Income Tax Calculator: Compare New vs Old Tax Regime Savings (2024)

Tax planning just got easier! With the Income Tax Calculator, you can now compare the New vs Old 
Tax Regime and determine which one saves you more money in FY 2024-25. This guide will help you 
understand: 

✔ Key differences between tax regimes 
✔ How to use the Income Tax Calculator 
✔ Which deductions apply in each regime 
✔ Bonus: Track your health with a BMI calculator 

1. New vs Old Tax Regime: Key Differences 
The Indian government introduced the New Tax Regime as a simplified alternative to the Old Tax 
Regime, which allows more deductions. Here’s a quick comparison: 
Feature 
Old Tax Regime 
New Tax Regime (Default from FY 
2023-24) 
Basic Exemption 
₹2.5 Lakh 
₹3 Lakh 
Tax Slabs 
Higher rates but more deductions 
Lower rates but fewer deductions 
Deductions (80C, 
80D) 
Yes (HRA, LTA, investments, 
insurance) 
No (Only standard deduction of 
₹50,000) 
Best For 
High-investment taxpayers 
Taxpayers with minimal deductions 
Pro Tip: Use the Income Tax Calculator to input your salary, investments, and deductions to see 
which regime benefits you more. 

2. How to Use the Income Tax Calculator 
Our Income Tax Calculator simplifies tax planning: 
1. Enter your gross salary (including bonuses, HRA, etc.) 
2. Add deductions (80C, 80D, home loan interest, etc.) 
3. Select tax regime (Old or New) 
4. Compare results & see estimated tax liability 

Example: 
• Annual Income: ₹12 Lakh 
• Old Regime (with deductions): ₹1.05 Lakh tax 
• New Regime (no deductions): ₹90,000 tax 
In this case, the New Regime saves ₹15,000! 

3. Which Regime Should You Choose? 
✔ Old Regime is Better If: 
• You invest heavily in PPF, ELSS, NPS, or insurance (80C, 80D) 
• You claim HRA, LTA, or home loan interest deductions 
• Your taxable income after deductions falls in a lower slab 
✔ New Regime is Better If: 
• You don’t invest much in tax-saving schemes 
• Your income is between ₹7.5 Lakh – ₹15 Lakh (lower tax rates) 
• You prefer simpler tax filing with fewer documents 
Still unsure? Try our Income Tax Calculator for a personalized estimate. 

4. Bonus: Track Your Health with a BMI Calculator 
While planning finances, don’t forget your health! A BMI calculator helps you check if your weight is 
healthy: 
• BMI < 18.5 → Underweight 
• 18.5 – 24.9 → Healthy 
• 25 – 29.9 → Overweight 
• BMI ≥ 30 → Obese 
Did You Know? A healthy BMI can reduce medical expenses, indirectly saving tax under Section 
80D (health insurance deductions). 

5. Final Verdict: Which Tax Regime Wins in 2024? 
• New Regime: Best for salaried employees with minimal investments 
• Old Regime: Ideal for investors using 80C, 80D, HRA, and home loan benefits 

Take Action Now: 
1. Use our Income Tax Calculator to compare regimes 
2. Check your BMI for better health & financial planning 
3. Consult a CA if your tax situation is complex 

Remember: The right tax regime can save you thousands yearly—calculate wisely! 

FAQ Section (For Featured Snippets) 

Q1. Is the New Tax Regime better in 2024? 
It depends! If you claim deductions (HRA, 80C, 80D), the Old Regime may save more. Use our Income 
Tax Calculator to compare. 

Q2. Can I switch regimes every year? 
Yes! Salaried employees must declare their choice at the start of the FY, while freelancers can choose 
while filing ITR. 

Q3. How does BMI affect tax savings? 
A healthy BMI reduces medical costs, increasing savings under Section 80D (up to ₹1 Lakh for family 
health insurance). 

Conclusion 
Choosing between the New vs Old Tax Regime can significantly impact your take-home salary. 
Our Income Tax Calculator makes it easy to compare and decide. Plus, don’t forget to check 
your BMI calculator score for a healthier financial future