Income tax calculator
The choice between the old and the new tax regime depends on the deductions you already use. Plug in your annual income and common deductions to see the tax payable under both and which one leaves more in hand.
Income tax calculator (FY 2024-25)
Compare old vs new regime — find which saves more tax for you.
Annual income (₹)
₹10,00,000
Sec 80C investments (LIC / PPF / ELSS)
₹1,50,000
Sec 80D health insurance premium
₹25,000
Home loan interest (Sec 24b)
₹0
New regime tax
₹62,400
no deductions, lower slabs
Old regime tax
₹70,200
with ₹2,25,000 deductions
Better regime
New regime
saves ₹7,800
Standard deduction (₹50,000) applied in old regime. 87A rebate applied. Surcharge for income above ₹50L not included. Consult a CA for accurate filing.
How this is calculated
- Inputs you provide: gross annual income, plus deductions under 80C, 80D, HRA, home loan interest, and standard deduction.
- Old regime: deductions are subtracted from gross income, then slab rates are applied.
- New regime: a lower set of slab rates is applied to gross income with limited deductions.
- Health and education cess at 4 percent is added on top of computed tax in both regimes.
- The cheaper regime is highlighted along with the absolute saving.
Common questions
- Which regime suits me?
- If you actively use 80C, HRA, and home loan interest deductions, the old regime often wins. Without those deductions, the new regime is usually simpler and cheaper.
- Can I switch regimes every year?
- Salaried individuals can switch annually. Anyone with business income can switch back only once after opting for the new regime.
- Are insurance premiums deductible?
- Health insurance premium qualifies under 80D in the old regime. Life insurance premium counts toward 80C. The new regime does not allow these.
- Does this consider surcharge?
- The basic tool focuses on slab tax and cess. Surcharge applies above 50 lakh of taxable income and is handled separately.