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Income Tax Calculator (New vs. Old Regime)

Disclaimer:
The calculations are based on Tax Slabs for FY 2023-24 (AY 2024-25). Tax laws are subject to change. Please consult AviUrade Financial Services or a CA before filing returns.

Which Regime to choose?

New Regime: Best if your income is up to ₹7.5 Lakhs (Tax is ZERO) or if you don't have investments for tax saving.
Old Regime: Best if you have Home Loan (Section 24), HRA, and high investments in 80C (PPF, ELSS, LIC).

FAQs:

Q: How much tax for ₹7 Lakh income?
In the New Regime, tax is ZERO due to Rebate u/s 87A.
Q: Is Standard Deduction applicable in New Regime?
Yes, a standard deduction of ₹50,000 is now available in the New Regime too.