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India 2024-25 New Tax Rate:
| From: | To: |
The new tax regime for Assessment Year 2024-25 offers lower tax rates but with fewer deductions and exemptions compared to the old regime. It's designed to simplify taxation with a progressive slab system.
The calculator uses the following tax slabs:
| Income Slab (₹) | Tax Rate |
|---|---|
| Up to 3,00,000 | 0% |
| 3,00,001 - 6,00,000 | 5% |
| 6,00,001 - 9,00,000 | 10% |
| 9,00,001 - 12,00,000 | 15% |
| 12,00,001 - 15,00,000 | 20% |
| Above 15,00,000 | 30% |
Explanation: The tax is calculated progressively, meaning different portions of your income are taxed at different rates.
Details: Accurate tax estimation helps in financial planning, budgeting, and ensuring compliance with Indian tax laws. It's essential for salaried individuals to understand their tax liability.
Tips: Enter your total taxable income in INR (after considering all applicable deductions if using new regime). The calculator will automatically compute your tax liability under the new regime.
Q1: Should I choose new or old tax regime?
A: The new regime offers lower rates but fewer deductions. If your deductions/exemptions are less than ₹3.75 lakh, the new regime might be better.
Q2: Are there any rebates in new regime?
A: Yes, full tax rebate is available for income up to ₹7 lakh under section 87A.
Q3: Can I switch between regimes?
A: Salaried individuals can choose each year, while business professionals must stick to their chosen regime.
Q4: What's not allowed in new regime?
A: Major deductions like HRA, 80C, 80D, standard deduction, etc., are not available.
Q5: Is cess included in calculation?
A: This calculator shows basic tax. Remember to add 4% health and education cess on the calculated tax.