Income Tax Slabs for FY 2024-25 (AY 2025-26)

New Tax Regime (Updated as per Budget 2024):

Income up to ₹3,00,000: Nil
Income from ₹3,00,001 to ₹7,00,000: 5%
Income from ₹7,00,001 to ₹10,00,000: 10%
Income from ₹10,00,001 to ₹12,00,000: 15%
Income from ₹12,00,001 to ₹15,00,000: 20%
Income above ₹15,00,000: 30%
Standard deduction: ₹50,000 for salaried individuals.

Old Tax Regime:

Income up to ₹2,50,000: Nil (Below 60 years)
Income up to ₹3,00,000: Nil (60-80 years)
Income up to ₹5,00,000: Nil (Above 80 years)
Income from ₹2,50,001 to ₹5,00,000: 5% (Below 60 years)
Income from ₹5,00,001 to ₹10,00,000: 20%
Income above ₹10,00,000: 30%
Rebate under Section 87A up to ₹7,00,000 (New Regime) and ₹5,00,000 (Old Regime).

Income Tax Calculator

Enter your details below to calculate your tax liability as per the latest ITR rules in India. Compare the Old and New regimes or choose one as per your convenience.

Age (in years):

Gross Income (₹):

Total Deductions (Applicable in Old Regime) (₹):

Tax Already Paid (₹):

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Compare Both Regimes

Old Regime Only

New Regime Only

Understanding the Tax Rules

Old Regime:

Individuals below 60 years: Income up to ₹2,50,000 is exempt. Tax rates are:
- 5% on income between ₹2,50,001 and ₹5,00,000
- 20% on income between ₹5,00,001 and ₹10,00,000
- 30% on income above ₹10,00,000
Senior Citizens (60 to 79 years): Income up to ₹3,00,000 is exempt. Tax rates are:
- 5% on income between ₹3,00,001 and ₹5,00,000
- 20% on income between ₹5,00,001 and ₹10,00,000
- 30% on income above ₹10,00,000
Super Senior Citizens (80+ years): Income up to ₹5,00,000 is exempt. Tax rates are:
- 20% on income between ₹5,00,001 and ₹10,00,000
- 30% on income above ₹10,00,000

New Regime:

A flat basic exemption of ₹2,50,000 applies to all taxpayers irrespective of age.
Tax slabs are as follows:
- 5% on income between ₹2,50,001 and ₹5,00,000
- 10% on income between ₹5,00,001 and ₹7,50,000
- 15% on income between ₹7,50,001 and ₹10,00,000
- 20% on income between ₹10,00,001 and ₹12,50,000
- 25% on income between ₹12,50,001 and ₹15,00,000
- 30% on income above ₹15,00,000

A 4% health and education cess is applicable on the computed tax in both regimes.

Disclaimer: The calculations provided here are for general informational purposes only. Please consult a tax professional for advice tailored to your specific circumstances.

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How much Income Tax do I need to pay?

Your tax liability depends on the income tax slab you fall under. Here are the updated slabs for FY 2024-25 (AY 2025-26):

New Tax Regime (Individuals of All Ages):

Income Slab	Tax Rate
Up to ₹3,00,000	No Tax
₹3,00,001 to ₹7,00,000	5%
₹7,00,001 to ₹10,00,000	10%
₹10,00,001 to ₹12,00,000	15%
₹12,00,001 to ₹15,00,000	20%
Above ₹15,00,000	30%

Old Tax Regime (Below 60 Years):

Income Slab	Tax Rate
Up to ₹2,50,000	No Tax
₹2,50,001 to ₹5,00,000	5%
₹5,00,001 to ₹10,00,000	20%
Above ₹10,00,000	30%

Old Tax Regime (60-80 Years):

Income Slab	Tax Rate
Up to ₹3,00,000	No Tax
₹3,00,001 to ₹5,00,000	5%
₹5,00,001 to ₹10,00,000	20%
Above ₹10,00,000	30%

Old Tax Regime (Above 80 Years):

Income Slab	Tax Rate
Up to ₹5,00,000	No Tax
₹5,00,001 to ₹10,00,000	20%
Above ₹10,00,000	30%

The new regime offers lower rates with fewer deductions, while the old regime allows exemptions like 80C, 80D, etc.

Steps to Calculate Your Income Tax:

Enter your personal details (age, residency, email).
Provide income details (salary, interest, rental income, etc.).
Input deductions (80C, 80D, etc., applicable under old regime).
Add TDS and advance tax details.
Click "Calculate Your Taxes" to see your liability or refund.

Frequently Asked Questions

1. What is the new tax regime for FY 2024-25?

The new regime offers tax rates from 0% (up to ₹3 lakh) to 30% (above ₹15 lakh) with a standard deduction of ₹50,000.

2. Can I switch between old and new regimes?

Yes, you can choose either regime each year unless you have business income, where the choice is binding.

3. What is the standard deduction in the new regime?

It’s ₹50,000 for salaried individuals and pensioners in FY 2024-25.

4. What is Section 87A rebate?

It provides a tax rebate up to ₹25,000 (new regime) or ₹12,500 (old regime) if income is below ₹7 lakh or ₹5 lakh, respectively.

5. How is HRA exemption calculated?

Use our HRA Calculator to determine exemption based on rent paid, HRA received, and city of residence.

6. What deductions are available under the old regime?

Sections 80C (₹1.5 lakh), 80D (medical insurance), 80E (education loan interest), etc., are available.

7. What is the tax filing deadline for AY 2025-26?

It’s 31st July 2025 for individuals without audit requirements.

8. How do I file my ITR online?

Visit File Tax Return to e-file with AllindiaITR.

9. What is TDS, and how is it calculated?

TDS is tax deducted at source. It’s calculated based on your taxable income after exemptions.

10. Can I claim a refund?

Yes, if your tax paid exceeds liability, you can claim a refund during ITR filing.

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