FY 2024-25 & 2025-26
Budget 2024 Updated
Income Tax Calculator & Comparator
Compare New Regime vs. Old Regime side-by-side with standard deductions and 87A rebate rules
New Tax Regime is Better
Saves ₹29,900
You save ₹29,900 per year with lower tax rates and the ₹75,000 standard deduction.
Net Difference₹29,900
1. Income & Profile
₹12,00,000
₹
2. Old Regime Deductions
Investments and exemptions (applies to Old Tax Regime only)
Total: ₹2,75,000
Section 80C (EPF, PPF, ELSS, Insurance)₹1,50,000
Max ₹1,50,000Section 80D (Health Insurance Premium)₹25,000
HRA / Rent Paid Exemption₹50,000
Home Loan Interest (Section 24b)₹0
Max ₹2,00,000National Pension System NPS (80CCD 1B)₹0
Max ₹50,000New Tax Regime
Recommended
Total Tax Liability₹71,500Effective Tax Rate: 6.0%
Gross Income₹12,00,000
Standard Deduction-₹75,000
Taxable Income₹11,25,000
Health & Education Cess (4%)+₹2,750
Old Tax Regime
Total Tax Liability₹1,01,400Effective Tax Rate: 8.5%
Gross Income₹12,00,000
Total Deductions-₹2,75,000
Taxable Income₹9,25,000
Health & Education Cess (4%)+₹3,900
Budget 2024 Key Changes
- Standard deduction increased to ₹75,000 under the New Regime.
- Rebate under Section 87A: Income up to ₹7.75 Lakhs (with std deduction) pays zero tax in New Regime.
- Highest surcharge capped at 25% instead of 37%.