e. without rebate amd Exemptions) of revised tax rates / slabs and eligible deductions (under old Regime) with existing rates

Income Tax Rates / Slabs FY 19-20, FY 18-19, FY 2017-18 & FY 2016-17

Change / Select Calculator

Calculate Income Tax for FY 2023-24

Step 1 - Select Age & Enter Details ↓ ↑

1	Select Age (from Drop Down)

2	Income From Salary / Pension

3	Exemptions & Deductions from Salary (u/s 10)

4	Income from Other Sources

5	Income from Rented out House Property (Of not self Occupied)

5 (a)	Rent Received or Receivable or Annual Lettable Value

5 (b)	Taxes paid to Local Authorities

5 (c)	Annual Value of Property

5 (d)	Standard Deduction 30% of 5(c)

5 (e)	Interest Paid on Home Loan (rented/let out property) (Max Rs. 2.00 Lac)

5 (f)	Income / Loss (-ve) from House Property

Next - Step 2 Enter Eligible Deductions / Click button "Calculate Tax"

Step 2 (Enter Eligible Deductions)↓ ↑

6	Interest Paid on Home Loan (self Occupied)

7	Deduction u/s 80C, 80CCC (max. Rs. 1.50 Lac)

8	Interest from SB u/s 80TTA

9	Medical Insurance u/s 80D
	Self / Spouse / D.Children (max. Rs. 25000/-)(Max. limit Rs 50,000/-) For Parents Below 60 (No Change Max. Rs. 25000/-)
	For Parents Above 60 (Max. Rs. 50,000/-)
	Less: Section 80DDB (Max. limit Rs 1 lac) Less: Section 80DDB (Max Rs. 1 lac)
10	Additional contribution to NPS - u/s 80CCD (max 50000)

11	Serving of Intt.on Education Loan (u/s 80E)

12	Deductionn under Section 80EE Interest on loan for acquiring residential house property, sanctioned during FY 2016-17 (Max Rs. 50000)

13	Deduction under Section 80EEA Interest on loan for acquiring residential house property, sanctioned during FY 2019-20 (Max Rs. 150000)

14	Deduction under Section 80EEB Interest Deduction in respect of purchase of electric vehicle, during FY 2019-20 to 2022-23 (Max Rs. 150000)

Step 3 - Your Tax calculations are displayed hereunder "Show Tax Calculations FY 2024-25 & FY 2023-24"

Tax calculations FY 24-25 & Tax Inpact after proposed Budget dated 23.07.24

Tax Calculation FY 2024-25↓ ↑

	Old Regime	New Regime
Gross Taxable Income
Standard Deduction
Total of Deductions
Net Taxable Income
Less: Relief u/s 87A (For Individuals having taxable income upto Rs. 5.00 lacs)
Income Tax
Surcharge
Health and Education Cess
Total Tax Liability
Impact on Tax payable after Budget FY 2024-25 (-) shows tax saving else addtional burden

Tax calculations FY 23-24

Show Tax Calculation FY 2023-24↓ ↑

	Old Regime	New Regime
Gross Taxable Income
Standard Deduction
Total of Deductions
Net Taxable Income
Less: Relief u/s 87A (For Individuals having taxable income upto Rs. 5.00 lacs)
Income Tax
Surcharge
Health and Education Cess
Total Tax Liability

Budget 2024 Highlishts / Tax Rates FY 2023-24

New Income Tax Slabs Under New Tax Regimes:

Rs 0-3 lakh: Nil

Rs 3-7 lakhs: 5%

Rs 6-10 lakhs: 10%

Rs 10-12 lakhs: 15%

Rs 12-15 lakhs: 20%

Rs Over 15 lakhs: 30%

Health and Education Cess is 4% of (Income Tax + Surcharge)

Standard deduction hiked from 50000 to 75000

No tax on income up to Rs 7.75 lakh a year in new tax regime (with inclusion of standard deduction)

Surcharge Rates

10% of Income Tax, in case taxable income is above Rs. 50 lacs.

15% of Income Tax, in case taxable income is above Rs. 1 crore.

25% of Income Tax, in case taxable income is above Rs. 2 crore.

New tax regime has already became the default tax regime from FY 23-24. However, citizens can opt for the old tax regime.

No changes in the old tax regime

Disclaimer : This website do not claim that tax calculation is correct. The users are requested to please do inform in case he/she has noticed any error in calculation.

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Modified : 04 Feb 2023