The Income Tax Department of India has introduced a new Tax Calculator Tool to assist taxpayers in computing their tax liabilities for the financial years 2024-25 and 2025-26 under the revised tax regimes. This user-friendly tool enables individuals to quickly calculate and compare their taxes for both years, facilitating informed financial planning.
Accessing the Tax Calculator Tool
To utilize the tax calculator, Click Here
Income Tax Slab Rates Under the New Regime
The Finance Bill 2025 has proposed revisions to the income tax slab rates under the new tax regime for the upcoming financial years. Below are the detailed slab rates for FY 2024-25 and FY 2025-26:
For FY 2024-25 (AY 2025-26): (Applicable for Individual, HUF, AOP, BOI, AJP)
| Annual Income (₹) | Tax Rate (%) |
|---|---|
| Up to 3,00,000 | Nil |
| 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% |
Rebate, Surcharge, and Health & Education Cess
- Rebate under Section 87A: Resident Individuals with a total income up to ₹7,00,000 are eligible for a rebate of ₹25,000, effectively reducing their tax liability to zero.
- Surcharge: An additional surcharge is levied on taxpayers with higher income levels:
- 10% of income tax for income between ₹50 lakh and ₹1 crore.
- 15% for income between ₹1 crore and ₹2 crore.
- 25% for income above ₹2 crore
- Health & Education Cess: A 4% cess is applicable on the total tax, inclusive of surcharge.
For FY 2025-26 (AY 2026-27): (Applicable for Individual, HUF, AOP, BOI, AJP)
| Annual Income (₹) | Tax Rate (%) |
|---|---|
| Up to 4,00,000 | Nil |
| 4,00,001 to 8,00,000 | 5% |
| 8,00,001 to 12,00,000 | 10% |
| 12,00,001 to 16,00,000 | 15% |
| 16,00,001 to 20,00,000 | 20% |
| 20,00,001 to 24,00,000 | 25% |
| Above 24,00,000 | 30% |
Rebate, Surcharge, and Health & Education Cess
- Rebate under Section 87A: Resident Individuals with a total income up to ₹12,00,000 are eligible for a rebate of ₹60,000, effectively reducing their tax liability to zero.
- Surcharge: An additional surcharge is levied on taxpayers with higher income levels:
- 10% of income tax for income between ₹50 lakh and ₹1 crore.
- 15% for income between ₹1 crore and ₹2 crore.
- 25% for income above ₹2 crore
- Health & Education Cess: A 4% cess is applicable on the total tax, inclusive of surcharge.
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