Income Tax Calculator
Calculate income tax under new and old regime for FY 2024-25 (AY 2025-26). Side-by-side comparison with Section 87A rebate.
| New Regime | Old Regime | |
|---|---|---|
| Gross Income | ₹15,00,000 | ₹15,00,000 |
| Standard Deduction | ₹75,000 | ₹50,000 |
| Other Deductions | — | ₹2,25,000 |
| Taxable Income | ₹14,25,000 | ₹12,25,000 |
| Income Tax | ₹93,750 | ₹1,80,000 |
| Cess (4%) | ₹3,750 | ₹7,200 |
| Total Tax | ₹97,500 | ₹1,87,200 |
Tax Slab Breakdown (New Regime)
| ₹0 - ₹4,00,000 | 0% | ₹0 |
| ₹4,00,000 - ₹8,00,000 | 5% | ₹20,000 |
| ₹8,00,000 - ₹12,00,000 | 10% | ₹40,000 |
| ₹12,00,000 - ₹16,00,000 | 15% | ₹33,750 |
Frequently Asked Questions
What is the standard deduction in the new regime?
The new tax regime offers a standard deduction of ₹75,000 for salaried individuals from FY 2024-25. No other deductions (80C, HRA, etc.) are available in the new regime.
Which tax regime should I choose?
If your total deductions (80C, HRA, home loan, NPS, etc.) exceed ₹3-4 lakh, the old regime may be better. Otherwise, the new regime with lower slab rates and ₹75K standard deduction is usually more beneficial.
What is the rebate under Section 87A?
Under the new regime, if taxable income is up to ₹12 lakh (after standard deduction), the entire tax is rebated — effective zero tax up to ₹12.75 lakh for salaried. Old regime rebate applies up to ₹5 lakh.
What is health and education cess?
4% cess is charged on total tax (including surcharge if any). It funds health and education initiatives. Cess is not deductible and applies uniformly to all taxpayers.
When are the income tax return filing deadlines?
For individuals: July 31 of the assessment year. For businesses requiring audit: October 31. Late filing incurs a penalty of ₹1,000 to ₹5,000 under Section 234F.