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FY 2024-25

Income Tax Calculator

Calculate your income tax for India. Compare Old vs New tax regime and find the best option for you.

Income Details

₹

Tax Summary (New Regime)

Total Tax Payable₹71,500
Monthly Tax₹5,958
Effective Tax Rate5.96%
Annual Take-Home
₹11,28,500
(₹94,042/month)

Tax Breakdown

Gross Income₹12,00,000
Total Deductions- ₹75,000
Taxable Income₹11,25,000
Tax (before cess)₹68,750
Health & Education Cess (4%)₹2,750

Tax Slab Breakdown

Income RangeTaxable AmountTax RateTax
₹0.0L - ₹3.0L₹3,00,0000%₹0
₹3.0L - ₹7.0L₹4,00,0005%₹20,000
₹7.0L - ₹10.0L₹3,00,00010%₹30,000
₹10.0L - ₹12.0L₹1,25,00015%₹18,750

New vs Old Tax Regime

New Regime (Default):
  • Lower tax rates
  • Standard deduction of ₹75,000
  • No deductions under 80C, 80D, HRA, etc.
  • Tax rebate if income ≤ ₹7L
Old Regime:
  • Higher tax rates
  • Standard deduction of ₹50,000
  • All deductions available (80C, 80D, HRA, etc.)
  • Better if you have high deductions

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Learn About Income Tax

What is Income Tax?

Income tax is a direct tax levied by the government on the income earned by individuals and entities. In India, income tax is governed by the Income Tax Act, 1961 and is administered by the Central Board of Direct Taxes (CBDT).

Tax Regime Comparison

New Regime

Lower tax rates, fewer deductions, simpler compliance

Old Regime

Higher rates but allows 80C, 80D, HRA and other deductions

Key Dates to Remember

  • 1

    July 31 - Last date for filing ITR (non-audit cases)

  • 2

    March 15 - Advance tax final installment due

  • 3

    April 1 - New financial year begins