Introduction
Are you looking for an easy way to manage your taxes in India? The Income Tax Calculator FY 2024-25 is here to help! As of 07:34 PM IST on Wednesday, June 25, 2025, this tool has been updated with the latest tax slabs and rules to make your tax filing simple and accurate. Whether you’re choosing the Old Regime or the New Regime, this calculator helps you understand your tax liability, savings, and the best option for you. In this blog, we’ll guide you step-by-step, share tips, and provide examples to ensure you’re well-prepared for the financial year 2024-25 (April 1, 2025, to March 31, 2026).
What is the Income Tax Calculator FY 2024-25?
The Income Tax Calculator FY 2024-25 is an online tool designed to calculate your tax liability based on your income, deductions, and the tax regime you choose. It’s updated with the latest rules from the Indian government, including the standard deduction of old regime ₹50,000 & new regime ₹75,000 and revised tax slabs. This tool is perfect for salaried individuals, pensioners, and anyone wanting to plan their finances better.
- Old Regime: Offers various deductions (e.g., 80C, 80D) but higher tax rates.
- New Regime: Simpler with fewer deductions but lower tax rates.
- Key Feature: Shows savings between regimes and recommends the best option.
How to Use the Income Tax Calculator FY 2024-25
Using this calculator is straightforward. Here’s a step-by-step guide:
- Enter Your Details: Start by selecting your age group (0-60, 60-80, or above 80).
- Add Income Sources: Input your salary, interest income, rental income, and other earnings.
- Claim Deductions: For the Old Regime, add deductions like 80C (up to ₹1.5 lakh) or 80D (health insurance).
- Get Results: The calculator displays tax for both regimes, savings, and a recommendation.
Example: If your annual income is ₹10 lakh with a ₹1 lakh 80C deduction, the Old Regime tax might be ₹1.12 lakh, while the New Regime could be ₹75,000, saving you ₹37,000.
Latest Tax Slabs and Rules for FY 2024-25
The tax slabs for FY 2024-25 have been verified with the latest updates as of June 25, 2025. Here’s a table to help you understand:
| Age Group | Old Regime Slabs | New Regime Slabs |
|---|---|---|
| Below 60 | 0% (₹0-2.5L), 5% (2.5L-5L), 20% (5L-10L), 30% (>10L) | 0% (₹0-3L), 5% (3L-7L), 10% (7L-10L), 15% (10L-12L), 20% (12L-15L), 30% (>15L) |
| 60-80 | 0% (₹0-3L), 5% (3L-5L), 20% (5L-10L), 30% (>10L) | Same as above |
| Above 80 | 0% (₹0-5L), 20% (5L-10L), 30% (>10L) | Same as above |
- Standard Deduction: ₹50,000 for both regimes.
- Section 87A Rebate: ₹12,500 (Old) or ₹25,000 (New) if income is below ₹5L or ₹7L, respectively.
- Cess: 4% on tax + surcharge.
Benefits of Using the Income Tax Calculator FY 2024-25
This tool offers several advantages:
- Time-Saving: Calculates taxes in minutes.
- Accuracy: Uses the latest slabs and rules.
- Comparison: Helps you choose between Old and New Regimes.
- Planning: Identifies tax-saving opportunities.
For instance, if you earn ₹15 lakh and claim ₹2 lakh in deductions, the calculator can show a ₹1.5 lakh tax in the Old Regime versus ₹1.8 lakh in the New Regime, guiding your decision.
FAQs
What is the Income Tax Calculator FY 2024-25?
It’s an online tool that calculates your tax liability for the financial year 2024-25 based on your income, deductions, and chosen regime (Old or New). It’s updated with the latest rules as of June 25, 2025.
How does the standard deduction work?
The standard deduction of old regime ₹50,000 & new regime ₹75,000 is automatically applied to your taxable income in both regimes, reducing your tax liability before applying slabs.
Which regime should I choose?
Use the calculator to compare. If you have significant deductions (e.g., ₹1.5 lakh under 80C), the Old Regime may save more. Otherwise, the New Regime with lower rates might be better.
Can I use this for non-salaried income?
Yes, you can input rental income, interest, and other earnings, but it doesn’t cover complex income like capital gains—consult a professional for those.
Is the calculator free to use?
Yes, many online versions are free, but for advanced features or filing, platforms like TaxQue offer paid services.
Conclusion
The Income Tax Calculator FY 2024-25 is a must-have tool for every Indian taxpayer. With updated slabs, a standard deduction of old regime ₹50,000 & new regime ₹75,000, and clear regime comparisons, it simplifies tax filing and helps you save money. Whether you opt for the Old Regime with deductions or the New Regime for lower rates, this calculator ensures you make an informed choice. Start using it today to plan your finances and reduce your tax burden effectively. For professional help, consider TaxQue or Motilal Oswal services.
