Income Tax Guide FY 2024-25: Old vs New Regime
The Union Budget 2024 has brought significant changes to the personal income tax structure in India. Choosing between the Old Tax Regime and the New Tax Regime is no longer a simple choice. It requires careful calculation of your gross income, available deductions, and future financial goals. Our optimizer helps you make this decision with 100% accuracy based on the latest tax slabs.
Key Differences (Update 2024)
New Tax Regime
- Lower tax rates across most slabs.
- Increased standard deduction (₹75,000 for salaried).
- No deductions allowed (80C, 80D, HRA, etc.).
- Tax rebate up to ₹7 Lakhs basic income.
Old Tax Regime
- High deductibility (Section 80C up to ₹1.5L).
- Home loan interest & Health insurance benefits.
- Higher marginal tax rates (up to 30%).
- Standard deduction of ₹50,000 only.
New Tax Slabs (FY 2024-25 / AY 2025-26)
| Income Range | Tax Rate |
|---|---|
| Up to ₹3,00,000 | NIL |
| ₹3,00,001 - ₹7,00,000 | 5% |
| ₹7,00,001 - ₹10,00,000 | 10% |
| ₹10,00,001 - ₹12,00,000 | 15% |
| ₹12,00,001 - ₹15,00,000 | 20% |
| Above ₹15,00,000 | 30% |
Confused about which regime to pick?
Our expert Chartered Accountants can help you analyze your specific investment profile to maximize your tax savings for the current financial year.
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