What is a Income Tax Calculator?
A Income Tax Calculator is a free online tool that helps you calculate income tax under old and new tax regime for fy 2024-25 and find which saves you more tax. FinCalc Pro offers India's most accurate Income Tax Calculator with instant results, detailed charts, and step-by-step breakdowns — completely free with no login required.
Income Tax Calculator Formula
New regime slabs: 0% (0-3L) | 5% (3-7L) | 10% (7-10L) | 15% (10-12L) | 20% (12-15L) | 30% (above 15L) | Standard deduction: ₹75,000
How to Use Income Tax Calculator
- Enter your gross annual salary or income
- Enter applicable deductions (80C, HRA, NPS, etc.) for old regime
- Enter your employer NPS contribution if applicable
- Click Calculate to see tax under both regimes
- The calculator shows which regime saves you more tax
Income Tax Calculator — Example
Salary: ₹12,00,000 | 80C: ₹1,50,000 | HRA: ₹1,20,000 → Old Regime Tax: ₹93,600 | New Regime Tax: ₹83,200 → New regime saves ₹10,400
Benefits of Using Income Tax Calculator
- Compare old vs new tax regime instantly
- Find which regime gives maximum tax savings
- Includes standard deduction and all major deductions
- Updated for FY 2024-25 tax slabs
Frequently Asked Questions — Income Tax Calculator
What are the new tax regime slabs for 2024-25?
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. Standard deduction of ₹75,000 is available.
Which tax regime is better — old or new?
New regime is better if your total deductions (80C + HRA + others) are less than ₹3.75 lakhs. Old regime is better if you have higher deductions like large HRA, home loan interest, or 80C investments.
Is 80C deduction available in the new tax regime?
No. Section 80C, HRA, 80D, LTA and most deductions are not available in the new tax regime. Only the standard deduction of ₹75,000 is available.
What is the tax rebate under Section 87A?
Under new regime, tax rebate up to ₹25,000 is available if total income does not exceed ₹7 lakhs. Under old regime, rebate up to ₹12,500 for income up to ₹5 lakhs.