Income Tax Calculator for FY 2024-2025

PayHR Income Tax Calculator is a simple online tool that helps you estimate your tax based on your income. This tax calculator will show a comparison of both tax regimes.

To know more about Income tax saving guidelines, click here: Income Tax Saving Guidelines for Employee's

Select Your details

Below 60 years

60 to 80 years

80 years and above

You had selected age as :

Enter Your Income details

Your Total Gross Taxable Income is :

Enter Your Exemptions and Deduction details

Here is your Income Tax Calculation

Allowance | Deductions As per OLD Regime As per NEW Regime
1. Income From Salary (+)
2. Income From Other Source (+)
3. Interest Paid On Home Loan (-)
4. Total Gross Taxable Income (1+2-3)
5. HRA Exemption Amount (-)
6. LTA Exemption Amount (-)
7. Standard Deductions (-)
8. 80C Deduction Amount (-)
9. Individual contribution to NPS 80CCD (-)
10. Medical Insurance 80D (-)
11. Employer contribution to NPS 80CCD (-)
12. 80 Other Deductions (-)
13. Total Exemption & Deduction (5+6+7+8+9+10+11+12)
14. Total Taxable Income (4-13)
15. Total Tax
16. Rebate u/s 87A(-)
17. Surcharge
18. Health & Education Cess
19. Total Income Tax for FY 2024-2025 (15-16+17+18)
Is Marginal Relif Applicable?
Income Tax slab considers as per :

What are changes in Year 2024 Budget

There is no change for salary slab employees...!
The Income tax slab for New Tax Regime effective financial year 2023-24 is as followed

Taxable Income Slab(Rs.) New Tax Rates (Rs.)
Upto 3 lakhs NIL
3 Lakh to 6 Lakh 5%
6 Lakh to 9 Lakh 10%
9 Lakh to 12 Lakh 15%
12 Lakh to 15 Lakh 20%
15 Lakh above 30%

New Tax Regime to be default tax regime
Earlier employee at the beginning of every financial year used to opt for New Tax Regime if he wants, but effective financial year 2023-24 the default tax regime will be New Tax Regime instead of Old Tax Regime. So from April 2023 onwards if employee want to go with Old Tax Regime, then he should exercise this option himself by submitting declaration or via ESS payroll application provided by employer, or else his tax will get calculate based on New Tax Regim.

Standard Deduction limit extended to new tax regime effective 2023-24 Earlier the standard deduction limit of Rs.50,000/- was available for those who opted Old Tax Regime. Now it’s proposed to extend this benefit to new tax regime.