Income Tax Calculator
Compare your tax liability under the Old vs. New Tax Regimes to find your best option.
Old vs. New Tax Regime: Key Differences
Old Tax Regime
This is the traditional regime. It has higher tax rates but allows you to claim over 70 deductions and exemptions, such as HRA, 80C (up to ₹1.5L), 80D (health insurance), 80E (education loan), and Section 24b (home loan interest). This regime is beneficial if you have significant investments and expenses to claim.
New Tax Regime (Default)
This regime was introduced to simplify the tax process. It offers lower, more streamlined tax slabs but removes most major deductions. As of FY 2023-24, it is the **default option** and includes a Standard Deduction of ₹50,000. It's often better for those with fewer deductions.
Which Regime is Better for You?
There is no single answer. It depends entirely on your income and your ability to claim deductions. Use this calculator to enter all your details, and the "You Saved" amount at the top of the results will instantly show you which regime is more beneficial for your specific case.
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