--- title: ELSS Calculator canonical_url: https://sanchaykaro.com/elss-calculator/ last_updated: 2026-07-25T12:07:56+00:00 plugin_version: 1.2.2 --- # ELSS Calculator Income Tax Calculator & Planner | Sanchay Karo šŸ‡®šŸ‡³ Updated for FY 2024-25 Tax Saving Calculator ======================= Compare Old vs. New Tax Regimes instantly. Plan your investments and discover how much tax you can legally save this financial year. Old vs New Instant Comparison ā‚¹0 Free to Use 100% Accurate Income & Deductions ------------------------- šŸ‘¤ Age Category (For Old Regime) Below 60 Yrs 60 - 80 Yrs Above 80 Yrs šŸ’¼ Gross Annual Income ā‚¹ ā‚¹0ā‚¹25Lā‚¹5Cr+ ### Tax Deductions (Old Regime) Standard Deduction: ā‚¹50,000 (Auto-applied) Adjust sliders to see how investments reduce your taxable income under the Old Regime. šŸ’° Sec 80C (ELSS, PF, LIC, etc.) ā‚¹1,50,000 ā‚¹0Max ā‚¹1.5L šŸ„ Sec 80D (Health Insurance) ā‚¹25,000 ā‚¹0Self+Parents ā‚¹1L max šŸ  Other Deductions HRA, Sec 24(b) Home Loan Int., 80CCD(1B), etc. ā‚¹ ā‚¹0ā‚¹20L Tax Regime Comparison ----------------------- šŸ† New Regime is better for you! New Regime (Default) Total Tax ā‚¹0 Old Regime (With Deductions) Total Tax ā‚¹0 ### Income Breakdown (New Regime) Take Home 100% Net Taxable Income ā‚¹12,00,000 In Hand Income ā‚¹12,00,000 [ šŸš€ Plan ELSS SIP to Save Tax (Sec 80C) ](https://sanchaykaro.com/Investor/) šŸ“Š Detailed Tax Calculation ---------------------------- A side-by-side breakdown of how your tax is calculated under both regimes. Particulars Old Regime New Regime Gross Annual Income ā‚¹0 ā‚¹0 Standard Deduction (Sec 16(ia)) -ā‚¹50,000 -ā‚¹75,000 Sec 80C Deductions -ā‚¹0 Not Allowed Sec 80D (Health Insurance) -ā‚¹0 Not Allowed Other Deductions (HRA, LTA, Sec 24, etc.) -ā‚¹0 Not Allowed Net Taxable Income ā‚¹0 ā‚¹0 Income Tax (Before Rebate) ā‚¹0 ā‚¹0 Rebate under Sec 87A -ā‚¹0 -ā‚¹0 Health & Education Cess (4%) ā‚¹0 ā‚¹0 Total Tax Liability ā‚¹0 ā‚¹0 ā“ Top 10 Tax Planning FAQs ---------------------------- Everything you need to know about the Old vs. New Tax Regimes (Updated FY 24-25). 1. What is the standard deduction in the New Tax Regime for FY 2024-25? For FY 2024-25, the standard deduction under the New Tax Regime has been increased to ā‚¹75,000 for salaried individuals and pensioners. In the Old Regime, it remains at ā‚¹50,000. 2. Up to what income is tax-free in the New Tax Regime? Under the New Tax Regime (FY 2024-25), income up to ā‚¹7,00,000 is effectively tax-free due to the Section 87A rebate. If you include the standard deduction of ā‚¹75,000, a salaried person earning up to ā‚¹7,75,000 pays zero tax. 3. Which tax regime is the default regime? The New Tax Regime is now the default tax regime. If you do not explicitly inform your employer or select the Old Regime while filing your ITR, your taxes will be calculated as per the New Regime. 4. Can I claim Section 80C (ELSS, PF) deductions in the New Regime? No. Most major deductions, including Section 80C (EPF, PPF, ELSS Mutual Funds, LIC), Section 80D (Health Insurance), and HRA are NOT allowed under the New Tax Regime. You must opt for the Old Regime to claim these. 5. When should I choose the Old Tax Regime? The Old Regime is generally better if you have significant eligible deductions. For example, if you claim the full ā‚¹1.5 Lakh under 80C, pay high health insurance premiums (80D), and claim HRA or Home Loan Interest (Sec 24b), the Old Regime might result in lower total tax. Use our calculator to compare. 6. Can I switch between Old and New Regimes every year? Yes, individuals with salaried income (and no business income) can choose between the Old and New Regimes every year when filing their Income Tax Return (ITR). However, individuals with business income get only one chance to switch back to the Old Regime. 7. Is Employer's NPS contribution deductible in the New Regime? Yes! Section 80CCD(2) ā€” which covers the employer's contribution to your NPS account (up to 10% of Basic Salary for private sector, 14% for govt) ā€” is one of the few deductions allowed under BOTH the Old and New Tax Regimes. 8. What is the breakeven income where both regimes have the same tax? It depends on your deductions. Generally, if your total deductions (80C, 80D, HRA, etc.) are over ā‚¹3.75 Lakhs to ā‚¹4 Lakhs for an income of ā‚¹10 Lakhs+, the Old Regime usually wins. If your deductions are minimal (less than ā‚¹1.5L), the New Regime is almost always better. 9. Are Senior Citizens treated differently in the New Regime? In the Old Tax Regime, the basic exemption limit differs by age (ā‚¹2.5L for below 60, ā‚¹3L for 60-80 yrs, ā‚¹5L for >80 yrs). However, in the New Tax Regime, the tax slabs and exemption limits are exactly the same for all age groups. 10. How can [Sanchay Karo](https://apirrabbit.com/api/v1/master/LandingPage?arn=ARN-301757 "Sanchay Karo") help me save tax? If you opt for the Old Regime, investing in ELSS (Equity Linked Savings Scheme) Mutual Funds is one of the best ways to claim up to ā‚¹1.5 Lakhs under Sec 80C. ELSS has the shortest lock-in period (3 years) among 80C options and offers potential for equity-linked wealth creation. Sanchay Karo helps you start ELSS SIPs entirely paperless online.