✅ Old vs New Tax Regime in India: Which One Should You Choose?
✅ Old vs New Tax Regime in India: Which One Should You Choose?
Blog Article
Understanding the intricacies of India’s old and new tax regimes is crucial for smart financial planning. With evolving tax laws and varied income structures, taxpayers often find themselves confused about which regime benefits them more. This is where HR Calcy’s Old vs New Tax Regime Calculator proves to be an indispensable tool. Designed for both salaried individuals and self-employed professionals, this calculator helps simplify your decision by offering a side-by-side comparison of your tax liabilities under each regime.
What Are the Old and New Tax Regimes?
India currently offers two personal income tax regimes:
Old Tax Regime: Allows various deductions and exemptions (like HRA, LTA, 80C, 80D, etc.).
New Tax Regime: Offers lower tax slabs but removes most exemptions and deductions.
Choosing the right one depends on your income structure, investment habits, and financial goals.
Key Features of HR Calcy’s Calculator
✅ Comprehensive Input Fields
Users can input a wide range of financial details such as:
Gross annual income
Exemptions under Section 10A (like HRA)
Professional tax
Deductions under Sections 80C (investments), 80D (health insurance), 80E (education loans), etc.
✅ Automatic Standard Deduction
The calculator auto-applies the applicable standard deduction:
₹50,000 under the Old Regime
₹75,000 under the New Regime (effective from FY 2022–23)
✅ Detailed Tax Liability Comparison
The tool breaks down:
Taxable income
Tax before and after surcharge
Section 87A rebate (if applicable)
Total tax with cess
Allowing you to understand not just your payable tax, Old vs New Tax Regime Calculator but how it's calculated.
✅ Multi-Year & Multi-Type Support
You can choose:
Financial Years: From 2022–23 to 2025–26
Payee Types: Male, Female, Senior Citizen, Very Senior Citizen
This makes it ideal for comparing past years or planning for upcoming fiscal years.
How to Use the Calculator
Enter Gross Income
Start by entering your total annual income before any deductions.
Select Payee Type & Year
Choose your demographic and the financial year you want to evaluate.
Add Exemptions & Deductions
Input details like HRA, professional tax, and deductions under 80C, 80D, 80E, and more.
Calculate
Hit "Calculate" to view your tax liabilities under both regimes instantly.
Old Regime vs New Regime: What's Better?
????️ Old Tax Regime
Ideal if you:
Claim multiple exemptions (like HRA, LTA)
Invest in tax-saving instruments (PPF, ELSS, etc.)
Have Old vs New Tax Regime Calculator high deductions under 80C, 80D, or housing loan interest
???? New Tax Regime
Better if you:
Don’t have significant tax-saving investments
Prefer simplified compliance
Have income from sources without much scope for deductions
Why Use HR Calcy’s Calculator?
✅ Free and user-friendly interface
✅ Up-to-date with the latest tax rules and slabs
✅ Helps avoid under or overestimating tax payments
✅ Useful for year-end planning and choosing the best tax-saving route
Conclusion
With tax planning becoming an essential part of personal finance, using a tool like HR Calcy’s Old vs New Tax Regime Calculator can bring clarity and confidence to your decision-making. Whether you're planning your taxes for FY 2024–25 or looking to file returns, this calculator ensures you choose the most beneficial path based on your financial profile.
???? Visit HR Calcy’s Old vs New Tax Regime Calculator today and take charge of your tax planning!