Enter Your Income Details
Annual Income
Tax Deductions & Exemptions
Tax Calculation Results
Total Tax Liability (FY 2024-25)
₹ 1,12,500
Net Income: ₹ 10,37,500
Gross Annual Income
₹ 12,00,000
Total Deductions
₹ 1,60,000
Taxable Income
₹ 9,90,000
Effective Tax Rate
9.4%
Applicable Tax Slabs
| Income Range | Tax Rate | Tax Amount |
|---|
Income Tax Calculator FAQs
Which tax regime should I choose - New or Old?
The new tax regime has lower tax rates but fewer deductions. The old regime has higher rates but allows all deductions. Choose new regime if you have few investments/deductions. Choose old regime if you have substantial investments (more than ₹3.75 lakhs in deductions).
What is the standard deduction in FY 2024-25?
Standard deduction of ₹50,000 is available for salaried individuals under both new and old tax regimes. It's automatically deducted from your salary income.
What are the tax slabs for FY 2024-25?
New Regime: Up to ₹3L (0%), ₹3-6L (5%), ₹6-9L (10%), ₹9-12L (15%), ₹12-15L (20%), Above ₹15L (30%)
Old Regime: Up to ₹2.5L (0%), ₹2.5-5L (5%), ₹5-10L (20%), Above ₹10L (30%)
Old Regime: Up to ₹2.5L (0%), ₹2.5-5L (5%), ₹5-10L (20%), Above ₹10L (30%)
What is the last date for filing ITR for AY 2025-26?
For FY 2024-25 (AY 2025-26):
• 31st July 2025 (without audit)
• 31st October 2025 (with audit)
• 31st December 2025 (updated returns)
• 31st July 2025 (without audit)
• 31st October 2025 (with audit)
• 31st December 2025 (updated returns)
Complete Guide to Income Tax Calculation FY 2024-25
Understanding Income Tax in India
Income tax is a direct tax levied by the Government of India on the income earned by individuals and entities during a financial year (April 1 to March 31). The tax rates and slabs are announced in the Union Budget each year.
New Tax Regime vs Old Tax Regime
New Tax Regime (Default from FY 2023-24):
- Lower tax rates with fewer deductions
- Standard deduction of ₹50,000 available
- No deductions under Section 80C, 80D, HRA, etc.
- Simplified tax structure
- Ideal for those with minimal investments
Old Tax Regime:
- Higher tax rates but all deductions available
- Section 80C deduction up to ₹1.5 lakhs
- Section 80D for medical insurance
- HRA exemption, LTA, and other allowances
- Better for those with substantial investments
Key Tax Deductions for FY 2024-25
- Section 80C (₹1.5 lakhs): PPF, ELSS, Life Insurance, Home Loan Principal, EPF, NSC, etc.
- Section 80D (₹25,000-₹75,000): Health insurance premium for self, family, and parents
- HRA Exemption: House Rent Allowance based on salary structure
- Standard Deduction (₹50,000): Available for all salaried individuals
- Section 80E: Interest on education loan
- Section 80G: Donations to charitable institutions
Tax Saving Strategies for FY 2024-25
- Invest in tax-saving instruments before March 31
- Purchase health insurance for family and parents
- Utilize home loan benefits if applicable
- Claim all eligible allowances and exemptions
- Compare both tax regimes before filing ITR
- Consider NPS for additional ₹50,000 deduction under Section 80CCD(1B)
Important Due Dates for FY 2024-25
- Tax Saving Investments: 31st March 2025
- Advance Tax Payments: Quarterly deadlines (June 15, Sept 15, Dec 15, March 15)
- ITR Filing (Without Audit): 31st July 2025
- ITR Filing (With Audit): 31st October 2025
- Updated Return: 31st December 2025