Calculate your income tax liability under old and new tax regimes
No tax breakdown available yet.
The Old Tax Regime allows various deductions and exemptions under different sections of the Income Tax Act. It includes standard deduction of ₹50,000 for salaried individuals, deductions under Section 80C (up to ₹1,50,000), Section 80D for health insurance, and other benefits like HRA exemption.
Tax slabs under the old regime are:
• Up to ₹2,50,000: No tax
• ₹2,50,001 to ₹5,00,000: 5%
• ₹5,00,001 to ₹10,00,000: 20%
• Above ₹10,00,000: 30%
The choice between the old and new tax regimes depends on your financial situation and tax-saving investments. Generally, if you have significant deductions (like home loan interest, education loan interest, investments in tax-saving instruments, etc.), the old regime might be more beneficial. If you have minimal deductions or prefer simplicity, the new regime might be better.
