Free Income TAX Calculator AY 2024-25 Regime Tax Slabs [Old Vs New]

The Indian Income tax system has two ways (known as Tax regimes) to calculate taxes: the old regime with many deductions and Tax rebates, and the new regime with lower tax rates but fewer deductions. It’s important to know which tax slab you fall into under each system to plan your taxes correctly. Here’s a simple guide to the tax slabs for the A.Y 2024-25 financial year (which is the year 2024-25 in terms of income, in other words any income earned during the period of 1^st APRIL 2023 TO 31^ST MARCH 2024 will be taxed under A.Y. 2024-25)

However to make it easy and simple for you, we have made a simple and Free Income Tax Calculator AY 2024-25 (Financial Year 2024-25). This Simple and Free Income Tax Calculator AY 2024-25 will guide you on how to choose the best Tax regime (Old Tax Regime Vs New Tax Regime).

This Income Tax Calculator AY 2024-25 is suitable of every class of Income be It Salaried , Business Income, Agricultural Income , Rental Income or Other Source income.

Our team of Tax experts and CA’s at FSK India prepare your Income Tax Return in a best possible method to save your tax and maximise your Tax Refund.

File Income Tax Return Price starting at Just Rs 199/-

(Inclusive of all Taxes)

Old Tax Regime:

New Tax Regime:

Surcharge:

If your total income is more than Rs. 50 lakh, you’ll pay an extra 10% tax. If it’s more than Rs. 1 crore, you’ll pay an extra 15% tax. If it’s more than Rs. 2 crore, you’ll pay an extra 25% tax. For the 2024-25 financial year, the highest surcharge rate has been reduced from 37% to 25%.

Points To Be Noted:

Both Tax regimes allow a standard deduction of Rs. 50,000 in case of Salary Income

A 4% health and education cess is added to your income tax and surcharge.
If the old Tax regime gives you more benefits, you might want to stick with it despite the lower tax rates in the new tax Regime.
If you are filling ITR for Business Income and you have chosen New Tax regime in previous return then you are not allowed to choose old tax regime in next years.
As per the Union budget 2023, the default tax regime will be new regime. If you want to opt for old regime you have to file the form 10IE on Income Tax Portal.

Need help in choosing best regime according to your Income?

Tax experts and CA’s at FSK India compare the both regimes according to your Income and choose the best suitable regime to save your taxes.

Each and every Income Tax Return is prepared by team of Tax experts and CA’s at FSK India.

Difference between Old Tax Regime and New Tax regime for A.Y. 2024-25

How to decide which Tax regime is best for me?

Use our simple and free Income Tax Calculator AY 2024-25 and our free Income Tax Calculator AY 2024-25 will guide you to decide the best Tax regime according to your Income

Conclusion:

It is not possible to give direct conclusion of which Tax regime is best for you?

However if you have savings and Investment please use our Simple and Free Income Tax Calculator AY 2024-25 to know which Tax regime is best for you. Else Choose New Tax Regime.

Our team of Tax experts and CA’s at FSK India prepare your Income Tax Return in a best possible method to save your tax and maximise your Tax Refund

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FAQs on Income TAX Calculator AY 2024-25

Which Tax regime is best for Salaried employees?

Every case is different, however if your Income is upto Rs 750000/- from salary then both the regimes are same for you. In case your Income is above Rs 750000/- then we have to check each case. Use our Simple and free calculator to to find out the best tax regime for you.