⚠️ Filing for FY 2024-25 (AY 2025-26)?

The regular ITR filing due date for FY 2024-25 was 31st July 2025. If you missed it, you can still file a belated return until 31st December 2025 with a late filing fee under Section 234F:

  • Total income up to ₹5,00,000 — late fee of ₹1,000
  • Total income above ₹5,00,000 — late fee of ₹5,000

Use this calculator to compute your exact tax liability before filing. Interest under Section 234A will also apply if you had a balance tax payable.

How to Use This Income Tax Calculator for FY 2024-25

This calculator is pre-set to FY 2024-25 and covers all income types, deductions and interest calculations applicable for Assessment Year 2025-26. Here is how to use it:

  1. Financial Year is Pre-Selected — FY 2024-25 is already selected on this page. Do not change it unless you want to calculate for a different year.
  2. Select Assessee Type — Individual, HUF, Partnership Firm, or Domestic Company. If you are an Individual under Old Regime, enter your age as well — the basic exemption limit varies by age.
  3. Choose Your Regime — New Tax Regime (u/s 115BAC) or Old Tax Regime. Note that FY 2024-25 uses the pre-Budget 2025 New Regime slabs which are different from FY 2025-26.
  4. Enter All Income Sources — Salary, House Property (use Details button for NAV and home loan interest), Business/Profession (Regular, 44AD, 44ADA), Capital Gains across all categories, and Other Sources.
  5. Enter Deductions — Standard Deduction is auto-applied (₹50,000 Old / ₹75,000 New). Add 80C, 80D and other deductions under Old Regime.
  6. Review Tax Summary — The dark panel shows your complete tax computation including rebate under 87A, surcharge, cess and total payable.
  7. Compute Interest (Important for Belated Filers) — Expand the bottom panel, enter your TDS and advance tax paid, and enter your actual filing date. The calculator will compute exact interest under 234A, 234B and 234C.

New Tax Regime Slabs — FY 2024-25 (AY 2025-26)

The New Tax Regime slabs for FY 2024-25 are based on the Finance Act 2023 with the Budget 2024 revision. Note that these are different from the significantly revised slabs introduced in Budget 2025 for FY 2025-26.

Total Income Slab Tax Rate Tax on This Slab
Up to ₹3,00,000Nil₹0
₹3,00,001 to ₹7,00,0005%Up to ₹20,000
₹7,00,001 to ₹10,00,00010%Up to ₹30,000
₹10,00,001 to ₹12,00,00015%Up to ₹30,000
₹12,00,001 to ₹15,00,00020%Up to ₹60,000
Above ₹15,00,00030%30% on amount exceeding ₹15L

Key points for FY 2024-25 New Regime:

✅ Standard Deduction of ₹75,000 for salaried individuals (revised upward from ₹50,000 in Budget 2024)

✅ Section 87A Rebate of up to ₹25,000 — zero tax for income up to ₹7,00,000

✅ Effective zero tax for salaried individuals earning up to ₹7,75,000 gross after Standard Deduction

✅ Marginal relief available for income between ₹7,00,000 and ₹7,75,000

⚠️ These slabs are less generous than FY 2025-26 — Budget 2025 significantly improved the New Regime

Old Tax Regime — Slabs for FY 2024-25

The Old Tax Regime slabs for FY 2024-25 are identical to FY 2025-26 — no changes were made. The regime continues to offer all deductions under Chapter VI-A.

Income Slab Below 60 Years Senior (60-79 Yrs) Super Senior (80+ Yrs)
Up to ₹2,50,000Nil——
Up to ₹3,00,000—Nil—
Up to ₹5,00,000——Nil
₹2.5L to ₹5,00,0005%5%—
₹5,00,001 to ₹10,00,00020%20%20%
Above ₹10,00,00030%30%30%

⚠️ Old Regime 87A Note for FY 2024-25: Rebate of ₹12,500 available only if total income does not exceed ₹5,00,000. A CBDT clarification issued in July 2024 confirmed that the rebate is NOT available against Special Rate Capital Gains tax (STCG 111A and LTCG 112A) even if total income is below ₹5 lakh. This caused significant confusion during the FY 2024-25 filing season — our calculator correctly implements this rule.

Capital Gains Tax Rates — FY 2024-25

Budget 2024 (effective 23rd July 2024) made significant changes to capital gains taxation. The revised rates apply to all transactions from 23rd July 2024 onwards. Transactions before this date follow the earlier rates.

Type of Capital Gain Rate Before 23 Jul 2024 Rate From 23 Jul 2024 Exemption
STCG u/s 111A (Listed Equity)15%20%None
LTCG u/s 112A (Listed Equity)10%12.5%₹1,00,000 (pre-23 Jul) / ₹1,25,000 (post-23 Jul)
Normal LTCG u/s 11220% with indexation12.5% without indexationNone
Normal STCG (Slab)Slab RateSlab RateNone

⚠️ Important for Property Sellers: For immovable property sold before 23rd July 2024, taxpayers have a one-time option to choose between the old rate (20% with indexation) or the new rate (12.5% without indexation) — whichever is lower. This option is only available for property acquired before 23rd July 2024. Our calculator uses the post-23 July 2024 rates — for pre-July transactions, consult a CA for the correct computation.

Old vs New Regime for FY 2024-25 — Key Differences

The regime comparison for FY 2024-25 is different from FY 2025-26 because the New Regime slabs were less generous before Budget 2025. Here is what changed and what it means for your tax planning:

New Regime FY 2024-25

  • Zero tax up to ₹7,00,000 income
  • Zero tax up to ₹7,75,000 for salaried (after ₹75,000 Standard Deduction)
  • No deductions under 80C, 80D, HRA
  • No home loan interest set-off
  • Marginal relief at ₹7,00,000 boundary

Old Regime FY 2024-25

  • Zero tax up to ₹5,00,000 after 87A rebate
  • Full 80C deduction of ₹1,50,000 available
  • HRA exemption available
  • Home loan interest set-off up to ₹2,00,000
  • Standard Deduction of ₹50,000

CA Insight: For FY 2024-25 specifically, many taxpayers who were on the fence between regimes found the Old Regime more beneficial — especially those with home loans, HRA and full 80C utilisation. The New Regime became significantly more attractive only from FY 2025-26 after Budget 2025 revised the slabs. If you are filing a belated return for FY 2024-25, it is worth computing your liability under both regimes using this calculator before choosing.

Interest Under Sections 234A, 234B and 234C — Critical for Belated Filers

If you are filing your FY 2024-25 ITR after 31st July 2025, interest under Section 234A will apply on the balance tax payable. Here is what you need to know:

Section Trigger Rate Computed On
234AFiling after 31st July 20251% per month or part thereofBalance tax after TDS and advance tax
234BAdvance tax paid less than 90% of assessed tax1% per monthAssessed tax minus advance tax paid
234CQuarterly advance tax shortfall1% per monthShortfall per quarter

To calculate your exact interest liability — expand the “Taxes Paid, TDS/TCS & Interest” section in the calculator above, enter your TDS deducted from Form 26AS, enter any advance tax paid quarter-wise, and enter your actual filing date. The calculator will compute the precise interest amounts under all three sections automatically.

Frequently Asked Questions — FY 2024-25

Can I still file my ITR for FY 2024-25 now?
Yes. If you missed the 31st July 2025 deadline, you can file a belated return under Section 139(4) until 31st December 2025. A late filing fee of ₹1,000 (income up to ₹5 lakh) or ₹5,000 (income above ₹5 lakh) will apply under Section 234F. Additionally, interest under Section 234A will apply on any balance tax payable. After 31st December 2025, you will need to wait for a condonation of delay or file an updated return under Section 139(8A) within 2 years.
What is the difference between FY 2024-25 and FY 2025-26 New Regime slabs?
Budget 2025 made the New Regime significantly more attractive from FY 2025-26. The basic exemption limit increased from ₹3 lakh to ₹4 lakh. The rebate limit under 87A jumped from ₹7 lakh to ₹12 lakh — meaning zero tax for income up to ₹12 lakh under the New Regime from FY 2025-26. New slabs were introduced at 25% and 30% for higher incomes. If you are comparing your FY 2024-25 and FY 2025-26 tax liability, use the respective year pages to see the actual difference.
Was the 87A rebate available on STCG and LTCG for FY 2024-25?
This was one of the most debated issues of the FY 2024-25 filing season. The income tax portal initially allowed the rebate against special rate capital gains tax, but CBDT subsequently clarified that the rebate under Section 87A is NOT available against tax on Special Rate income including STCG under Section 111A and LTCG under Section 112A — even if total income is below ₹7 lakh under the New Regime or ₹5 lakh under the Old Regime. Our calculator correctly applies this restriction.
What changed for property sellers in FY 2024-25?
Budget 2024 removed the indexation benefit on property sold after 23rd July 2024, reducing the LTCG rate from 20% with indexation to 12.5% without indexation. For properties sold before 23rd July 2024, the old rate of 20% with indexation continues to apply. For properties sold after 23rd July 2024 that were acquired before that date, the government provided a one-time option to compute tax under both methods and pay whichever is lower — applicable only for resident individuals and HUFs.
What is Section 139(8A) updated return and when can I file it?
Section 139(8A) allows you to file an updated return (ITR-U) even after the belated return deadline of 31st December 2025. You can file ITR-U for FY 2024-25 until 31st March 2027. However, an updated return can only be filed to declare additional income — you cannot use it to claim additional refunds or reduce your tax liability. An additional tax of 25% (if filed within 12 months) or 50% (if filed between 12 and 24 months) of the incremental tax is payable along with interest.
Can I carry forward losses if I file a belated return for FY 2024-25?
No. This is one of the most important reasons to file your ITR on time. If you file a belated return after 31st July 2025, you lose the right to carry forward most losses to future years — including business losses, capital losses and speculation losses. The only exception is losses from house property, which can be carried forward even in a belated return. If you have significant losses from stocks, F&O trading or business, filing on time is critical.
How do I find my TDS details for FY 2024-25?
Your TDS details are available in Form 26AS and the Annual Information Statement (AIS) on the income tax portal at incometax.gov.in. Log in with your PAN, go to e-File → Income Tax Returns → View AIS, and download the statement for FY 2024-25. Form 26AS shows TDS deducted by employers, banks, and other deductors. Always reconcile your TDS with your actual income before filing — mismatches can lead to notices from the department.
What is the penalty for not filing ITR for FY 2024-25?
If you are required to file an ITR and do not file even a belated return by 31st December 2025, the consequences can be serious. The Income Tax Department can issue a notice under Section 142(1) requiring you to file. A penalty under Section 271F of up to ₹5,000 can be levied. If there is tax evasion involved, prosecution under Section 276CC can be initiated. Beyond the legal consequences, not filing means you cannot claim TDS refunds, cannot get income proof for loans or visa applications, and cannot carry forward any losses.

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