Income Tax Calculator (FY 2024-25 & FY 2025-26)

Compare your tax liability under the Old vs. New Tax Regime to make the best financial choice.

Enter Deductions (for Old Regime Comparison)

Choosing Between the Old and New Tax Regime for FY 2024-25 & FY 2025-26

The Government of India offers two tax regimes for individuals, and choosing the right one can significantly impact your savings. Our calculator simplifies this choice by showing you the exact tax outgo in both scenarios.

Old Tax Regime

The old regime is beneficial for those who make full use of tax-saving deductions. It allows you to reduce your taxable income by claiming exemptions like HRA, LTA, and deductions under Chapter VI-A (such as Section 80C, 80D, 80E, etc.). The tax slabs in this regime have higher rates compared to the new one.

New Tax Regime (Default)

The new regime, which is the default option from FY 2023-24, offers lower tax rates but requires you to forgo most of the common exemptions and deductions. It simplifies tax filing but might not be the best choice for everyone. A standard deduction of ₹50,000 for salaried employees is now available in the new regime as well.

From Tax Planning to Home Ownership

Tax planning is step one in responsible home buying. Learn how to connect your tax strategy with complete home loan planning in our detailed Home Loan Planning Guide, where we walk you through each financial consideration.

Key Changes for FY 2024-25 & FY 2025-26

  • Standard Deduction: ₹50,000 available under both regimes
  • New Regime Slabs: Revised tax slabs with lower rates
  • Rebate under Section 87A: Enhanced to ₹7 lakh taxable income for new regime
  • No Change in Old Regime: Existing slabs and deductions continue

Frequently Asked Questions

What is the difference between Old and New Tax Regime?

The Old Tax Regime allows you to claim various deductions and exemptions (like 80C, 80D, HRA), but has higher tax rates. The New Tax Regime offers lower, simplified tax slabs but does not allow most of the common deductions.

Which tax regime is better for FY 2024-25?

It depends on your income and investment habits. If you make significant investments in tax-saving instruments (like PPF, ELSS, home loan principal), the Old Regime may be better. If you have fewer deductions, the New Regime's lower rates might be more beneficial. Our calculator helps you compare both side-by-side.

What is the standard deduction for FY 2024-25?

For salaried individuals and pensioners, a standard deduction of ₹50,000 is available under both the Old and the New Tax Regimes for FY 2024-25.

What is the last date to file ITR for FY 2024-25?

For most individual taxpayers, the last date to file their Income Tax Return (ITR) for FY 2024-25 (AY 2025-26) is July 31, 2025.