Income Tax Calculator (FY 24-25)
Compare Old vs New Tax Regime instantly.
₹12,00,000
₹1,50,000
Standard Deduction is auto-applied to both.
Tax (New Regime)
₹0
Tax (Old Regime)
₹0
Verdict
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New vs Old Tax Regime (Budget 2024 Updates)
The Government of India has made the New Tax Regime the default option. It offers lower tax rates but removes most deductions (like 80C, HRA, and LTA).
Key Differences:
- Standard Deduction: The new regime now offers a ₹75,000 standard deduction for salaried individuals (up from ₹50,000). The old regime remains at ₹50,000.
- Tax-Free Limit: Under the new regime, income up to ₹7,75,000 (including standard deduction) is completely tax-free via the 87A rebate. The old regime is only tax-free up to ₹5,50,000 without other investments.
- When to choose Old Regime: If you are claiming hefty deductions for Home Loan Interest, HRA, 80C (PPF/ELSS), and medical insurance, the old regime might still save you money. Use the calculator above to find your exact break-even point.