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Updated for Budget 2024 (FY 2024-25)

Indian Income Tax
Precision Planner

Master your finances with our advanced Old vs New regime comparator. Factor in HRA, 80C, 80D, and NPS to find your absolute minimum tax liability.

Financial Profile

Income Details

Live Tax Summary

Expert Recommendation

Stick to Old Regime

Save ₹8,450 per year. That's ₹704 extra every month!

Annual Tax
₹55,120
In-Hand Salary
₹77,532/mo
Effective Rate
5.2%
Taxable Income
₹7,02,500

Net Take-Home Breakdown

Monthly Estimate

₹77,532

Per Month

Gross Salary (Annual)₹10,50,000
Taxes (Annual)-₹55,120
Employer PF Contribution-₹72,000
Professional Tax-₹2,500
Net Annual In-Hand₹9,30,380

Regime Comparison

Tax
In-Hand

Detailed Breakdown

Tax on Slab Income₹53,000
Tax on Capital Gains₹0
Cess (4%)₹2,120
Final Liability₹55,120

AI Tax Strategist

Personalized Optimization

Final Verdict

"Based on your profile, the old regime is optimal. Your effective tax rate is 5.2%."

Regime Comparison

Detailed side-by-side analysis of Old vs New tax regimes.

Tax Optimization

Identifies the best deductions to minimize your tax liability.

2024 Ready

Fully updated with the latest Budget 2024 tax slab changes.

Compliance First

Accurate calculations based on official Income Tax Department rules.

Frequently Asked Questions

Which tax regime is better for me for FY 2024-25?

It depends on your investments and deductions. The New Regime is generally better for those with few deductions, while the Old Regime can save more for those with high HRA, 80C, and home loan interest.

What are the major changes in Budget 2024?

Budget 2024 revised the tax slabs for the New Regime and increased the standard deduction from ₹50,000 to ₹75,000, making it even more attractive for salaried individuals.

Can I switch between Old and New regimes?

Salaried individuals can choose between the two regimes every year at the time of filing their returns. Those with business income have limited flexibility.

Are my salary details safe?

Absolutely. All calculations are performed locally in your browser. No data is sent to any server, ensuring 100% privacy for your financial information.

    Income Tax Calculator - Old vs New Regime Comparison - Free Online Tool | ParmarTools | ParmarTools