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Income Tax Calculator FY 2024-25

Your income tax for FY 2026-27 under either regime, with the slab-by-slab working shown — 87A rebate, marginal relief, surcharge and cess included.

Last reviewed: 30 July 2026 · Methodology: India-first (FY 2026-27 · Budget 2024 LTCG).

Annual salary income

₹15,00,000

Other income (interest, rent)

None

The new regime allows a ₹75,000 standard deduction and almost nothing else — no 80C, no 80D, no HRA. That simplicity is the trade for its lower rates. Employer NPS under 80CCD(2) is the notable survivor.

Total tax payable

₹1,30,000

8.7% of ₹15,00,000 — an effective rate, not your slab rate.

Gross income: ₹15,00,000
Less: deductions: ₹75,000
Taxable income: ₹14,25,000
Tax on slabs: ₹1,25,000
Health & education cess (4%): ₹5,000
Monthly TDS (approx.): ₹10,833

The old regime would cost ₹72,800 more — you are on the cheaper one. Compare both in detail →

How the tax is built up

Slabs are marginal: a higher rate applies only to the income inside that band, never to the whole amount. Earning ₹1 more never leaves you with less.

Income band	Rate	Your income here	Tax
Up to ₹3L	0%	₹3,00,000	₹0
₹3L – ₹7L	5%	₹4,00,000	₹20,000
₹7L – ₹10L	10%	₹3,00,000	₹30,000
₹10L – ₹12L	15%	₹2,00,000	₹30,000
₹12L – ₹15L	20%	₹2,25,000	₹45,000
Tax on slabs			₹1,25,000

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How to use the Income Tax calculator

Calculate income tax for FY 2024-25 (AY 2025-26) under the new or old regime, with the slab-by-slab working shown.

Pick your regimeThe new regime is the default for anyone who has not opted out via Form 10-IEA.
Enter your incomeSalary plus other income. The ₹75,000 standard deduction is applied automatically in the new regime.
Add deductions if on the old regime80C, 80D, HRA exemption and home-loan interest. The new regime ignores these.
Read the workingThe slab table shows how much income sat in each FY 2024-25 band and the tax it attracted.

What changed in FY 2024-25

Budget 2024 widened two new-regime bands — ₹3–6 lakh became ₹3–7 lakh, and ₹6–9 lakh became ₹7–10 lakh — and raised the salaried standard deduction from ₹50,000 to ₹75,000 in the new regime. The family pension deduction went from ₹15,000 to ₹25,000.

Income tax slabs for FY 2024-25

These are the new-regime bands for the financial year 2024-25, which you report in assessment year 2025-26. The old regime has been unchanged for those under 60 since FY 2020-21: nil to ₹2.5 lakh, 5% to ₹5 lakh, 20% to ₹10 lakh, 30% above.

Taxable income	Rate
Up to ₹3L	Nil
₹3L – ₹7L	5%
₹7L – ₹10L	10%
₹10L – ₹12L	15%
₹12L – ₹15L	20%
Above ₹15L	30%

A worked example at ₹15 lakh taxable

₹15 lakh sits above the Section 87A threshold in every year here, so it is the income where the years genuinely diverge. Under FY 2024-25 rules the slab tax works out band by band as follows.

Band	Rate	Income in band	Tax
Up to ₹3L	Nil	₹3,00,000	₹0
₹3L – ₹7L	5%	₹4,00,000	₹20,000
₹7L – ₹10L	10%	₹3,00,000	₹30,000
₹10L – ₹12L	15%	₹2,00,000	₹30,000
₹12L – ₹15L	20%	₹3,00,000	₹60,000

That is ₹1,40,000 of slab tax, before the 4% health and education cess. The calculator above applies the cess, the Section 87A rebate and any surcharge for you.

Section 87A rebate in FY 2024-25

Taxable income up to ₹7,00,000 pays no tax under the new regime, because the rebate of up to ₹25,000 cancels the slab tax. With the ₹75,000 standard deduction, that is a salary of about ₹7,75,000. Just above the threshold, marginal relief caps the tax at the amount by which income exceeds it, so one extra rupee of income can never cost more than a rupee of tax. The old regime rebate is ₹12,500 on taxable income up to ₹5,00,000, with no marginal relief above it.

Other financial years

Source for FY 2024-25: Union Budget 2024-25 — revised new regime slabs and ₹75,000 standard deduction. Verified 2026-08-13.

Frequently asked questions

What are the income tax slabs for FY 2024-25?

Under the new regime for FY 2024-25: nil up to ₹3 lakh, 5% to ₹7 lakh, 10% to ₹10 lakh, 15% to ₹12 lakh, 20% to ₹15 lakh, 30% above ₹15 lakh. The old regime is unchanged: nil to ₹2.5 lakh, 5% to ₹5 lakh, 20% to ₹10 lakh and 30% above. Both then attract 4% health and education cess, plus surcharge at higher incomes.

What is the assessment year for FY 2024-25?

AY 2025-26. The financial year is when you earn the income; the assessment year is when you file the return for it. A return for income earned in FY 2024-25 is filed in assessment year 2025-26.

How much income is tax-free in FY 2024-25?

Taxable income up to ₹7,00,000 attracts no tax under the new regime, because the Section 87A rebate of up to ₹25,000 cancels it. Adding the ₹75,000 standard deduction, a salary of roughly ₹7,75,000 carries zero tax.

Can I still file a return for FY 2024-25?

Deadlines depend on the year and on whether you are filing a belated or updated return, and they change. Check the current position on the Income Tax Department portal rather than relying on a calculator page for a filing date.

Which regime should I use for this year?

It depends on your deductions rather than on the year. The new regime has lower rates and almost no deductions; the old regime has higher rates but allows 80C, 80D, HRA and home-loan interest. Broadly, the more deductions you genuinely claim, the more the old regime is worth checking. The old vs new comparison tool runs both on your numbers.

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