Income Tax Calculator (India)
Estimate your direct personal income tax liability with detailed comparisons of the New and Old Tax Regimes. Includes standard deductions, Section 80C, 80D, 80CCD, House Rent Allowance (HRA) exemptions, and marginal rebate benefits.
Comparative Ledger (New vs. Old Regimes)
An itemized comparison showing exactly how taxes are evaluated side-by-side between the modern and traditional schemes.
| Tax Ledger Line Item | New Tax Regime | Old Tax Regime |
|---|---|---|
| Gross Annual Salary | ₹12,00,000.00 | ₹12,00,000.00 |
| Standard DeductionAutomatic flat tax relief | - ₹75,000.00 | - ₹50,000.00 |
| Other Deductions (80C, 80D, NPS)Capped investment exemptions | 🚫 Not Allowed (₹0) | - ₹2,25,000.00 |
| Net Taxable IncomeProgressive base value after relief | ₹11,25,000.00 | ₹9,25,000.00 |
| Calculated Progressive Bracket Tax | ₹78,750.00 | ₹97,500.00 |
| Section 87A Tax RebateRebate for low income brackets | ₹0.00 | ₹0.00 |
| High-Earner Surcharge | ₹0.00 | ₹0.00 |
| Health & Education Cess4% flat levy on intermediate liability | ₹3,150.00 | ₹3,900.00 |
| Net Cumulative Income Tax PayableDirect take-home tax deduction | ₹81,900.00 | ₹1,01,400.00 |
Detailed Slabs Breakdown
An analytical breakdown of how your net taxable income is segmented into individual percentage tax baskets.
New Regime Slabs
Taxable Income: ₹11,25,000.00| Slab Range | Rate | Income in Slab | Tax Allocated |
|---|---|---|---|
| ₹0 - ₹3 Lakh | 0% | ₹3,00,000.00 | ₹0.00 |
| ₹3 Lakh - ₹6 Lakh | 5% | ₹3,00,000.00 | ₹15,000.00 |
| ₹6 Lakh - ₹9 Lakh | 10% | ₹3,00,000.00 | ₹30,000.00 |
| ₹9 Lakh - ₹12 Lakh | 15% | ₹2,25,000.00 | ₹33,750.00 |
| ₹12 Lakh - ₹15 Lakh | 20% | ₹0.00 | ₹0.00 |
| Above ₹15 Lakh | 30% | ₹0.00 | ₹0.00 |
Old Regime Slabs
Taxable Income: ₹9,25,000.00| Slab Range | Rate | Income in Slab | Tax Allocated |
|---|---|---|---|
| ₹0 - ₹2.5 Lakh | 0% | ₹2,50,000.00 | ₹0.00 |
| ₹2.5 Lakh - ₹5 Lakh | 5% | ₹2,50,000.00 | ₹12,500.00 |
| ₹5 Lakh - ₹10 Lakh | 20% | ₹4,25,000.00 | ₹85,000.00 |
| Above ₹10 Lakh | 30% | ₹0.00 | ₹0.00 |
Dynamic Formula Guide & Calculations
1How the Formula Works Step-by-Step
Income Tax in India is levied progressively based on slabs. Individual taxpayers can choose between the Old Regime (retaining full exemptions but paying higher rates) or the simplified New Regime (low rates but relinquishing standard exemptions). This tool implements exact Budget 2024 amendments, including the hiked ₹75,000 New Regime standard deduction, and precise Section 87A tax rebates with standard marginal reliefs.
2Real-World Application & Practical Example
Old vs. New Regime Comparison Case
Let's evaluate a taxpayer with a ₹12,00,000 Gross Salary who claims ₹2,00,000 of deductions (₹1.5L 80C + ₹50k 80CCD):
New Tax Regime (FY 2024-25)
- Standard Deduction: ₹75,000
- Other Deductions: Not Allowed (₹0)
- Net Taxable Income: ₹11,25,000
- Progressive Tax: ₹78,750
- 4% Cess Component: ₹3,150
- Total Tax Payable: ₹81,900
Old Tax Regime (FY 2024-25)
- Standard Deduction: ₹50,000
- Claimed Exemptions: ₹2,00,000
- Net Taxable Income: ₹9,50,000
- Progressive Tax: ₹1,02,500
- 4% Cess Component: ₹4,100
- Total Tax Payable: ₹1,06,600
💡 Result: Under this scenario, the New Regime saves ₹24,700 over the Old Regime, as the lower bracket percentages outperform the Old Regime's deductions.
!Common Calculations Mistakes to Avoid
- Incorrect Measurement Units: Ensure you don't mix up metric (meters, kg) and imperial (feet, lbs) inputs.
- Rounding Errors: Avoid rounding intermediate numbers before finishing the final equation.
- Confusing Proportions: Double check ratio terms and decimal places before clicking calculate.
- Input Overrides: Make sure no extra spaces or invalid characters are pasted inside numerical inputs.
Frequently Asked Questions
What is the new standard deduction limit for FY 2024-25?
Under the New Tax Regime, the standard deduction has been increased to ₹75,000 (up from ₹50,000) starting FY 2024-25 / AY 2025-26. Under the Old Tax Regime, the standard deduction remains capped at ₹50,000.
Is there tax rebate relief for income up to ₹7 Lakhs?
Yes. Under Section 87A of the New Tax Regime, if your taxable income does not exceed ₹7,00,000, you receive a full tax rebate, bringing your net tax liability to zero. Marginal relief is also provided for taxable income slightly over ₹7 Lakhs (up to ₹7.27 Lakhs) to ensure tax does not exceed excess income.
Can I claim Section 80C and 80D under the New Tax Regime?
No. The New Tax Regime offers lower tax rates but requires you to give up almost all deductions and exemptions, including Section 80C (PPF, LIC, ELSS), Section 80D (health insurance), House Rent Allowance (HRA), and Home Loan Interest under Section 24(b). Only the standard deduction of ₹75,000 and NPS employer contributions are allowed.
How is surcharge computed for high earners?
Surcharges apply on the calculated tax (before cess) if the net taxable income exceeds ₹50 Lakhs. The rates are 10% for income above ₹50L, 15% above ₹1Cr, and 25% above ₹2Cr. For the Old Regime, an additional tier of 37% applies to income exceeding ₹5 Crores, while it is capped at 25% under the New Regime.
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