Free Income Tax Calculator for India
Estimate your income tax liability for FY 2024-25. Compare old vs new tax regime and plan deductions for individuals, freelancers, and business owners.
🏦 Income Tax Calculator (FY 2024-25)
Old Regime vs New Regime — Key Differences
🔵 Old Tax Regime
- Standard deduction: ₹50,000
- 80C deductions up to ₹1.5 lakh
- 80D (health insurance), HRA, LTA allowed
- More beneficial if deductions are high
- Suitable for home loan borrowers
🟢 New Tax Regime (Default from FY 2023-24)
- Standard deduction: ₹75,000 (from FY 2024-25)
- No 80C, 80D, HRA deductions
- Lower tax slabs, simpler computation
- Rebate u/s 87A up to ₹7 lakh income
- Suitable for those with fewer deductions
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Frequently Asked Questions — Income Tax
Which tax regime is better for me?
If your total deductions (80C + 80D + HRA + home loan interest etc.) exceed approximately ₹3-4 lakhs, the old regime may save more tax. Otherwise, the new regime with lower rates is simpler and usually beneficial for most taxpayers. Use this calculator to compare both.
What is the income tax rebate under section 87A?
Under the new regime, if your total income is up to ₹7 lakhs, you get a full rebate u/s 87A — making your tax liability nil. Under the old regime, the rebate applies if income is up to ₹5 lakhs.
Who needs to file an income tax return (ITR)?
You must file an ITR if your income exceeds the basic exemption limit (₹2.5 lakhs under old regime, ₹3 lakhs under new regime), or if you have foreign assets, want to claim a refund, or meet certain other criteria. Filing is also recommended to maintain a financial record.
What is the ITR filing deadline?
For most individuals, the ITR deadline is July 31 of the assessment year (e.g., July 31, 2025 for FY 2024-25). Business owners requiring audit must file by October 31.
📌 Related: Income Tax Return Filing Service | ITR Filing Checklist | Income Tax Deductions Guide
