Filing taxes in India requires choosing between two distinct regimes: the Old Regime (with deductions like Section 80C and HRA) and the New Regime (with lower slabs and standard deductions).
Income Tax Calculator
Compare old vs new regime tax liabilities in India for FY 2024-25 under the latest Union Budget rules.
Budget 2024 Slab Comparison
The Union Budget 2024 introduced a revised New Regime:
- Up to ₹3 Lakhs: Nil
- ₹3L to ₹7L: 5% (with fully rebated tax if total income is less than or equal to ₹7L)
- ₹7L to ₹10L: 10%
- ₹10L to ₹12L: 15%
- ₹12L to ₹15L: 20%
- Above ₹15L: 30%
Deductions Breakdown
- New Tax Regime: Standard Deduction is ₹75,000. No major deduction claims (80C, 80D, HRA) are allowed.
- Old Tax Regime: Standard Deduction is ₹50,000. Allows claims for Section 80C (up to ₹1.5 Lakhs), Section 80D (health insurance up to ₹25,000), and HRA exemptions.