Income Tax Calculator FY 2024-25
UpdatedCalculate your income tax under the new and old tax regime for FY 2024-25 (AY 2025-26). Includes 87A rebate, surcharge, cess, and full slab-wise breakdown.
Tax Regime (FY 2024-25)
₹75,000 standard deduction & rebate up to ₹7L taxable income automatically applied.
Income Details
Quick Select
Total tax payable · Effective rate 5.96%
Monthly Estimate
Gross / mo
₹1,00,000
Tax / mo
₹5,958
In-hand / mo
₹94,042
Switch regime to compare
The new regime is better for most salaried individuals without major deductions. Switch to the old regime above if you have significant 80C, HRA, or home loan deductions to claim.
Income Tax Slabs FY 2024-25
As per Budget 2024 announcements.
| Income Slab | Rate |
|---|---|
| ₹0 – ₹3,00,000 | Nil |
| ₹3,00,001 – ₹7,00,000 | 5% |
| ₹7,00,001 – ₹10,00,000 | 10% |
| ₹10,00,001 – ₹12,00,000 | 15% |
| ₹12,00,001 – ₹15,00,000 | 20% |
| Above ₹15,00,000 | 30% |
+ ₹75,000 standard deduction · 87A rebate up to ₹7L
| Income Slab | Rate |
|---|---|
| ₹0 – ₹2,50,000 | Nil |
| ₹2,50,001 – ₹5,00,000 | 5% |
| ₹5,00,001 – ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
+ 87A rebate up to ₹5L · All deductions available
Key Changes in Budget 2024
Standard Deduction Raised
Increased from ₹50,000 to ₹75,000 under the new regime for salaried and pensioners.
Revised Tax Slabs
The 5% slab in the new regime now extended to ₹7L, reducing tax for middle-income earners.
87A Rebate at ₹25,000
Individuals with taxable income up to ₹7L pay zero tax under the new regime.
Old Regime Unchanged
Old regime slabs, rates, and deductions remain the same as FY 2023-24.
Frequently Asked Questions
Which tax regime is better — new or old for FY 2024-25?
The new regime is generally better for individuals with fewer deductions. If your total deductions (80C, HRA, home loan interest, etc.) exceed ~₹3.75 lakh, the old regime may result in lower tax. Use the calculator to compare both.
What is the 87A rebate?
Section 87A provides a tax rebate to individuals whose taxable income does not exceed ₹7,00,000 (new regime) or ₹5,00,000 (old regime). The rebate is up to ₹25,000 and ₹12,500 respectively, effectively making tax zero.
What is the standard deduction in the new regime?
From FY 2024-25, salaried individuals and pensioners get a standard deduction of ₹75,000 under the new regime (increased from ₹50,000 in Budget 2024).
What is Health & Education Cess?
A 4% cess is levied on the income tax (after surcharge) payable. It goes towards funding health and education initiatives. It applies to all taxpayers regardless of income.
Who pays surcharge on income tax?
Surcharge is an additional levy on tax for high-income earners: 10% if income exceeds ₹50L, 15% above ₹1Cr, 25% above ₹2Cr, and 37% above ₹5Cr.