Take the stress out of taxes with our tax calculator. Estimate your tax burden, discover potential savings, and file with confidence.
- You can choose which tax regime you want to opt for.
- There are various deductions and exemptions available under both regimes.
- You can use an online income tax calculator to estimate your tax liability.
Here’s the comparison table including all mentioned deductions and tax rebates sections:
| Feature | New Tax Regime | Old Tax Regime |
| Tax Slabs and Rates | Fewer slabs, Lower rates below Rs. 15 lakhs | More slabs, Slightly higher rates |
| Deductions | Minimal (Standard Deduction Rs. 50,000 only) | Wider range (Sections 80C, 80D, HRA, LTA, etc.) |
| Tax Rebates | Up to Rs. 7 lakhs under Section 87A | Up to Rs. 5 lakhs under Section 87A |
| Exemptions | No exemptions for investments, medical expenses, etc. | Exemptions for PPF, life insurance, medical expenses (80D), housing loan interest (24B), etc. |
| Benefits | Simpler filing process | Potentially lower tax liability |
| Who Should Choose | Low earners (up to Rs. 7 lakhs with rebate), Minimal investments | Higher earners with significant deductions |
Additional Notes:
- The new regime offers a standard deduction to compensate for the lack of other deductions.
- HRA (House Rent Allowance) and LTA (Leave Travel Allowance) are exemptions not available under the new regime.
- Sections 80C and 80D refer to specific sections of the Income Tax Act that allow deductions for investments in PPF, life insurance, medical expenses, etc.
The income tax slabs in India for the financial year 2023-24 and assessment year 2024-25. India has two tax regimes: the old regime and the new one.
Old Regime:
- Up to Rs. 2,50,000: Nil
- Rs. 2,50,000 to Rs. 5,00,000: 5%
- Rs. 5,00,000 to Rs. 10,00,000: 20%
- Above Rs. 10,00,000: 30%
New Regime (Default Regime):
- Up to Rs. 3,00,000: Nil
- Rs. 3,00,000 to Rs. 6,00,000: 5%
- Rs. 6,00,000 to Rs. 9,00,000: 10%
- Rs. 9,00,000 to Rs. 12,00,000: 15%
- Rs. 12,00,000 to Rs. 15,00,000: 20%
- Above Rs. 15,00,000: 30%
Surcharge:
- 10% of income tax if total income > Rs.50 lakh
- 15% of income tax if total income > Rs.1 crore
- 25% of income tax if total income > Rs.2 crore
- 37% of income tax if total income > Rs.5 crore
Health and Education Cess:
- 4% of (income tax + surcharge)
Source of Information
Income Tax Department of India (https://incometaxindia.gov.in/Pages/default.aspx)