Calculate income tax under the new regime with slabs, standard deduction and cess (FY 2024-25)
Income Tax Calculator is a comprehensive financial calculator designed to help you calculate income tax under the new regime with slabs, standard deduction and cess (fy 2024-25). Planning finances requires absolute precision; this calculator provides instant accurate projections for EMIs, compounding, loans, and investment portfolio returns.
Take gross income, subtract the standard deduction of ₹75,000, apply the slab rates to the taxable income, and add 4% health and education cess. For ₹15,00,000 gross, taxable income is ₹14,25,000, slab tax is ₹1,25,000 and cess is ₹5,000, so the total is ₹1,30,000, using the slabs coded in this tool.
No. It applies the new regime slabs for FY 2024-25 with the ₹75,000 standard deduction, and does not include old regime deductions such as 80C, HRA or home loan interest. It also does not add surcharge for very high incomes. Tax slabs change with each Budget, so verify against the current official rules.
The tool uses: up to ₹3 lakh nil, ₹3-7 lakh 5%, ₹7-10 lakh 10%, ₹10-12 lakh 15%, ₹12-15 lakh 20% and above ₹15 lakh 30%, plus 4% cess. Slabs are revised in Union Budgets, so check the Income Tax Department website for the current financial year before filing.
Section 87A is a rebate that can reduce your tax to zero if your taxable income is within a set limit. This calculator applies it when taxable income is ₹7,00,000 or less, in line with FY 2024-25. The limit has been revised in later Budgets, so check the current limit and your eligibility.
The old regime has higher slab rates but allows many deductions and exemptions, such as 80C, HRA, home loan interest and 80D. The new regime has lower slab rates and fewer deductions. Which one saves more depends on your deductions, so compare both, and note that this tool computes only the new regime.
No, it is an estimate. It works from one gross income figure and does not include capital gains, other income, TDS already deducted, employer contributions, surcharge or advance tax. Use it for planning, and verify with your Form 16, the official e-filing portal or a chartered accountant.
No. Toolskyt operates under a zero-server policy. All calculations, data formatting, and file exports are executed locally on your machine.
No, this tool is 100% free. There are no limits, sign-ups, subscriptions, or hidden charges required.
A reducing interest rate means interest is charged only on the remaining outstanding principal balance at the end of each period, rather than the initial loan amount.