Use the updated Old Regime Tax Calculator for FY 2024–25 to calculate your income tax liability with deductions like 80C, HRA, and more. Quick & accurate.
Old Regime Tax Calculator
| Head | Details/ Amt. |
|---|---|
| Gross Income | |
| Exemptions u/s 10 A (HRA etc.) | |
| Professional Tax | |
| Net Income under Salaries | 0.00 |
| Standard Deduction (Auto Applied) | 50000 |
| Deductions u/s 80 C (PF, PPF, Ins, ELSS, NPS: Max Rs.150000) | |
| Deductions u/s 80 CCD (NPS: Max Rs. 50000/-) | |
| Deductions u/s 80 D (Health Insurance: Max Rs. 35000/- ) | |
| Deductions u/s 80 G (Eligible Donations) | |
| Deductions u/s 80 E (Education Loan Interest) | |
| Deductions u/s 80 TTA (FD/Post Office Interest: Max Rs. 40000/-) | |
| Tax Benefit u/s 24 (Home Loan Interest Paid: Max Rs. 200000/-) | |
| Total Deductions/Benefits | 0.00 |
Introduction
For many Indian taxpayers, calculating income tax can feel overwhelming—especially with two regimes to choose from. With the new tax regime being the default since FY 2023–24, many are still unsure whether they’re missing out by not opting for the old tax regime instead.
This article is a complete guide to help you understand, compare, and calculate your tax under the old regime tax calculator, updated for FY 2024–25. Whether you are a salaried professional, a pensioner, or self-employed, this guide walks you through how to maximize deductions and determine your correct tax liability—without confusion or errors.
What is the Old Tax Regime?
Definition and Key Characteristics
The old tax regime in India is a deduction-friendly tax system that allows individuals to reduce their taxable income using various exemptions and deductions available under the Income Tax Act, 1961.
Unlike the new regime, which offers lower tax rates but no deductions, the old regime encourages tax-saving investments and expenses. This makes it especially attractive to those who actively invest in schemes like PPF, ELSS, NPS, and claim deductions for home loan interest, HRA, insurance premiums, and tuition fees.
Key features include:
- Multiple deductions under Sections 80C, 80D, 24(b), 80E, etc.
- Slab-based progressive tax rates
- Separate slabs for senior and super senior citizens
- Availability of standard deduction, HRA, and LTA
You can view the official reference of Section 80C and other deductions on the Income Tax Department portal (opens in new tab).
Why People Still Prefer the Old Regime
Even after the simplification introduced with the new tax regime, lakhs of taxpayers in India continue to opt for the old system. The reason is simple: if you are someone who claims more than ₹3 lakh worth of deductions annually, the old regime often results in less tax outgo.
It’s particularly beneficial for:
- Salaried individuals with HRA and home loan EMIs
- Taxpayers with senior citizen parents and high insurance premiums
- Professionals claiming education loan interest or donations under Section 80G
Income Tax Slabs Under Old Regime for FY 2024–25
To understand how the old regime tax calculator works, it’s important to know the slab rates. These rates differ based on the taxpayer's age category. Here’s the updated tax slab for FY 2024–25:
For Individuals Below 60 Years
| Income Range (₹) | Tax Rate |
|---|---|
| Up to ₹2,50,000 | Nil |
| ₹2,50,001 – ₹5,00,000 | 5% |
| ₹5,00,001 – ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
Note: Rebate under Section 87A is available for taxable income up to ₹5 lakh.
For Senior Citizens (60 to 80 Years)
| Income Range (₹) | Tax Rate |
|---|---|
| Up to ₹3,00,000 | Nil |
| ₹3,00,001 – ₹5,00,000 | 5% |
| ₹5,00,001 – ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
For Super Senior Citizens (Above 80 Years)
| Income Range (₹) | Tax Rate |
|---|---|
| Up to ₹5,00,000 | Nil |
| ₹5,00,001 – ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
In addition to the above, 4% Health and Education Cess is applicable on the calculated tax amount in all cases.
You can also cross-verify these slab details on Tax Information Portal by the Government of India (opens in new tab) for authenticity.
List of Deductions Allowed Under Old Tax Regime
One of the biggest strengths of the old tax regime is its flexibility in allowing multiple deductions and exemptions, which directly reduce your taxable income. Unlike the new regime, where such benefits are disallowed, the old regime empowers individuals to plan their taxes through legitimate financial instruments and eligible expenses.
Here is a breakdown of popular deductions available under the old regime tax calculator logic:
Common Deductions You Can Claim
| Section | Deduction Type | Maximum Limit (₹) |
|---|---|---|
| 80C | Investments in LIC, PPF, ELSS, EPF, NSC, 5-yr FD | ₹1,50,000 |
| 80CCD(1B) | Additional NPS contribution | ₹50,000 (over and above 80C) |
| 80D | Health insurance premium (self & family) | ₹25,000 to ₹1,00,000 |
| 24(b) | Interest on home loan (self-occupied property) | ₹2,00,000 |
| 80E | Interest on education loan | No upper limit |
| 80G | Donations to approved charitable institutions | 50–100% of donation amount |
| HRA | House Rent Allowance (if staying in rented home) | Based on salary structure |
| Standard Deduction | Flat deduction for salaried individuals | ₹50,000 |
These deductions are cumulative, meaning if you are eligible under multiple sections, you can claim them together—leading to significant tax savings.
For example, someone with ₹12 lakh annual salary and investments of ₹1.5 lakh under Section 80C, ₹25,000 under Section 80D, ₹2 lakh in home loan interest under Section 24(b), and ₹50,000 standard deduction can reduce taxable income by nearly ₹4.25 lakh.
Detailed deduction categories and limits are officially documented on the Income Tax Department Help Portal (opens in new tab).
How to Use the Old Regime Tax Calculator
A good old regime tax calculator should help you quickly figure out your exact tax liability after accounting for all applicable deductions and exemptions. It works by simulating how the income tax department would compute your taxes under the old regime.
Here’s a simple breakdown of how such a calculator works:
Step-by-Step Guide to Using the Calculator
- Enter your Gross Annual Income
This includes your total earnings from salary, freelancing, or other sources (excluding exempt income like agriculture income or gifts from relatives). - Select Your Age Category
The applicable slab depends on whether you're under 60, a senior citizen (60–80), or super senior (80+). - Add All Eligible Deductions
Input your investment amounts, HRA exemption, insurance premiums, and other allowable deductions. - Calculator Computes Taxable Income
Gross Income – Deductions = Net Taxable Income - Apply Tax Slabs Accordingly
The tax is calculated slab-wise as explained earlier, and cess (4%) is added at the end. - Final Output: Tax Payable
You get the exact figure you need to pay, along with a breakdown—helpful for planning advance tax payments or filing ITR.
Real-Life Example: Old Regime Tax Calculation for FY 2024–25
Let’s understand with a realistic case.
Scenario
Riya is 35 years old and earns a gross annual salary of ₹12,00,000. She claims:
- ₹1,50,000 under Section 80C (PPF + ELSS)
- ₹25,000 under Section 80D (health insurance)
- ₹2,00,000 under Section 24(b) (home loan interest)
- ₹50,000 as standard deduction
Calculation:
| Particulars | Amount (₹) |
|---|---|
| Gross Salary | 12,00,000 |
| Less: 80C Deduction | (1,50,000) |
| Less: 80D Deduction | (25,000) |
| Less: Home Loan Interest | (2,00,000) |
| Less: Standard Deduction | (50,000) |
| Net Taxable Income | 7,75,000 |
Now applying old regime slab rates for <60 years:
- First ₹2,50,000 – Nil
- ₹2,50,001 to ₹5,00,000 – 5% = ₹12,500
- ₹5,00,001 to ₹7,75,000 – 20% = ₹55,000
- Total Tax = ₹67,500
- Add 4% cess: ₹2,700
- Total Tax Payable = ₹70,200
This method ensures accurate tax liability without guesswork. For automation, you can try trusted tools like the Tax Calculators from ClearTax or use official forms available on the ITR e-Filing portal (both open in new tabs).
Who Should Use the Old Tax Regime?
The decision between old and new tax regimes is not one-size-fits-all. While the new regime is easier to follow and removes the hassle of claiming deductions, it’s not always the most tax-efficient. This is where the old regime tax calculator plays a vital role in helping individuals make informed choices based on their financial profile.
Ideal Scenarios for Choosing the Old Regime
You should consider using the old tax regime if:
- You claim deductions exceeding ₹3 lakh annually
Individuals who invest under 80C, pay health insurance premiums, home loan EMIs, and claim HRA often find the old regime more beneficial. - You live in rented accommodation and claim HRA
House Rent Allowance exemptions are not allowed in the new regime. - You have a home loan
Interest paid on housing loans under Section 24(b) (up to ₹2 lakh) is available only in the old regime. - You are a senior citizen with eligible health and investment deductions
With higher exemption limits and health cover deductions under 80D, senior taxpayers can save significantly. - You make tax-saving investments regularly
If you contribute to PPF, EPF, ELSS, NPS, or pay tuition fees for children, the old regime gives better returns through deductions.
Here's a quick checklist to help evaluate your fit:
| Parameter | Benefit in Old Regime |
|---|---|
| Annual 80C investments | Yes |
| Home loan interest | Yes |
| Health insurance (80D) | Yes |
| Standard deduction (₹50,000) | Yes |
| House Rent Allowance (HRA) | Yes |
| Education loan interest (80E) | Yes |
| Donations (80G) | Yes |
When these elements apply, the old regime tax calculator is your best friend to quantify the benefits. Otherwise, the new regime—with its flat rates—might work better.
Differences Between Old and New Tax Regimes
Understanding the contrast between these two systems is key to making the right financial decision each year. The Government allows you to switch between them annually (for salaried individuals), so a clear side-by-side comparison helps.
Quick Comparison Table – FY 2024–25
| Feature | Old Tax Regime | New Tax Regime (default) |
|---|---|---|
| Tax Slabs | Higher rates | Lower rates |
| Deductions under 80C, 80D, etc. | Available | Not available (except NPS + Std.) |
| HRA and LTA | Allowed | Not allowed |
| Standard Deduction | ₹50,000 | ₹50,000 (only from FY 2023–24) |
| Home Loan Interest (Sec 24) | Allowed | Not allowed |
| Flexibility | High (tax planning) | Low (fixed slabs, no deductions) |
| Simplicity | Lower | Higher (easy, no documents) |
For example, if you're earning ₹10 lakh and claim over ₹2.5–3 lakh in deductions, the old regime will usually result in lower tax liability, which you can easily check using a trusted old regime tax calculator.
Best Tools to Calculate Tax Under Old Regime
Choosing the right tool is essential for getting accurate results. A good tax calculator should be user-friendly, accurate, and updated with the latest Financial Year and tax rules.
Here are a few reliable options:
- Income Tax Department's Tax Calculator (official government tool)
Offers basic computation based on age, income, and deduction inputs. - BankBazaar Income Tax Calculator (reputed financial service portal)
Useful for salaried and self-employed individuals alike.
In addition, tools like the HR Calcy Old Tax Regime Calculator offer an updated interface and include specific allowance entries, making it easy to input HRA, 80C, 80D, home loan interest, etc., and compare results with the new regime instantly.
Common Mistakes to Avoid While Using Tax Calculators
While using any old regime tax calculator, accuracy depends on entering the correct data. Many taxpayers either overlook eligible deductions or misclassify them, resulting in higher projected tax liabilities.
Avoid these common mistakes:
- Skipping the standard deduction of ₹50,000 for salaried employees
- Incorrectly claiming HRA without actually paying rent or submitting proof
- Missing Section 80CCD(1B) NPS contribution (₹50,000 extra over 80C)
- Applying wrong slab rates based on incorrect age category
- Not including home loan interest under Section 24(b), if applicable
- Ignoring cess (4%), which is mandatory on total tax
Most calculators, especially official ones, do not automatically check for deduction eligibility, so always refer to official portals like the Income Tax India Website (opens in new tab) for detailed deduction rules.
Conclusion
Choosing the right tax regime is more than just a yearly ritual—it’s a financial decision that impacts your savings, investments, and take-home income. If you are someone who actively invests, pays rent, or has a home loan, the old regime tax calculator can help you estimate tax liability with maximum deductions.
The old regime continues to benefit millions who value tax planning through exemptions and Section 80 deductions. With accurate tools now available online, making an informed choice is just a few clicks away.
Before filing your ITR this year, use the trusted HR Calcy Old Regime Tax Calculator to estimate your taxes based on actual savings and expenses. For more guidance, you can also check the latest updates on the Income Tax e-Filing portal or speak to a qualified tax advisor.
FAQ
What is the tax slab under the old regime for FY 2024–25?
For individuals below 60 years of age, the old regime tax slabs for FY 2024–25 are: - ₹0–₹2.5 lakh: Nil - ₹2.5–₹5 lakh: 5% - ₹5–₹10 lakh: 20% - Above ₹10 lakh: 30% Senior and super senior citizens enjoy higher exemption limits. You can check updated slab details on the Income Tax e-Filing portal.
Is the standard deduction available under the old regime?
Yes, salaried individuals and pensioners can claim a standard deduction of ₹50,000 under the old regime. It is not exclusive to the new regime and forms a key part of tax-saving calculations in most old regime tax calculator tools.
Can I switch from new tax regime to old regime every year?
If you are a salaried individual, you are allowed to choose between the old and new regime every financial year while filing your ITR. However, for those with income from business or profession, the switch can be made only once, after which it becomes permanent unless income from business ceases.
Which regime is better for a ₹10 lakh annual salary?
It depends on your total deductions and exemptions. If you claim more than ₹2–2.5 lakh in deductions (80C, 80D, HRA, etc.), the old regime often results in lower tax. You can compare both options using tools like HR Calcy’s Old Regime Tax Calculator or official government calculators.
Does the old regime allow HRA and LTA exemptions?
Yes, the old tax regime allows House Rent Allowance (HRA), Leave Travel Allowance (LTA), and various other exemptions and deductions which are not permitted under the new regime.
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