Income Tax Calculator FY 2024-25 : Try it Free
Income Tax Calculator FY 2024-25
This Income Tax Calculator helps users compute their tax liability based on the latest tax slabs for Assessment Year (AY) 2024-25. Users can select between the Old and New Tax Regime and input relevant deductions for accurate tax calculations.
How to Use
Step 1: Select the Tax Regime
- Choose between Old Tax Regime and New Tax Regime from the dropdown.
- The Standard Deduction field updates automatically based on the regime:
- ₹50,000 for Old Regime
- ₹75,000 for New Regime
Step 2: Enter Annual Income
- Input your total Annual Income (₹) in the respective field.
Step 3: Enter Additional Deductions (Old Regime Only)
- If you select the Old Regime, additional deduction fields appear:
- Enter values for 80C, HRA/CA/80G/80D, HBA Loan (Section 24-B), and 80DD deductions.
Step 4: Calculate Tax
- Click the “Calculate Tax” button.
- The calculated Tax Payable will be displayed below.
Features of Income Tax Calculator FY 2024-25
- Selection between Old Tax Regime and New Tax Regime
- Input fields for Annual Income
- Automatic Standard Deduction application
- Additional deduction fields for Old Tax Regime:
- 80C Deductions (up to ₹1,50,000)
- HRA / CA / 80G / 80D Deductions
- HBA Loan (Section 24-B)
- 80DD Deduction
- Tax Payable Calculation based on applicable slabs
- Section 87A Rebate applied automatically under the Old Regime for incomes up to ₹5,00,000
- 4% Cess applied on total tax
Tax Slabs mentioned in Income Tax Calculator FY 2024-25
Old Tax Regime (After Deductions)
- Up to ₹2,50,000 → NIL
- ₹2,50,001 – ₹5,00,000 → 5%
- ₹5,00,001 – ₹10,00,000 → 20%
- Above ₹10,00,000 → 30%
- Section 87A Rebate: Tax waived for income up to ₹5,00,000
New Tax Regime
- Up to ₹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%
- Section 87A Rebate: Tax waived for income up to ₹7,00,000
Notes
- Cess (4%) is applied on total tax liability.
- If taxable income falls within the rebate limit, no tax is payable.
- Comparison between regimes helps decide which one offers better savings.
This tool simplifies tax calculations, ensuring accurate tax planning for the financial year.
💼 Income Tax Calculator FY 2024-25: FREE - FAQ
1. What is the Income Tax Calculator FY 2024-25?
The Income Tax Calculator FY 2024-25 is a free online tool designed to help individuals calculate their income tax liability for the financial year 2024-25 (Assessment Year 2025-26) based on the latest tax slabs and rules.
2. Who can use this calculator?
This tool is useful for:
- Salaried individuals
- Freelancers
- Self-employed professionals
- Pensioners
- Anyone needing a quick estimate of their income tax liability
3. Which tax regimes does the calculator support?
The calculator supports both:
- Old Tax Regime (with deductions and exemptions)
- New Tax Regime (with lower tax rates and limited deductions)
4. What information do I need to use this tool?
To get an accurate result, you may need:
- Annual salary/income
- Income from other sources (rent, interest, etc.)
- Eligible deductions (under Sections 80C, 80D, etc.) if using the old regime
- HRA, LTA, and other allowances (if applicable)
5. Is this calculator updated for Budget 2024?
Yes! This tool is updated with the latest income tax slabs, standard deductions, and provisions announced in the Budget 2024.
6. Do I need to register to use the calculator?
No registration required. This tool is 100% free and can be used directly without sign-ups.
7. Can this tool be used for filing returns?
No, this is only a calculation tool to estimate your tax liability. To file your income tax return, you will still need to visit the Income Tax Department’s e-filing portal or use authorized software.
8. Is my data saved when I use the tool?
No. This calculator works locally in your browser — none of your data is saved or shared.
9. Can I use this tool for previous financial years?
This particular tool is designed for FY 2024-25. For previous years, you may need to refer to older calculators that use the correct tax slabs for those years.
10. Where can I access the calculator?
You can access the Income Tax Calculator FY 2024-25: FREE directly at: [Add your website link here]
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