Free Income Tax Calculator India – FY 2024-25 Old vs New Regime

Yes, this income tax calculator is 100% free with no hidden charges, subscriptions, or premium tiers. You can perform unlimited tax calculations for any income level with all deductions without creating an account. Every feature including old vs new regime comparison, slab-wise breakdown, cess calculation, and copy results is available at zero cost. The tool is updated for FY 2024-25 tax slabs and remains free forever as part of our commitment to accessible financial planning tools for all Indian taxpayers.

Your data is completely safe and private. This income tax calculator runs entirely in your web browser using client-side JavaScript. Your salary details, income figures, investment amounts, and tax calculations are never sent to any server, never stored in any database, and never shared with any third party including the Income Tax Department. There are no cookies, no local storage, no tracking, and no analytics capturing your financial data. You can disconnect from the internet after loading and the calculator works perfectly offline.

This calculator uses the exact tax slabs and rates as per the Income Tax Act 1961, updated for FY 2024-25 (AY 2025-26) including Budget 2024 changes. The new regime standard deduction of ₹75,000, revised slab rates, and rebate under Section 87A up to ₹25,000 (new) and ₹12,500 (old) are all accurately implemented. Health and Education Cess at 4% is applied on total tax. Results match computations done by qualified CAs and official ITR utility. For complex cases involving capital gains, multiple income sources, or foreign income, consult a tax professional.

The old regime allows various deductions and exemptions like 80C (₹1.5 lakhs), 80D (health insurance), HRA, LTA, and home loan interest, resulting in lower taxable income but has higher base tax rates. The new regime (default from FY 2023-24) offers lower tax rates and wider slabs but eliminates most deductions except standard deduction of ₹75,000 and NPS employer contribution. The new regime benefits those with fewer deductions, while the old regime suits those with significant investments, home loan, and HRA claims. Our calculator compares both to show which saves more.

For FY 2024-25 under the new regime: ₹0-3 lakhs is nil, ₹3-7 lakhs at 5%, ₹7-10 lakhs at 10%, ₹10-12 lakhs at 15%, ₹12-15 lakhs at 20%, and above ₹15 lakhs at 30%. Standard deduction of ₹75,000 is available. Tax rebate under Section 87A makes income up to ₹7 lakhs effectively tax-free. The new regime is the default regime from FY 2023-24 onwards, meaning you must specifically opt for the old regime if you prefer it. Salaried individuals can switch between regimes every year.

Section 80C allows deduction up to ₹1,50,000 per year for investments and expenses including EPF contribution, PPF deposits, ELSS mutual funds, NSC, 5-year FD, Sukanya Samriddhi Yojana, life insurance premium, tuition fees for up to 2 children, and home loan principal repayment. This is the most popular deduction and available only under the old regime. Most salaried individuals easily claim the full ₹1.5 lakh through EPF alone or combined with ELSS and insurance. Section 80CCD(1B) offers additional ₹50,000 deduction for NPS contributions above 80C limit.

HRA exemption under Section 10(13A) is the minimum of three values: actual HRA received from employer, 50% of basic salary for metro cities (40% for non-metro), or actual rent paid minus 10% of basic salary. For example, if basic salary is ₹50,000/month, HRA received is ₹20,000, and rent paid is ₹25,000 in Bangalore (metro): actual HRA = ₹2,40,000/year, 50% of basic = ₹3,00,000, rent minus 10% basic = ₹2,40,000. Minimum is ₹2,40,000 exemption. HRA exemption is available only in the old regime.

Section 87A provides tax rebate for resident individuals with lower taxable income. Under the new regime for FY 2024-25, if total taxable income is up to ₹7,00,000, you get a rebate of up to ₹25,000, making tax effectively nil. Under the old regime, if taxable income is up to ₹5,00,000, rebate is up to ₹12,500. The rebate is applied after calculating tax but before adding cess. This means under the new regime, a person earning up to approximately ₹7.75 lakhs (after ₹75,000 standard deduction) pays zero tax.

Choose old regime if your total deductions (80C + 80D + HRA + home loan interest + other) exceed approximately ₹3.75-4.25 lakhs depending on your income level. The breakeven point varies by income slab. As a thumb rule: if you have a home loan, significant HRA, and full 80C investments, old regime often saves more. If you have minimal deductions (just EPF and basic insurance), the new regime with its lower rates is better. Our calculator does this comparison automatically, showing exact savings under each regime for your specific situation.

Health and Education Cess is levied at 4% on the total income tax amount (including surcharge if applicable). For example, if your calculated income tax is ₹1,00,000, cess = 4% of ₹1,00,000 = ₹4,000, making total tax payable ₹1,04,000. The cess is applicable under both old and new regimes and applies to all taxpayers regardless of income level. This cess replaced the earlier 3% Education Cess from FY 2018-19 and funds health and education initiatives across India.

For FY 2024-25, the standard deduction for salaried employees is ₹75,000 under the new tax regime (increased from ₹50,000 in Budget 2024) and ₹50,000 under the old regime. This deduction is automatically available to all salaried individuals and pensioners without any proof or investment required. It is deducted from gross salary to arrive at net taxable salary. The standard deduction replaces the earlier transport allowance and medical reimbursement that existed before FY 2018-19. No separate claim or documentation is needed for this deduction.

For salaried individuals and non-audit cases, the ITR filing deadline is usually 31st July of the assessment year. For FY 2024-25 (AY 2025-26), the deadline is 31st July 2025. For businesses requiring audit, the deadline is 31st October. Belated returns can be filed until 31st December with a penalty of ₹5,000 (₹1,000 if income is below ₹5 lakhs). Filing on time is important to avoid penalties, claim refunds faster, carry forward losses, and maintain a clean tax record. Our calculator helps you estimate tax liability well before the deadline.

Advance tax is required if your total tax liability after TDS exceeds ₹10,000 in a financial year. It is payable in four installments: 15% by 15th June, 45% by 15th September, 75% by 15th December, and 100% by 15th March. Senior citizens (60+) without business income are exempt from advance tax. Non-payment or underpayment attracts interest under Sections 234B and 234C. Most salaried employees have sufficient TDS deducted, so advance tax mainly concerns freelancers, business owners, and those with significant capital gains or other income.

Yes, salaried individuals can switch between old and new tax regimes every financial year when filing their ITR. The new regime is the default from FY 2023-24, so you must explicitly opt for the old regime by filing Form 10-IEA before the ITR due date. Business owners (with business income) can switch only once — if they opt out of the new regime and choose old, they cannot come back to new regime in future years. Use our calculator every year to determine which regime is more beneficial based on your current year deductions and income level.