Income Tax Calculator for FY 2023-24, 2024-25 & 2025-26

Calculate your income tax liability with our comprehensive tax calculator. Compare between Old and New tax regimes to make an informed decision and optimize your tax savings.

Note: This tax calculator is under development and is intended for testing purposes only.

✓ Regime Comparison

Side-by-side comparison of Old vs New tax regime to help you choose the best option

✓ Updated Tax Slabs

Latest tax slabs for FY 2023-24, 2024-25, and 2025-26 as per Budget announcements

✓ HRA Calculator

Built-in HRA exemption calculator based on your salary, rent, and city type

Basic Info
Income Details
Deductions
HRA Details

Tax Regime Differences

Old Tax Regime

  • • Higher tax exemption limit (₹2.5 lakhs)
  • • Allows deductions under Chapter VI-A
  • • HRA exemption available
  • • Standard deduction of ₹50,000
  • • Suitable for taxpayers with investments

New Tax Regime (Default)

  • • Lower tax rates
  • • Basic exemption limit of ₹3 lakhs
  • • Standard deduction of ₹50,000 (FY 2023-24 onwards)
  • • No deductions except few specified
  • • Simpler tax calculation

Start Your Tax Calculation

Fill in your income details to calculate tax liability under both regimes

What you'll need:

  • • Your gross salary details
  • • Income from other sources
  • • Investment details (for old regime)
  • • HRA and rent details (if applicable)

Income Tax Slabs for FY 2024-25 (AY 2025-26)

Old Tax Regime

Income SlabTax Rate
Up to ₹2.5 lakhsNil
₹2.5 - ₹5 lakhs5%
₹5 - ₹10 lakhs20%
Above ₹10 lakhs30%

New Tax Regime

Income SlabTax Rate
Up to ₹3 lakhsNil
₹3 - ₹6 lakhs5%
₹6 - ₹9 lakhs10%
₹9 - ₹12 lakhs15%
₹12 - ₹15 lakhs20%
Above ₹15 lakhs30%

Important Disclaimer

  • • This calculator provides approximate tax calculations for general information purposes only.
  • • The calculations are based on the tax laws applicable for the selected financial year.
  • • This tool does not consider all possible deductions, exemptions, or special cases.
  • • For accurate tax planning, please consult a qualified tax professional or chartered accountant.
  • • WoCo does not take responsibility for any discrepancies in tax calculations.
  • • Always verify calculations with official income tax department tools or professionals.

Helpful Information

Deductions under Old Regime:

  • • Section 80C: Up to ₹1.5 lakhs (PF, PPF, ELSS, etc.)
  • • Section 80D: Health insurance premiums
  • • Section 80E: Education loan interest
  • • Section 24: Home loan interest (up to ₹2 lakhs)

Key Points:

  • • Surcharge applies on income above ₹50 lakhs
  • • Health and Education Cess: 4% on tax + surcharge
  • • Rebate u/s 87A available for certain income levels
  • • New regime is default from FY 2023-24