Income Tax Calculator FY 2024-25 (Updated)

Calculate your income tax with latest rules: ₹75K standard deduction for new regime, compare Old vs New Tax Regime

₹3,00,000
Tax-Free Income Limit
Under new tax regime, income up to ₹3 lakh is completely tax-free

Enter Your Details

1

Basic Information *

Income required (total OR detailed breakdown)

Either fill this OR use detailed income breakdown below (not both)

2

Detailed Income Sources

Optional
3

Section 80C Investments

Max ₹1.5L
4

Section 80D - Health Insurance

Max ₹75K
5

Other Deductions

80E, 80G, NPS
6

Allowances & Exemptions

HRA, LTA

Tax Slabs FY 2024-25

New Tax Regime

Up to ₹3,00,0000%
₹3,00,001 - ₹6,00,0005%
₹6,00,001 - ₹9,00,00010%
₹9,00,001 - ₹12,00,00015%
₹12,00,001 - ₹15,00,00020%
Above ₹15,00,00030%

Old Tax Regime

Up to ₹2,50,0000%
₹2,50,001 - ₹5,00,0005%
₹5,00,001 - ₹10,00,00020%
Above ₹10,00,00030%
Plus: Various deductions available under sections 80C, 80D, HRA, etc.

Why Use Our Income Tax Calculator FY 2024-25?

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100% Accurate Tax Calculations

Based on latest FY 2024-25 income tax slabs, deductions, and exemptions with precise mathematical calculations as per Income Tax Act

⚖️

Compare Tax Regimes Instantly

Compare old vs new tax regime side-by-side to determine which regime saves you more money and reduces tax liability

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Detailed Tax Breakdown

Get comprehensive tax analysis with deduction breakdown, effective tax rates, net income, and savings recommendations

Smart Tax Planning Tips for FY 2024-25

Section 80C Investments

Maximize ₹1.5L deduction with EPF, PPF, ELSS, life insurance, and home loan principal

Health Insurance

Save up to ₹75,000 under Section 80D for self, family, and parents' health insurance

NPS Additional Benefit

Extra ₹50,000 deduction under Section 80CCD(1B) over and above Section 80C

Home Loan Benefits

Principal repayment under 80C + Interest deduction up to ₹2L under Section 24

Frequently Asked Questions - Income Tax Calculator FY 2024-25

Q: Which tax regime should I choose - Old or New Tax Regime for FY 2024-25?

A: The choice depends on your deductions. If you have significant investments and deductions under Sections 80C, 80D, HRA exemption, home loan interest, etc., the old tax regime might be beneficial. If you have minimal deductions, the new tax regime with lower tax rates and higher exemption limit of ₹3 lakh might save you money.

Q: What is the income tax exemption limit for FY 2024-25?

A: Under the new tax regime, income up to ₹3,00,000 is completely tax-free. Under the old tax regime, income up to ₹2,50,000 is tax-free for individuals below 60 years. Senior citizens (60-80 years) get ₹3,00,000 exemption, and super senior citizens (above 80) get ₹5,00,000 exemption in the old regime.

Q: What is the standard deduction for FY 2024-25?

A: The standard deduction for FY 2024-25 is ₹75,000 for the new tax regime and ₹50,000 for the old tax regime for salaried employees. This deduction is automatically available and reduces your taxable income.

Q: How much can I save under Section 80C in FY 2024-25?

A: You can claim a maximum deduction of ₹1,50,000 under Section 80C through investments in EPF, PPF, ELSS mutual funds, life insurance premiums, NSC, home loan principal, children's tuition fees, and other eligible investments. This is only available under the old tax regime.

Q: What is Health and Education Cess for FY 2024-25?

A: Health and Education Cess is charged at 4% on the calculated income tax amount under both tax regimes. This cess is over and above the income tax and is used to fund health and education initiatives by the government.

Q: Can I switch between old and new tax regime every year?

A: Yes, salaried individuals can choose between old and new tax regime every financial year while filing ITR. However, if you have business income, you can switch to the new regime only once, and then you cannot go back to the old regime.

Q: How accurate is this income tax calculator?

A: Our tax calculator is 100% accurate and updated with the latest FY 2024-25 tax slabs, deductions, and exemptions as per the Income Tax Act. However, for complex tax situations, we recommend consulting a qualified tax professional.

Important Income Tax Dates for FY 2024-25

31st July 2025
ITR Filing Deadline
Last date to file income tax return
31st March 2025
Investment Deadline
Last date for tax-saving investments
15th March 2025
Advance Tax Q4
Final advance tax payment
31st May 2025
Tax Audit Deadline
For businesses requiring tax audit

Best Tax Saving Investments for FY 2024-25

🏛️ Public Provident Fund (PPF)

  • ✓ 15-year lock-in period
  • ✓ Tax-free returns
  • ✓ EEE status
  • ✓ Current interest: ~7.1%

📈 ELSS Mutual Funds

  • ✓ 3-year lock-in period
  • ✓ Potential for high returns
  • ✓ Market-linked returns
  • ✓ SIP option available

🛡️ Life Insurance

  • ✓ Life coverage + tax saving
  • ✓ Premium up to ₹1.5L deductible
  • ✓ Term + ULIP options
  • ✓ Family financial security

🏠 Home Loan

  • ✓ Principal: Section 80C
  • ✓ Interest: Section 24 (₹2L)
  • ✓ Build asset + save tax
  • ✓ Additional benefits for first-time buyers

🎯 National Pension Scheme

  • ✓ Section 80C: ₹1.5L
  • ✓ Section 80CCD(1B): ₹50K extra
  • ✓ Retirement planning
  • ✓ Market-linked returns

👨‍⚕️ Health Insurance

  • ✓ Section 80D benefits
  • ✓ Up to ₹75K deduction
  • ✓ Medical coverage
  • ✓ Family health protection

Important Tax Calculator Disclaimer

Disclaimer: This income tax calculator provides estimates based on the information provided and current FY 2024-25 tax laws. Actual tax liability may vary based on specific circumstances, recent amendments, and individual tax situations. This tool is for educational and planning purposes only. Please consult a qualified chartered accountant (CA) or tax professional for personalized tax advice, complex tax situations, and ensure compliance with current Income Tax Act provisions. BharatFinX is not liable for any financial decisions made based on these calculations.

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Complete Guide to Income Tax Calculator FY 2024-25

Planning your income tax for FY 2024-25 has never been easier with our comprehensiveonline tax calculator. Whether you're a salaried employee, business owner, or freelancer, understanding your tax liability is crucial for effective financial planning and tax optimization.

New Tax Regime vs Old Tax Regime: Which is Better?

The new tax regime offers lower tax rates with a higher exemption limit of ₹3 lakh, but doesn't allow most deductions. The old tax regime has higher tax rates but allows various deductions under sections like 80C, 80D, 24, HRA, etc. Our calculator helps you compare both regimes instantly to make an informed decision.

Key Tax Deductions Available in FY 2024-25

  • Section 80C: Maximum ₹1.5 lakh deduction for PPF, ELSS, life insurance, home loan principal
  • Section 80D: Up to ₹75,000 for health insurance premiums (including parents)
  • Section 80CCD(1B): Additional ₹50,000 for National Pension Scheme (NPS)
  • Section 24: Up to ₹2 lakh for home loan interest deduction
  • HRA Exemption: Based on salary, rent paid, and city of residence
  • Standard Deduction: ₹75,000 for new regime / ₹50,000 for old regime (automatic for salaried employees)

Income Tax Slabs FY 2024-25: Complete Breakdown

Understanding the income tax slabs is essential for accurate tax calculation. The new regime offers a more graduated tax structure with six slabs, while the old regime has four main slabs with various deductions available.

How to Use This Income Tax Calculator Effectively

Our free online tax calculator is designed to be user-friendly and comprehensive. Enter your income details, select your age group, input your investments and deductions, and get instant results comparing both tax regimes. The calculator also provides a detailed breakdown of your deductions and tax-saving recommendations.

Tax Planning Strategies for Maximum Savings

Effective tax planning involves strategic investments throughout the year. Consider diversifying your tax-saving investments across ELSS mutual funds, PPF, NPS, and health insurance to optimize your tax liability while building wealth for the future.

💡 Pro Tax Saving Tips

  • • Start tax planning at the beginning of the financial year
  • • Maintain proper documentation for all deductions and investments
  • • Consider long-term tax-saving investments like PPF and ELSS
  • • Don't forget about health insurance for additional tax benefits
  • • Review and compare both tax regimes annually
  • • Consult a tax professional for complex situations

This income tax calculator is updated regularly with the latest tax laws and provisions. For the most accurate results, ensure you enter all relevant income sources and eligible deductions. Remember that tax laws can change, so it's always advisable to verify with current Income Tax Act provisions or consult with a qualified tax professional for personalized advice.