Old vs New Tax Regime (FY 2024-25)
The Government of India offers taxpayers the flexibility to choose between two tax regimes. The new regime offers lower tax rates but does not allow most deductions. The old regime has higher tax rates but allows you to claim various deductions like Section 80C, HRA, home loan interest, etc.
New Regime Tax Slabs
- Up to ₹3,000,000: Nil (effectively Nil up to ₹7,00,000 due to rebate)
- ₹3,00,001 to ₹6,00,000: 5%
- ₹6,00,001 to ₹9,00,000: 10%
- ₹9,00,001 to ₹12,00,000: 15%
- ₹12,00,001 to ₹15,00,000: 20%
- Above ₹15,00,000: 30%
Standard deduction of ₹75,000 is available under the new regime for salaried employees.
Related Tools & Learn More
- HRA Calculator – Calculate House Rent Allowance exemption
- EMI Calculator – Calculate home loan EMIs
- Gratuity Calculator – Calculate your gratuity amount
- AI in Personal Finance – Automate your tax planning