Income Tax Calculator FY 2024-25
Calculate income tax with old vs new regime comparison. See which regime saves you more based on your income and deductions.
Income & Deductions
₹
Salary + other income (before deductions)₹
EPF, PPF, ELSS, Insurance (max ₹1.5L)₹
80D health insurance, 80E education loan, etc.₹
House Rent Allowance received per year₹
Annual rent paid (for HRA exemption calculation)See which regime is better for you
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Enter your income to calculate tax
Income Tax Slabs FY 2024-25
Old Tax Regime (with Deductions)
| Income Range | Tax Rate |
|---|---|
| Up to ₹2.5 lakh | Nil |
| ₹2.5L - ₹5L | 5% |
| ₹5L - ₹10L | 20% |
| Above ₹10L | 30% |
+ 4% Health & Education Cess on total tax
New Tax Regime (Lower Rates, No Deductions)
| Income Range | Tax Rate |
|---|---|
| Up to ₹3 lakh | Nil |
| ₹3L - ₹7L | 5% |
| ₹7L - ₹10L | 10% |
| ₹10L - ₹12L | 15% |
| ₹12L - ₹15L | 20% |
| Above ₹15L | 30% |
+ 4% Health & Education Cess | No tax up to ₹7L (Rebate 87A)
Available Deductions (Old Regime Only)
- Standard Deduction: ₹50,000 (old regime) / ₹75,000 (new regime, FY 2024-25)
- 80C: ₹1.5 lakh (EPF, PPF, ELSS, Insurance, Tuition fees)
- 80D: ₹25K health insurance (₹50K for senior citizens)
- 80E: Full interest on education loan
- 80G: 50-100% of donations
- HRA: Exemption on house rent (if rent paid)
Old vs New: Which to Choose?
| Scenario | Better Regime |
|---|---|
| High deductions (>₹2L) | Old |
| Paying house rent (HRA) | Old |
| Low deductions (<₹1L) | New |
| Income ₹7-12L, no investments | New |
| Want simple filing | New |
What this income tax calculator does
The MONEX MINT income tax calculator computes your liability for FY 2025-26 (assessment year 2026-27) under both the old and new tax regimes side-by-side, so you can pick whichever one saves more. It applies the latest Budget 2024 changes — the ₹75,000 standard deduction in the new regime, revised slab structure, ₹7 lakh Section 87A rebate, 4% Health and Education Cess, and surcharge for high incomes. Use it to plan your investment declarations at the start of the year, evaluate a salary hike, or decide whether switching regimes is worth it.
How it's calculated
Tax = (Taxable income × applicable slab rate) − 87A rebate + Surcharge Final liability = Tax × 1.04 (Health and Education Cess) Taxable income = Gross salary − Standard deduction − Eligible deductions
- Standard deduction — ₹50,000 under old regime; ₹75,000 under new regime (FY 2025-26)
- 87A rebate — Up to ₹25,000 under new regime if taxable income ≤ ₹7,00,000; up to ₹12,500 under old regime if income ≤ ₹5,00,000
- Surcharge — 10% above ₹50L, 15% above ₹1Cr, 25% above ₹2Cr (new regime cap)
- Cess — 4% Health and Education Cess on tax + surcharge
Example: ₹15,00,000 gross salary — old vs new regime
- Gross salary = ₹15,00,000 | Assume 80C = ₹1,50,000 fully claimed, 80D = ₹25,000, HRA exemption = ₹1,20,000
- NEW REGIME: Taxable = 15,00,000 − 75,000 = ₹14,25,000
- New tax = 0 + 5%(7−3) + 10%(10−7) + 15%(12−10) + 20%(14.25−12) = 20,000 + 30,000 + 30,000 + 45,000 = ₹1,25,000 + 4% cess = ₹1,30,000
- OLD REGIME: Taxable = 15,00,000 − 50,000 − 1,50,000 − 25,000 − 1,20,000 = ₹11,55,000
- Old tax = 0 + 5%(5−2.5) + 20%(10−5) + 30%(11.55−10) = 12,500 + 1,00,000 + 46,500 = ₹1,59,000 + 4% cess = ₹1,65,360
- New regime saves ₹35,360 here. The break-even is roughly when total old-regime deductions exceed ₹4 lakh.
Result: New regime tax: ₹1,30,000 | Old regime tax: ₹1,65,360 | New regime is cheaper by ₹35,360
Frequently asked questions
What are the income tax slabs for FY 2025-26 under the new regime?
For FY 2025-26 (AY 2026-27) the new regime slabs are: 0-3L nil, 3-7L at 5%, 7-10L at 10%, 10-12L at 15%, 12-15L at 20%, and above 15L at 30%. The standard deduction is ₹75,000 and the Section 87A rebate makes total tax zero for incomes up to ₹7,00,000 (effectively ₹7,75,000 after the standard deduction). 4% Health and Education Cess applies on top.
Should I choose the old or the new tax regime?
The new regime usually wins for taxpayers who claim few deductions. The old regime wins only if you can claim more than roughly ₹3.75-₹4.25 lakh of deductions (80C ₹1.5L + 80D ₹25K + HRA + home loan interest ₹2L + NPS 80CCD(1B) ₹50K). Salaried employees with a home loan and a working spouse generally save more under the old regime; freelancers and young professionals usually prefer the new.
What is the Section 87A rebate and who gets it?
Section 87A is a rebate (not a deduction) that reduces tax to zero for low-income earners. Under the new regime FY 2025-26, residents with taxable income up to ₹7,00,000 get a rebate of up to ₹25,000, making their tax liability zero. Under the old regime the threshold is ₹5,00,000 with a rebate of up to ₹12,500. The rebate does not apply to non-residents or to incomes above the threshold.
How is the 4% Health and Education Cess applied?
The 4% cess is added on top of the income tax (after the 87A rebate but before TDS adjustment). So if your income tax works out to ₹1,00,000, your final liability is ₹1,00,000 × 1.04 = ₹1,04,000. The cess applies under both regimes and is not subject to any threshold.
When does the surcharge kick in?
Surcharge is an additional tax on high earners and applies on top of income tax. New-regime FY 2025-26 surcharge rates are: 10% above ₹50L, 15% above ₹1Cr, and 25% above ₹2Cr. The maximum surcharge under the new regime is capped at 25% (down from 37% in the old regime). Marginal relief ensures the post-surcharge income does not fall below the threshold.
What is the standard deduction in FY 2025-26?
The standard deduction is ₹75,000 under the new regime (raised from ₹50,000 in Budget 2024) and ₹50,000 under the old regime. It is automatically applied to your salary income and pension — you do not need to submit any proof. Family pensioners get a separate standard deduction of ₹15,000 (old) or ₹25,000 (new) on family pension income.
Is HRA exemption available in the new regime?
No. The new tax regime does not allow HRA, LTA, Section 80C deductions, home loan interest on self-occupied property, or most other exemptions. The trade-off is the lower slab rates and higher standard deduction. Only the employer NPS contribution under Section 80CCD(2) and a few specific allowances (transport allowance for handicapped employees, conveyance for official duty, etc.) are allowed.
Related calculators
Slabs and deductions reflect the Budget 2024 amendments effective FY 2025-26 (AY 2026-27). Surcharge marginal relief, AMT and special-rate incomes (capital gains, lottery) are simplified — for complex cases consult a tax advisor.