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Income Tax Calculator · Official Comparative Assessment Report
✓ Verified Accurate (Budget 2024)
https://agworld.co.in/income-tax-calculator/
आयकर कैलकुलेटर (नया बनाम पुराना)
Compare your exact tax liability under Old vs New Tax Regimes side-by-side with revised Budget 2024 slabs, ₹75,000 standard deduction, Section 87A rebate, and break-even analysis.
📋 Tax Provisions: Updated for FY 2024-25 & FY 2025-26•CBDT Official Source•Verification: Official Circular Sourced
✓ Budget 2024 Revisions
👤 No Registration
⚡ Instant Side-by-Side
🛡️ Zero Tax up to ₹7.75L
Tax Assessment Profile
₹12 Lakh
₹
Twelve Lakh Rupees
₹0
₹
Zero Rupees
Side-by-Side Regime Comparison
NEW REGIME
RECOMMENDED
Total Tax Payable
₹44,200
Forty-Four Thousand Two Hundred Rupees
Taxable: ₹9,25,000
Std Ded: ₹75,000
Eff. Rate: 3.68%
Take-Home: ₹96,317
OLD REGIME
Total Tax Payable
₹70,200
Seventy Thousand Two Hundred Rupees
Taxable: ₹9,75,000
Deductions: ₹2,25,000
Eff. Rate: 5.85%
Take-Home: ₹94,150
🎯 Break-Even Deduction Analysis
To make the Old Tax Regime equal or better than the New Regime, you need total deductions of at least ₹3,75,000. Your current claimed deductions are ₹2,25,000 (Gap: ₹1,50,000).
Tax Liability Comparison
New: 39% | Old: 61%
● New Regime Tax: ₹44,200
● Old Regime Tax: ₹70,200
Slab-by-Slab Calculation Breakdown
| Component | New Tax Regime | Old Tax Regime |
|---|
Key Insights
- Zero Tax Threshold Up to ₹7.75 Lakh (New)
- Std Deduction (Salaried) ₹75,000 (New) / ₹50k (Old)
- Sec 87A Full Rebate Up to ₹25,000 (New)
- Sec 80CCD(2) Pension Deductible in Both Regimes
New Regime Slabs (Budget 2024)
- ₹0 – ₹3,00,000 Nil (0%)
- ₹3,00,001 – ₹7,00,000 5% (Max ₹20k)
- ₹7,00,001 – ₹10,00,000 10% (Max ₹30k)
- ₹10,00,001 – ₹12,00,000 15% (Max ₹30k)
- ₹12,00,001 – ₹15,00,000 20% (Max ₹60k)
- Above ₹15,00,000 30%
Frequently Asked Questions
Why is there zero tax up to ₹7.75 Lakh in the New Regime?
Salaried individuals receive an automatic ₹75,000 standard deduction under Section 16(ia), bringing taxable income on a ₹7.75 Lakh salary down to ₹7.0 Lakh. Under Section 87A of the New Regime, income up to ₹7.0 Lakh is eligible for a full tax rebate of up to ₹25,000, reducing final tax liability to exactly ₹0.
Can I switch between Old and New Regimes every year?
Salaried individuals without business income can freely switch between the Old and New Tax Regimes every financial year at the time of filing their Income Tax Return (ITR-1 or ITR-2). Taxpayers with business or professional income (ITR-3 or ITR-4) can opt out of the New Regime only once in a lifetime.
Which deductions are still allowed under the New Tax Regime?
Under Section 115BAC, deductions like 80C, 80D, HRA, and home loan interest on self-occupied property are disallowed. However, Section 80CCD(2) (employer's contribution to NPS up to 14% of basic + DA), standard deduction on salary (₹75,000), and family pension deduction (₹25,000) are fully allowed.