account_balance

Income Tax Calculator FY 2024-25

Tax & Salary

Compare your tax liability between the Old and New Tax Regimes with live graphs. Built for Financial Year 2024-25.

Calculator Inputs

Live Calculation

Income Details

Annual Salary (Gross)

₹

₹ 3L ₹ 50L

Income from Other Sources

₹

₹ 0 ₹ 20L

Old Regime Deductions

Sec 80C (EPF, PPF, ELSS)

₹

₹ 0 ₹ 1.5L

Sec 80D (Health Insurance)

₹

₹ 0 ₹ 1L

HRA Exemption

₹

₹ 0 ₹ 10L

Max Tax Savings info

₹ 0

trending_down

New Regime Tax

₹ 0

Old Regime Tax

₹ 0

security Local Math Engine

All calculations run completely inside your browser sandbox using highly optimized client-side JS compiled scripts. No financial data is ever transmitted to our servers.

Formula Details

How the math works

Equated Monthly Installments (EMI) are calculated using the standard reducing balance amortization model.

EMI = P × r × [((1 + r)^n) / ((1 + r)^n - 1)]

EMI

Equated Monthly Installment

Principal Loan Amount borrowed

Monthly interest rate (Annual Rate / 12 / 100)

Total loan repayment tenure in months (Years × 12)

Reference Deck

Standard Benchmarks

Sample projections under common configurations.

Scenario	Short-Term	Medium-Term	Long-Term
₹20 Lakh Home Loan (8.5% p.a.)	10 Yrs EMI: ₹24,797	15 Yrs EMI: ₹19,695	20 Yrs EMI: ₹17,356
₹50 Lakh Home Loan (8.5% p.a.)	10 Yrs EMI: ₹61,993	15 Yrs EMI: ₹49,237	20 Yrs EMI: ₹43,391
₹5 Lakh Personal Loan (12% p.a.)	3 Yrs EMI: ₹16,607	5 Yrs EMI: ₹11,122	7 Yrs EMI: ₹8,812

FAQs

Compliance & Calculations

What is reducing balance amortization? expand_more

Reducing balance amortization means that interest is calculated only on the remaining outstanding principal amount, not the initial loan principal, saving you massive interest charges over the tenure.

How can I reduce my total loan interest liability? expand_more

You can reduce your total interest liability by opting for a shorter tenure, making regular part-prepayments, or using balance transfer facilities to switch to a lower interest rate.

Does prepaying my home loan attract penalties in India? expand_more

Under RBI regulations, individual borrowers with floating interest rate home loans do not attract any prepayment penalties from banks or financial institutions.

Understanding Income Tax Regimes (FY 24-25)

Old vs. New Tax Regime: Which is better?

The Government of India has introduced the New Tax Regime as the default option for taxpayers. It features lower tax rates but eliminates approximately 70 tax exemptions and deductions, including Section 80C, 80D, and HRA.

The Old Tax Regime offers higher slab rates but allows you to reduce your taxable income by claiming various deductions like life insurance premiums, PPF, medical insurance, and house rent allowance.