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Old vs New Regime Comparison
India Income Tax: New vs Old Regime
Also searched as: income tax calculator 2024 | federal tax calculator | tax bracket calculator usa | how much tax will i pay Optimized for US users with American units and terminology.
The new tax regime (FY 2024-25) has simplified slabs with a standard deduction of ₹75,000 and a rebate under Section 87A making income up to ₹7 lakh effectively tax-free. It does not allow most deductions (80C, HRA, LTA). The old regime allows deductions but has slightly lower slab rates at some levels. For most salaried individuals earning below ₹15 lakh without a large home loan or rent, the new regime is now more beneficial.
Use the Income Tax Calculator 2024 above — enter your values and get instant results. This free online tool calculates federal income tax calculator 2024 without any download or signup required. Results update in real time as you type.
Use the Income Tax Calculator 2024 above — enter your values and get instant results. This free online tool calculates what tax bracket am i in without any download or signup required. Results update in real time as you type.
It depends on your deductions. The new regime is better when your total deductions (80C + HRA + 80D + home loan) are below the break-even threshold. Generally: if your deductions are less than ₹3.75 lakh (₹12L income), ₹4.25L (₹15L income), or ₹5.5L (₹20L income), the new regime saves more tax. Use this calculator to compare both regimes with your actual deductions for a definitive answer.
Section 87A provides a tax rebate of up to ₹25,000 (new regime) for individuals with taxable income up to ₹7 lakh. This effectively makes income up to ₹7 lakh tax-free under the new regime. In the old regime, the rebate is ₹12,500 for income up to ₹5 lakh. The rebate is applied on the computed tax before adding cess — if your total tax (before cess) is ₹25,000 or less and income ≤ ₹7L, the entire tax is waived.
A 4% cess (surcharge) is applied on the computed income tax amount. It funds government schemes for health and education. Unlike tax, cess cannot be reduced by deductions. It applies to both the old and new regimes. Surcharge (additional % on tax) also applies at higher incomes: 10% surcharge for income ₹50L–₹1Cr, 15% for ₹1Cr–₹2Cr, 25% for ₹2Cr–₹5Cr, and 37% for income above ₹5Cr (marginal relief applies near thresholds).
Key deductions in the old regime: Standard Deduction ₹50,000, Section 80C up to ₹1.5L (EPF, PPF, ELSS, LIC, ULIP, home loan principal, NSC, school fees), Section 80D up to ₹25,000 for health insurance (₹50,000 for senior citizens), HRA exemption (based on actual rent, city, and salary), LTA (Leave Travel Allowance — twice in 4 years), Home loan interest under Section 24b up to ₹2L, Section 80G (charitable donations), Section 80E (education loan interest, no limit), NPS 80CCD(1B) additional ₹50,000.
For 2025: Single filers: $14,600 standard deduction. Married Filing Jointly: $29,200. Head of Household: $21,900. Married Filing Separately: $14,600. Taxpayers 65 or older get an additional $1,550 (single) or $1,250 (married). The standard deduction is taken instead of itemized deductions — about 90% of taxpayers use the standard deduction since the 2017 Tax Cuts and Jobs Act nearly doubled it. Itemize only if your deductions (mortgage interest, state/local tax, charitable gifts) exceed the standard deduction.