New Tax Regime Calculator

Calculate your income tax under the New Tax Regime. Compare with Old Regime, check tax slabs, and optimize your tax liability.

Default Tax Regime (FY 2024-25)

Tax Calculation Parameters

Annual Income (₹)

₹

₹12,00,000

₹5 Lakhs

7.5L

₹7.5 Lakhs

12L

₹12 Lakhs

20L

₹20 Lakhs

Age Group

Senior citizens have higher exemption limits in old regime only

Standard Deduction

₹

₹75,000 (Fixed for Salaried)

Other Deductions (₹)

₹

₹0

Additional Options

Compare with Old Tax Regime

Include Health & Education Cess (4%)

₹1,12,500

Estimated Tax Liability

Tax Calculation Results

₹1,12,500

Total Tax Liability

₹10,80,000

Net Income After Tax

9.4%

Effective Tax Rate

₹15,600

Savings vs Old Regime

₹9,375

Monthly Tax Outgo

Better Choice

New Regime Recommended

You save ₹15,600 compared to Old Regime

New Tax Regime Slabs (FY 2024-25)

Income Range (₹)	Tax Rate
Up to 3,00,000	Nil
3,00,001 - 6,00,000	5%
6,00,001 - 9,00,000	10%
9,00,001 - 12,00,000	15%
12,00,001 - 15,00,000	20%
Above 15,00,000	30%

* Rebate under Section 87A: No tax for income up to ₹7,00,000

New vs Old Tax Regime Comparison

Parameter	New Tax Regime	Old Tax Regime
Basic Exemption	₹3,00,000	₹2,50,000 (Below 60)
Standard Deduction	₹75,000	₹50,000
Section 80C	Not Available	Up to ₹1,50,000
HRA Exemption	Not Available	Available
Section 87A Rebate	Up to ₹7,00,000 income	Up to ₹5,00,000 income
Your Tax	₹1,12,500	₹1,28,100

Key Features of New Tax Regime (FY 2024-25)

Default Regime: New tax regime is the default option from FY 2023-24 onwards
Lower Tax Rates: Reduced tax rates compared to old regime with more slabs
Standard Deduction: ₹75,000 for salaried individuals (increased from ₹50,000)
Rebate Available: No tax for income up to ₹7,00,000 under Section 87A
Limited Deductions: Most exemptions like HRA, LTA, 80C are not available
Flexibility: Can choose between regimes each year while filing ITR
Family Pension: Deduction of ₹15,000 or 1/3rd of pension, whichever is lower

Lower Tax Rates

Reduced tax rates with more slabs: 0%, 5%, 10%, 15%, 20%, 30%

Higher Rebate

No tax up to ₹7,00,000 income under Section 87A rebate

Simpler Compliance

No need to maintain investment proofs or claim exemptions

Flexible Choice

Option to switch between regimes every financial year