Income Tax Calculator
Calculate your tax liability for the current financial year
Taxpayer Information
Tax Calculation Results
Tax Breakdown
Regime Comparison
| Parameter | Old Regime | New Regime |
|---|---|---|
| Taxable Income | ₹0 | ₹0 |
| Tax Liability | ₹0 | ₹0 |
| Effective Tax Rate | 0% | 0% |
| Recommended Regime | - | |
Recommended ITR Form
How to Use the Income Tax India Calculator FY 2024-25
1. Enter Your Income Details for Income Tax India
Gross Annual Income:
For salaried individuals: Enter your CTC (Cost to Company) or gross salary before deductions when filing your ITR Return.
For self-employed/freelancers: Include profits from business/profession after expenses to accurately calculate your Income Tax liability.
Pensioners: Add pension income under “Income from Salaries” for seamless ITR Return filing.
Financial Year Selection:
Ensure you select FY 2024-25 (AY 2025-26) for Income Tax India calculations as per the latest tax laws.
Pro Tip: If you have income from multiple sources, note them separately for better tracking and using the Income Tax Calculator FY 2024-25.
2. Choose Your Tax Regime
Old Tax Regime (With Deductions):
Best for taxpayers with:
Home loan (Section 24)
Investments (80C, 80D, 80G)
HRA exemption
Who should avoid? Those with minimal investments (tax liability may be higher under Income Tax India rules).
New Tax Regime (Lower Rates, Fewer Deductions):
Default for FY 2024-25 (unless you opt out while filing your ITR Return).
Best for those who:
Don’t have major deductions
Prefer simpler Income Tax filing
Key Change: New slabs offer 5%–30% rates (vs. old regime’s 5%–30% with deductions).
You Will Find More Useful Calculators Here
3. Add Deductions & Exemptions (Old Regime Only)
Section 80C (₹1.5L):
Common Investments:
EPF/VPF
PPF, SSY, NSC
ELSS (Tax-saving mutual funds)
Life insurance premiums (for self/spouse/children)
Principal repayment of home loan
Section 80D (Health Insurance):
Self/Family: ₹25,000 (₹50,000 for senior citizens)
Parents: ₹25,000 (₹50,000 if seniors)
HRA Exemption:
Provide rent paid, landlord PAN (if rent > ₹1L/year), and actual HRA received for Income Tax benefits.
Other Deductions:
Section 80G: Donations to charities (50%–100% deduction)
Section 24(b): Home loan interest (up to ₹2L/year)
4. Include Additional Income (If Applicable)
Interest Income:
Savings account (tax-free up to ₹10,000 under Section 80TTA)
Fixed deposits (taxable; add under “Income from Other Sources” in your ITR Return)
Capital Gains:
Short-term (STCG): Stocks (<12 months) — 15% tax
Long-term (LTCG): Stocks (>12 months) — 10% tax over ₹1L
Property/mutual funds: Different rates apply under Income Tax India rules
Rental Income:
After deducting municipal taxes + 30% standard deduction
5. View & Compare Tax Liability
Instant Tax Breakdown:
Total taxable income
Tax payable (after rebates)
Cess (4% health & education)
Regime Comparison:
Side-by-side view of tax outgo in old vs new regimes
Example: If your income is ₹12L, the Income Tax India calculator may show ₹1L savings in the new regime.
Rebate 87A:
If taxable income ≤ ₹7L (new regime), you pay zero tax. The Income Tax India Calculator FY 2024-25 will provide tips on other rebates too.
6. Download/Share & Optimize
Save as PDF: For offline reference or sharing with a CA while filing your ITR Return.
Adjust Inputs: Experiment with:
Increasing 80C investments to reduce Income Tax liability
Switching regimes to see which saves more
Tax-Saving Tips:
Invest in NPS (extra ₹50K deduction under 80CCD(1B))
Claim LTA (if provided by employer)
The Income Tax India Calculator FY 2024-25 will help you find your tax liability.
Why Use This Income Tax India Calculator FY 2024-25?
✅ 100% Free — No hidden charges, updated with latest Income Tax India rules
✅ Best for Salaried & Freelancers — Supports multiple income sources for ITR Return filing
✅ Tax-Saving Tips — Suggests deductions to reduce liability
✅ Mobile-Friendly — Works smoothly on all devices
Plan smarter with the most reliable Income Tax India Calculator FY 2024-25!
FAQs
1. How to calculate income tax for FY 2024-25?
You can use AllTaxCalculator’s Income Tax Calculator FY 2024-25 by entering your annual income, selecting the tax regime (old or new), and adding deductions (if applicable). The tool instantly computes your tax liability with accuracy.
2. Which tax regime is better for FY 2024-25 – old or new?
The new tax regime (FY 2024-25) offers lower tax rates but fewer deductions, making it beneficial for those with minimal investments. The old regime is better if you claim exemptions (HRA, 80C, 80D, etc.). Use our calculator to compare both.
3. What deductions can I claim under the old tax regime?
Under the old regime, you can claim:
Section 80C (₹1.5L): EPF, PPF, LIC, ELSS, home loan principal
Section 80D: Health insurance premiums
HRA: For salaried employees
Section 24(b): Home loan interest (up to ₹2L)
4. Is the new tax regime compulsory in FY 2024-25?
No, the new tax regime is optional. Salaried employees can choose between old and new regimes. However, the government has made the new regime more attractive with revised tax slabs.
5. How do I calculate tax if I have income from salary and freelancing?
Enter your total income (salary + freelancing) in the Income Tax Calculator FY 2024-25, select the applicable regime, and add deductions (if any). The tool will compute tax liability, including advance tax if freelancing income exceeds ₹10,000/year.
6. What is the income tax slab for FY 2024-25?
New Regime Slabs (FY 2024-25):
Up to ₹3L: Nil
₹3L–6L: 5%
₹6L–9L: 10%
₹9L–12L: 15%
₹12L–15L: 20%
Above ₹15L: 30%
7. Can I switch between old and new tax regimes every year?
Yes, salaried employees can switch yearly, but business/professionals must stick to one regime for the entire financial year.
8. How much tax can I save under Section 80C in FY 2024-25?
Under Section 80C, you can save up to ₹1.5 lakh by investing in PPF, ELSS, NSC, or paying life insurance premiums.