Income Tax Calculator

Compare old vs new tax regime for FY 2024-25. See which saves you more and plan your deductions smartly.

Tax Regime

New regime saves you ₹37,700 more

Annual Income (CTC)

₹ 12,00,000

₹3L₹1Cr

This calculator uses FY 2024-25 slabs. Under new regime, income up to ₹7L is tax-free (Section 87A rebate). Standard deduction of ₹75,000 applies.

New Regime — Total Tax

₹ 63,700

Effective Rate: 5.3% · includes 4% cess

Gross Income

₹12,00,000

Deductions

−₹1,25,000

Taxable Income

₹10,75,000

In-Hand (Monthly)

₹94,692

Slab-wise Breakdown

Range	Rate	Tax
₹0 – ₹3,00,000	0%	₹0
₹3,00,000 – ₹7,00,000	5%	₹20,000
₹7,00,000 – ₹10,00,000	10%	₹30,000
₹10,00,000 – ₹12,00,000	15%	₹11,250
Total + 4% Cess		₹63,700

Old vs New Regime Comparison

New Regime saves you ₹37,700

Income Tax in India: Old vs New Regime Explained

India offers two tax regimes. The Old Regime has higher tax rates but allows deductions under Sections 80C, 80D, HRA, and more. The New Regime (default from FY 2023-24) has lower slab rates but almost no deductions.

Which Regime Should You Choose?

If your total deductions exceed ₹3-4 lakhs, the old regime might still save you more. For salaried individuals with limited deductions, the new regime is almost always better.

Key Changes for FY 2024-25

Standard deduction increased to ₹75,000 (new regime)
New regime is the default — you must opt out for old regime
Section 87A rebate: No tax up to ₹7L taxable income (new regime)
NPS deduction (80CCD 1B) of ₹50,000 available in both regimes