Income Tax Calculator (New vs Old Regime)
Compute and compare your exact income tax liability for FY 2025-26 (AY 2026-27) and FY 2024-25 with Budget 2024 revised slabs, ₹75,000 standard deduction, Section 87A tax rebate, HRA, 80C, 80D, and NPS.
Under the Old Tax Regime, deductions like 80C, 80D, 24(b), and HRA lower your taxable income. Under the New Tax Regime, Standard Deduction (₹75,000) and Employer NPS (80CCD(2)) apply.
| Tax Component | New Regime | Old Regime |
|---|---|---|
| Gross Total Income | ₹15,00,000 | ₹15,00,000 |
| Standard Deduction | ₹75,000 | ₹50,000 |
| Chapter VI-A Deductions (80C, 80D, etc.) | ₹0 | ₹2,25,000 |
| Section 24(b) / HRA Exemption | ₹0 | ₹2,00,000 |
| Net Taxable Income | ₹14,25,000 | ₹10,25,000 |
| Base Tax (as per Slabs) | ₹1,25,000 | ₹1,65,865 |
| Section 87A Tax Rebate | ₹0 | ₹0 |
| Surcharge | ₹0 | ₹0 |
| Health & Education Cess (4%) | ₹5,000 | ₹6,635 |
| Total Tax Payable | ₹1,30,000 | ₹1,72,500 |
| Annual Take-Home (In-Hand) | ₹13,70,000 | ₹13,27,500 |
Slab-by-Slab Tax Breakdown
Inspect the transparent computation of your taxable income across each statutory slab under Budget 2024.
| Income Slab | Rate | Tax in Slab |
|---|
| Income Slab | Rate | Tax in Slab |
|---|
Income Tax Calculator FAQs
What is the standard deduction in the New Tax Regime?
In Budget 2024, the standard deduction under the New Tax Regime was increased from ₹50,000 to ₹75,000 for salaried employees and pensioners. For the Old Tax Regime, it remains ₹50,000.
How does the Section 87A ₹25,000 rebate work?
Under the New Tax Regime, if your net taxable income is up to ₹7,00,000, you get a 100% tax rebate of up to ₹25,000 under Section 87A, making your tax zero. With the ₹75,000 standard deduction, salary up to ₹7.75 Lakhs is effectively tax-free.
What deductions can I still claim under the New Tax Regime?
Under the New Tax Regime, most Chapter VI-A deductions (80C, 80D, 80E, 24b) are not permitted. However, you can claim: (1) Standard Deduction of ₹75,000, (2) Employer NPS contribution under Section 80CCD(2), and (3) Transport allowance for divyang employees.
Can I switch between Old and New Tax Regime every year?
Salaried individuals (without business or professional income) can freely choose between the Old and New Tax Regimes every year at the time of filing their ITR-1 or ITR-2 return under Section 139(1).