What are the income tax slabs for FY 2024-25 under the New Regime?

New Regime FY 2024-25: Up to ₹3 lakh = 0%. ₹3–7 lakh = 5%. ₹7–10 lakh = 10%. ₹10–12 lakh = 15%. ₹12–15 lakh = 20%. Above ₹15 lakh = 30%. Plus 4% health and education cess.

Which is better — New Tax Regime or Old Tax Regime?

It depends on your deductions. The New Regime has lower rates but fewer deductions. The Old Regime is beneficial if you have significant deductions: HRA, 80C (₹1.5L), 80D (₹25K medical), home loan interest, etc. Use this calculator to compare.

What is the standard deduction for FY 2024-25?

For FY 2024-25, the standard deduction is ₹75,000 under the New Regime (increased from ₹50,000 in Union Budget 2024) and ₹50,000 under the Old Regime.

Is there a rebate under Section 87A?

Yes. Under the New Regime, a full tax rebate applies if taxable income is up to ₹7 lakh — meaning zero tax liability. Under the Old Regime, the rebate applies for income up to ₹5 lakh.

Income Tax Calculator India FY 2024-25 - New vs Old Regime

Home›India Tax & Finance›Income Tax Calculator

Income Tax Calculator 🇮🇳

FY 2024-25 (AY 2025-26) · New Regime vs Old Regime comparison

✅ Updated for FY 2024-25 Budget changes

Annual Gross Income?Your total annual income before any deductions. Include salary, business income, capital gains, and any other income. Enter your CTC or gross salary here.

₹

Age Category?Senior citizens (60–80 yrs) and super senior citizens (80+ yrs) get higher exemption limits under the Old Regime.

Old Regime Deductions (optional)

Section 80C?Investments in PPF, ELSS, LIC premium, EPF, NSC, principal on home loan, children's tuition fees. Max ₹1,50,000.

₹

Section 80D (Medical)?Health insurance premium for self/family: up to ₹25,000. If a parent is senior citizen, additional ₹50,000. Total max ₹75,000.

₹

HRA Exemption?House Rent Allowance exemption if you receive HRA from employer and live in rented accommodation. Use our HRA calculator to find this amount.

₹

Home Loan Interest?Interest paid on home loan for self-occupied property: up to ₹2,00,000 per year under Section 24(b).

₹

NPS Contribution (80CCD)?Additional NPS contribution under Section 80CCD(1B): up to ₹50,000 over and above 80C limit.

₹

Other Deductions?Other deductions: Section 80E (education loan), 80G (donations), 80TTA (savings interest up to ₹10,000), LTA, etc.

₹

Tax Comparison

New Regime

—

Old Regime

—

Tax Details

—

Gross Income

—

Taxable Income (New)

—

Taxable Income (Old)

—

Monthly Tax (New)

—

Tax Slabs Reference (FY 2024-25)

Income Range	Tax Rate	Tax Amount
Up to ₹3,00,000	0%	Nil
₹3,00,001 – ₹7,00,000	5%	Up to ₹20,000
₹7,00,001 – ₹10,00,000	10%	Up to ₹30,000
₹10,00,001 – ₹12,00,000	15%	Up to ₹30,000
₹12,00,001 – ₹15,00,000	20%	Up to ₹60,000
Above ₹15,00,000	30%	₹1,50,000 + 30% of excess

+ 4% Health & Education Cess on tax. Standard deduction: ₹75,000. Section 87A rebate: Zero tax if income ≤ ₹7 lakh.

Income Range (Below 60)	Tax Rate
Up to ₹2,50,000	0%
₹2,50,001 – ₹5,00,000	5%
₹5,00,001 – ₹10,00,000	20%
Above ₹10,00,000	30%

+ 4% Health & Education Cess. Standard deduction: ₹50,000. Section 87A rebate: Zero tax if income ≤ ₹5 lakh. Senior citizens: exempt up to ₹3L. Super Senior: up to ₹5L.

Income Tax in India — FY 2024-25

India's income tax is governed by the Income Tax Act, 1961. For FY 2024-25 (Assessment Year 2025-26), taxpayers can choose between two regimes: the New Tax Regime (default) with lower rates but fewer deductions, and the Old Tax Regime with higher rates but multiple exemptions and deductions.

The Union Budget 2024 made the New Tax Regime the default and enhanced the standard deduction under it to ₹75,000. The tax rebate under Section 87A was also enhanced, making income up to ₹7 lakh effectively tax-free under the new regime.

New Regime vs Old Regime — Which is Better?

The New Regime is generally better if your deductions are less than ₹3.75 lakh annually. If you have significant deductions (80C investments, HRA, home loan interest, 80D), the Old Regime may save more tax. This calculator shows both side-by-side so you can choose wisely.

📘 Example Scenarios

Scenario 1 — Arjun, IT employee, ₹12 LPA salary 💻

Arjun earns ₹12,00,000/year, pays ₹1.5L in PPF/ELSS (80C), ₹25,000 health insurance (80D), ₹72,000 HRA exempt.
New Regime: Taxable = 12L − 75K = ₹11.25L → Tax ≈ ₹1,08,750 + 4% cess = ₹1,13,100
Old Regime: Deductions = 50K std + 1.5L 80C + 25K 80D + 72K HRA = ₹2.97L. Taxable = ₹9.03L → Tax ≈ ₹93,600 + 4% cess = ₹97,344
Old regime saves ~₹15,756. Old regime wins here.

Scenario 2 — Meena, consultant, ₹8 LPA income 💼

Meena earns ₹8,00,000/year, has minimal deductions (only ₹50,000 in PPF).
New Regime: Taxable = 8L − 75K = ₹7.25L → Tax ≈ ₹47,500 + 4% cess = ₹49,400
Old Regime: Taxable = 8L − 50K − 50K = ₹7L → Tax ≈ ₹55,000 + 4% cess = ₹57,200
New regime saves ₹7,800. New regime wins here.

Frequently asked questions

New Regime: 0% up to ₹3L, 5% for ₹3-7L, 10% for ₹7-10L, 15% for ₹10-12L, 20% for ₹12-15L, 30% above ₹15L. Old Regime: 0% up to ₹2.5L, 5% for ₹2.5-5L, 20% for ₹5-10L, 30% above ₹10L. Plus 4% cess in both.

Under the New Regime for FY 2024-25, if your total income (after ₹75,000 standard deduction) is up to ₹7 lakh, you get a full rebate under Section 87A, making your tax liability zero.

Salaried employees can choose their regime at the beginning of each financial year by informing their employer. Business owners who have opted out of the New Regime can only switch back once in their lifetime.

An additional surcharge applies on high incomes: 10% for income ₹50L-₹1Cr, 15% for ₹1Cr-₹2Cr, 25% for ₹2Cr-₹5Cr, 25% above ₹5Cr (capped at 25% under New Regime for most taxpayers). This calculator includes surcharge for incomes above ₹50 lakh.

Related calculators