Income Tax Calculator
Old vs New regime side-by-side comparison for FY 2025-26 & 2026-27 with Sec 87A rebate and ₹75k standard deduction.
Annual Income & Deductions
Allowed in BOTH Old & New regimes (up to 14% of Basic + DA as enhanced in Budget 2024).
Old Regime Deductions (Ignored in New Regime)
ℹ️ Budget 2024 Updates: Standard deduction raised to ₹75,000 for salaried in the New Regime. Full tax rebate under Section 87A applies up to ₹7,00,000 taxable income, with marginal relief capping tax for incomes slightly above ₹7 Lakhs.
Recommended Choice
New Regime
You save ₹7,020 in taxes!
New Regime
6.0% eff.₹71,500
In-Hand: ₹94,042/mo
Old Regime
6.5% eff.₹78,520
In-Hand: ₹93,457/mo
Direct Tax & Budget 2024 Regime Strategist
Chartered Accountant & Tax Optimization Counsel · Digital Bharat Law
Suggested Questions for this Tool:
Understanding Income Tax Calculator
The Income Tax Calculator compares your statutory tax liability under both the default New Tax Regime (Section 115BAC) and the Old Tax Regime. Budget 2024 restructured the New Regime tax slabs and increased the standard deduction for salaried taxpayers to ₹75,000.
Under Section 87A rebate, resident individuals with net taxable income up to ₹7,00,000 under the New Regime pay zero tax. Combined with the ₹75,000 standard deduction, salaried gross income up to ₹7,75,000 is 100% tax-free.
* Health and Education Cess is levied at a flat 4% on the aggregate income tax amount.
Key Regulatory Rules & Thresholds (FY 2025–27)
Essential departmental provisions, tax brackets, and statutory compliance mandates.
Default Regime Status
Budget 2024The New Tax Regime under Section 115BAC is the default statutory regime for all taxpayers unless explicitly opted out via Form 10-IEA.
Breakeven Deductions Threshold
Tax PlanningIf your eligible deductions (80C, 80D, HRA, Home Loan Interest Sec 24b) exceed ~₹3.75 Lakhs to ₹4.0 Lakhs, the Old Regime may yield higher net savings.
Revised Capital Gains Rates
Finance Act 2024LTCG on listed equity/equity funds is 12.5% on gains > ₹1.25 Lakhs. STCG is taxed at flat 20% under Section 111A.
Section 234F Late Filing Penalty
Sec 234FFiling after July 31st incurs a mandatory ₹5,000 penalty (₹1,000 if income ≤ ₹5L) and forfeits loss carry-forward rights.
Frequently Asked Questions
Authoritative answers to common questions and search queries verified by Chartered Accountants.
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