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Income Tax Calculator 2024-25: Which is better old or new regime? Check salary-wise, exemption & deductions calculation

Income Tax Calculator 2024-25: It’s the start of the financial year and if you are confused between the new and the old income tax regime, then we have you covered. While the old tax regime allows for exemptions and deductions like Section 80C, House Rent Allowance, Leave Travel Allowance etc., the new tax regime offers lower tax rates and multiple slabs. Standard deduction is available under both regimes. We take a look at different income levels and common exemptions and deductions you may want to claim, to calculate and analyse the best income tax regime for you. This analysis has been done by Akhil Chandna, Partner, Grant Thornton Bharat. It is important to note that the analysis in the tables is broadly indicative. Each individual should choose their beneficial tax regime on a case-to-case basis. The analysis cannot be standardised.

Lower effective tax rate of 39% instead of 42.74% in top bracket of new tax regime; here's how marginal relief works

Surcharge on income: Individuals having income(s) above Rs 50 lakh have to pay an additional tax known as surcharge . Budget 2023 made Surcharge rate applicable on the highest income slab to 25% from 37%. Abhishek Soni from Tax2Win says, "This move brought down the effective tax rate from 42.74% to 39%."