CalcDreams
Income Tax Calculator
Compare Old vs New Tax Regime for FY 2023-24 (AY 2024-25). Calculate your tax liability accurately.
Your Financial Details
Deductions (Old Regime)
Old Regime
With Deductions
Gross Income₹0
Total Deductions-₹0
Taxable Income₹0
Income Tax₹0
Cess (4%)₹0
Net Tax
₹0
DEFAULT
New Regime
Lower Rates, No Deductions
Gross Income₹0
Std. Deduction-₹0
Taxable Income₹0
Income Tax₹0
Cess (4%)₹0
Net Tax
₹0
Tool Features
- Side-by-Side Comparison
- Supports FY 23-24
- Smart Recommendation
- Senior Citizen Slabs
Income Tax Calculator: Old vs New Regime
Choosing between the Old and New Tax Regimes is a critical financial decision. The CalcDreams Income Tax Calculator helps you compare your tax liability under both systems for the Financial Year 2023-24 (Assessment Year 2024-25).
Understanding the Difference
- Old Regime: Offers higher tax rates but allows you to claim deductions like 80C (PPF, LIC), 80D (Medical), and HRA. Good if you have significant investments.
- New Regime: Offers significantly lower tax rates but removes most deductions (except Standard Deduction of ₹50,000). It is the default regime.
Tax Slabs (New Regime FY 23-24)
Under the new regime, income up to ₹3 Lakh is exempt. The rebate limit under Section 87A has been increased, meaning income up to ₹7 Lakh is effectively tax-free.
- 0 - 3L: Nil
- 3L - 6L: 5%
- 6L - 9L: 10%
- 9L - 12L: 15%
- 12L - 15L: 20%
- > 15L: 30%
Disclaimer: This tool is for estimation purposes based on FY 2023-24 rules. Please consult a Chartered Accountant (CA) for filing your actual returns.