Compare the Old and New Tax Regimes instantly with the latest July 2024 Budget updates.
1 Income Details
2 Deductions (Old Regime)
Total Tax Payable
₹ 0
*Including 4% Cess & ₹75k Std. Deduction
Total Tax Payable
₹ 0
*Including 4% Cess & ₹50k Std. Deduction
Recommended for you:
Calculating the best regime...
Estimated Savings
₹ 0
Regime Breakdown
| Description | New Regime | Old Regime |
|---|---|---|
| Gross Total Income | ₹ 0 | ₹ 0 |
| Standard Deduction | - ₹ 75,000 | - ₹ 50,000 |
| Investments/Deductions | ₹ 0 | ₹ 0 |
| Taxable Income | ₹ 0 | ₹ 0 |
Income Tax Slabs FY 2024-25 (AY 2025-26)
As per the Union Budget 2024, the government has revised the **New Tax Regime** slabs to provide more relief to the middle class. The standard deduction for salaried employees under the New Regime has been increased from ₹50,000 to **₹75,000**.
On the other hand, the **Old Tax Regime** remains unchanged but allows you to claim various exemptions like Section 80C, 80D, HRA, and Home Loan interest. Choosing the right regime depends on your total investments and annual income.
New Regime Slabs (Post-July 2024)
- ₹0 - ₹3,00,000 Nil
- ₹3,00,001 - ₹7,00,000 5%
- ₹7,00,001 - ₹10,00,000 10%
- ₹10,00,001 - ₹12,00,000 15%
- ₹12,00,001 - ₹15,00,000 20%
- Above ₹15,00,000 30%
Rebate Benefit
Under the New Regime, if your taxable income is up to ₹7,00,000, you get a full tax rebate, meaning **Zero Tax**.
Standard Deduction
₹75,000 is directly deducted from your salary in the New Regime, while ₹50,000 is deducted in the Old Regime.
Old vs New
If your total deductions (80C, HRA, etc.) exceed ₹3.75 Lakhs, the Old Regime usually results in more savings.
How to use this Tax Calculator?
Simply enter your annual salary and income from other sources. If you wish to check the Old Regime, enter your investments like ELSS, PPF, or Insurance under the 80C section. The tool will automatically calculate the tax for both regimes and recommend the one where you save the most.
Comments
Post a Comment