Calculate your income tax liability under both old and new tax regimes. Compare tax savings with deductions like 80C, 80D, HRA, home loan interest, and more. Get personalized tax planning recommendations.
| Old Regime | New Regime | |
|---|---|---|
| Taxable Income | ₹7,90,000 | ₹11,50,000 |
| Total Tax | ₹75,712 | ₹82,800 |
| Tax Savings | ₹7,088 with Old Regime | |
Based on your income and deductions, the Old Tax Regime is more beneficial for you. You save ₹7,088 compared to the New Regime.
| Income Slab (₹) | Tax Rate | Tax for Income ₹12 Lakhs |
|---|---|---|
| Up to ₹2,50,000 | 0% | ₹0 |
| ₹2,50,001 - ₹5,00,000 | 5% | ₹12,500 |
| ₹5,00,001 - ₹10,00,000 | 20% | ₹60,000 |
| Above ₹10,00,000 | 30% | Based on income |
| Income Slab (₹) | Tax Rate | Tax for Income ₹12 Lakhs |
|---|---|---|
| Up to ₹3,00,000 | 0% | ₹0 |
| ₹3,00,001 - ₹6,00,000 | 5% | ₹15,000 |
| ₹6,00,001 - ₹9,00,000 | 10% | ₹30,000 |
| ₹9,00,001 - ₹12,00,000 | 15% | ₹45,000 |
| ₹12,00,001 - ₹15,00,000 | 20% | Based on income |
| Above ₹15,00,000 | 30% | Based on income |
This advanced income tax calculator helps you accurately calculate your income tax liability for the financial year 2024-25 (Assessment Year 2025-26). Our calculator considers all relevant factors including your income sources, applicable deductions under various sections of the Income Tax Act, and compares both old and new tax regimes to help you make an informed decision.
The Government of India introduced a new tax regime in Budget 2020 with lower tax rates but fewer deductions and exemptions. The old regime continues with higher tax rates but allows various deductions. Choosing between them depends on your income level and available deductions.
The new tax regime is beneficial for individuals who don't have substantial investments or deductions. Typically, if your total deductions are less than ₹3-4 lakhs, the new regime with lower tax rates might be more advantageous.