Income Tax Calculator (New Regime)
Here's a comprehensive table summarizing the key aspects of the new income tax regime in India for FY 2024-25 (AY 2025-26):
New Income Tax Regime: All You Need to Know
| Aspect | Details |
|---|---|
| Income Tax Slabs | • Up to ₹3,00,000: 0% • ₹3,00,001 to ₹7,00,000: 5% • ₹7,00,001 to ₹10,00,000: 10% • ₹10,00,001 to ₹12,00,000: 15% • ₹12,00,001 to ₹15,00,000: 20% • Above ₹15,00,000: 30% 2 |
| Basic Exemption Limit | ₹3,00,000 |
| Standard Deduction | ₹75,000 for salaried individuals and pensioners 3 |
| Tax Rebate (Section 87A) | Up to ₹25,000 for taxable income up to ₹7,00,000 23 |
| Surcharge Rates | • Up to ₹50 lakh: Nil • ₹50 lakh to ₹1 crore: 10% • ₹1 crore to ₹2 crore: 15% • ₹2 crore to ₹5 crore: 25% • Above ₹5 crore: 25% 34 |
| Default Option | Yes, from FY 2023-24 onwards 3 |
| Deductions Available | Limited; mainly standard deduction and employer's NPS contribution 5 |
| Key Deductions Not Allowed | Section 80C, 80D, HRA exemption, and most others 4 |
| Applicability | All individuals and HUFs, regardless of age 4 |
| Switching Options | Can switch to old regime next year if no business income 6 |
Additional Notes:
- The new tax regime offers simplified tax calculation with lower rates but fewer deductions3.
- It's particularly beneficial for those who don't claim many deductions under the old regime5.
- Taxpayers should compare their tax liability under both regimes before choosing6.
- The highest surcharge rate has been reduced from 37% to 25% for incomes above ₹5 crore3.
This table provides a concise overview of the new income tax regime in India, highlighting the key changes and features that taxpayers need to be aware of for the upcoming financial year.