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Income Tax Calculator

Last updated: 2026-05-04
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Income Tax Calculator FY 2026-27

Calculate Your Income Tax Under New & Old Regime | Income Tax Act, 2025

FY 2026-27 | IT Act 2025
Old Regime
New Regime (Default)
lightbulb New Regime is Default: Under the Income Tax Act, 2025, the New Tax Regime is the default. Salaried individuals with taxable income up to ₹12,75,000 pay zero tax (₹12L rebate + ₹75K standard deduction).

person Income Details

Interest, rental income, freelance, etc.
General (Below 60) ▾
General (Below 60)
Senior Citizen (60-80)
Super Senior (Above 80)
Salaried ▾
Salaried
Business / Professional

edit_note Deductions (Old Regime Only)

PPF, ELSS, LIC, PF
Health Insurance
Additional NPS
Rent exemption
Interest on home loan
Education loan, donations

assessment Tax Computation — New Regime

Gross Income
₹0
Standard Deduction
- ₹0
Deductions
- ₹0
Taxable Income
₹0
Tax (Before Cess)
₹0
Rebate u/s 87A
- ₹0
Tax After Rebate
₹0
Marginal Relief
₹0
Surcharge
₹0
4% Health & Education Cess
₹0
Total Tax Payable
₹0
Monthly TDS
₹0
bar_chart Slab-wise Tax Breakdown

compare_arrows Old vs New Tax Regime Comparison

Side-by-side comparison based on your income and deductions entered in the Calculator tab. Uses the same inputs for both regimes.

description Old Regime

Gross Income₹0
Standard Deduction- ₹50,000
Deductions (80C etc.)- ₹0
Taxable Income₹0
Tax (before cess)₹0
Rebate u/s 87A- ₹0
Surcharge₹0
Cess (4%)₹0
Total Tax (Old Regime)
₹0

new_releases New Regime

Gross Income₹0
Standard Deduction- ₹75,000
DeductionsNot Allowed
Taxable Income₹0
Tax (before cess)₹0
Rebate u/s 87A- ₹0
Marginal Relief₹0
Surcharge₹0
Cess (4%)₹0
Total Tax (New Regime)
₹0
savings You Save
₹0
by choosing New Regime

insights Break-even Analysis

With your current deductions, the New Regime saves you more. The Old Regime becomes beneficial when your total deductions exceed approximately ₹3,75,000 (the additional ₹75K standard deduction plus the slab benefit of the New Regime).

Visual Tax Comparison
Old Regime
₹0
New Regime
₹0

new_releases New Tax Regime FY 2026-27

Default regime under Income Tax Act, 2025

Income RangeTax Rate
Up to ₹4,00,0000%
₹4,00,001 – ₹8,00,0005%
₹8,00,001 – ₹12,00,00010%
₹12,00,001 – ₹16,00,00015%
₹16,00,001 – ₹20,00,00020%
₹20,00,001 – ₹24,00,00025%
Above ₹24,00,00030%
Key Benefits
  • Standard Deduction: ₹75,000 (salaried)
  • Rebate u/s 87A: Up to ₹60,000 for taxable income ≤ ₹12L
  • Effectively tax-free up to ₹12,75,000 for salaried
  • Lower rates across more slabs

description Old Tax Regime FY 2026-27

Must explicitly opt for this regime

Income RangeTax Rate
Up to ₹2,50,0000%
₹2,50,001 – ₹5,00,0005%
₹5,00,001 – ₹10,00,00020%
Above ₹10,00,00030%
Key Deductions
  • Standard Deduction: ₹50,000 (salaried)
  • Section 80C: Up to ₹1,50,000
  • Section 80D: Up to ₹25,000/₹50,000
  • 80CCD(1B): Up to ₹50,000 (NPS)
  • HRA Exemption: Available
  • Section 24(b): Up to ₹2,00,000 (Home Loan)
  • Rebate u/s 87A: ₹12,500 for income ≤ ₹5L

compare Key Differences: New vs Old Regime

FeatureNew RegimeOld Regime
Default StatusDefaultMust opt-in
Standard Deduction₹75,000₹50,000
Number of Slabs7 slabs (0%-30%)4 slabs (0%-30%)
Section 80CNot AvailableUp to ₹1.5L
HRA ExemptionNot AvailableAvailable
Home Loan Interest 24(b)Not AvailableUp to ₹2L
80D Health InsuranceNot AvailableUp to ₹25K/₹50K
87A Rebate LimitTaxable ≤ ₹12L (₹60K rebate)Taxable ≤ ₹5L (₹12.5K rebate)
Tax-Free (Salaried)Up to ₹12,75,000Up to ₹5,50,000

payments Surcharge & Cess Rates

Surcharge (on Tax)

Taxable IncomeRate
₹50L – ₹1 Cr10%
₹1 Cr – ₹2 Cr15%
₹2 Cr – ₹5 Cr25%
Above ₹5 Cr25% (capped)

Cess

4%
Health & Education Cess
Applied on (Tax + Surcharge) after rebate and marginal relief

auto_awesome Key Changes in Income Tax Act, 2025

New Tax Regime made default — Taxpayers must explicitly opt for the Old Regime
Section 87A enhanced — Rebate increased to ₹60,000 for New Regime (taxable income ≤ ₹12L)
Standard Deduction increased — ₹75,000 under New Regime (up from ₹50,000)
Terminology updated — "Assessment Year" → "Tax Year", "Form 16" → "Form 130"
Section renumbering — Entire Income Tax Act renumbered with new section numbers
Salaried effectively tax-free up to ₹12,75,000 — ₹12L limit + ₹75K standard deduction

menu_book Complete Guide to Income Tax Act, 2025

The Income Tax Act, 2025 (effective 1 April 2026) brings significant changes including new terminology, section renumbering, and enhanced benefits under the New Tax Regime. This guide covers everything you need to know.

1. Key Changes in IT Act 2025 ▾

The Income Tax Act, 2025 is a comprehensive overhaul of the previous legislation. Major changes include:

  • New Tax Regime is now default — You must actively opt for the Old Regime
  • Enhanced Section 87A rebate — Up to ₹60,000 for taxable income ≤ ₹12,00,000 under New Regime
  • Higher standard deduction — ₹75,000 for salaried under New Regime
  • Salaried individuals effectively tax-free up to ₹12,75,000
  • New 7-slab structure under New Regime (0%, 5%, 10%, 15%, 20%, 25%, 30%)
  • Marginal relief ensures tax doesn't exceed income above ₹12L threshold
2. Section Renumbering Reference (Old → New) ▾

The entire Income Tax Act has been renumbered. Here are the key section mappings:

Old SectionNew SectionDescription
Section 80CSection 123Investment deductions (PPF, ELSS, etc.)
Section 80DSection 124Health Insurance Premium
Section 80CCD(1B)Section 125NPS Additional Contribution
Section 10(13A)Section 17HRA Exemption
Section 24(b)Section 32Home Loan Interest Deduction
Section 87ASection 156Tax Rebate
Section 192Section 200TDS on Salary
Form 16Form 130TDS Certificate
Assessment YearTax YearTerminology change
3. Deduction Eligibility Checker ▾

Check which deductions you're eligible for under the Old Regime:

Section 80C (₹1.5L)
PPF, ELSS, LIC, EPF, NSC, 5-year FD, Tuition fees, Home loan principal
Section 80D (₹25K/₹50K)
Self & family: ₹25K, Parents: ₹25K (₹50K if senior), Preventive health check-up: ₹5K
80CCD(1B) (₹50K)
Additional NPS contribution (over and above 80C limit)
HRA Exemption
Min of: Actual HRA, Rent-10% Basic, 50%/40% of Basic (Metro/Non-Metro)
Section 24(b) (₹2L)
Home loan interest for self-occupied property
New Regime: None Available
Only standard deduction of ₹75,000 applies under New Regime. No 80C, 80D, HRA, or 24(b).
4. Marginal Relief Explained ▾

What is Marginal Relief? When your taxable income slightly exceeds the ₹12,00,000 rebate limit under the New Regime, you would lose the entire ₹60,000 rebate. This could result in your total tax exceeding the amount by which your income exceeds ₹12L. Marginal relief ensures this doesn't happen.

Example:

  • Taxable income ₹12,10,000 → Tax without rebate = ₹61,500
  • Excess over ₹12L = ₹10,000
  • Marginal relief ensures tax ≤ ₹10,000 (the excess amount)
  • Without marginal relief, earning ₹10,000 more would cost ₹61,500 in tax!

Note: Marginal relief applies only under the New Regime for the Section 87A rebate threshold. A similar concept applies for surcharge at higher income levels (₹50L+).

5. Tax Planning Tips for FY 2026-27 ▾
  • Compare both regimes before choosing — use our Comparison tab to see which saves more
  • If income ≤ ₹12,75,000 (salaried) — New Regime means zero tax
  • If deductions > ₹3.75L — Old Regime likely saves more (80C + 80D + HRA + 24b + NPS)
  • Maximize 80C — Use PPF (₹1.5L), ELSS (₹1.5L), or combine investments
  • Claim 80CCD(1B) — Additional ₹50K via NPS (over and above 80C)
  • Home loan borrowers — Old Regime allows ₹2L interest deduction + ₹1.5L principal under 80C
  • Health insurance — Claim 80D for family (₹25K) + parents (₹25K-₹50K)
  • Rent payers with HRA — Old Regime typically better if HRA exemption is significant
  • File before deadline — Default deadline is 31 July 2027 for FY 2026-27
  • Use Form 130 (formerly Form 16) to verify TDS with your tax computation
6. Frequently Asked Questions ▾
Q: Is the New Tax Regime mandatory?

No. It's the default, but you can opt for the Old Regime. Salaried employees must choose at the start of the financial year. Business/professionals can switch once.

Q: Can I claim 80C under the New Regime?

No. Section 80C deductions are not available under the New Tax Regime. Only the ₹75,000 standard deduction applies.

Q: What is the tax-free limit for salaried under New Regime?

₹12,75,000 — ₹12,00,000 taxable limit (with ₹60,000 rebate) + ₹75,000 standard deduction = effectively tax-free up to ₹12,75,000 gross income.

Q: What is the surcharge on high income?

10% (₹50L–₹1Cr), 15% (₹1Cr–₹2Cr), 25% (₹2Cr–₹5Cr), 25% capped (above ₹5Cr). Surcharge is calculated on tax amount after rebate.

Q: Has the deadline for filing ITR changed?

The standard deadline remains 31 July for salaried individuals. The belated return deadline is 31 December of the Tax Year.

Frequently Asked Questions about Income Tax Calculator

Find answers to common questions about income tax calculator. Click on any question to expand the answer.

This income tax calculator is updated for FY 2026-27 (Tax Year 2026-27) under the Income Tax Act, 2025, with the latest income tax slabs. It also supports previous years from FY 2021-22 for comparison.

For FY 2026-27 under the Income Tax Act, 2025, the standard deduction is ₹50,000 under the old tax regime and ₹75,000 under the new tax regime.

Under the Income Tax Act, 2025, the new tax regime slab rates for FY 2026-27 are: 0-4L: Nil, 4-8L: 5%, 8-12L: 10%, 12-16L: 15%, 16-20L: 20%, 20-24L: 25%, Above 24L: 30%. A tax rebate of ₹60,000 is available for taxable income below ₹12 lakh under the new regime (Section 115BAC).

Under the old tax regime, the slab rates are: 0-2.5L: Nil, 2.5-5L: 5%, 5-10L: 20%, Above 10L: 30%, with a standard deduction of ₹50,000 for salaried individuals. Various deductions like Section 80C, 80D, HRA, and LTA are available only under the old regime.

The Income Tax Act, 2025 (effective April 1, 2026) replaces the 'Previous Year' and 'Assessment Year' terminology with a unified 'Tax Year' concept. For example, FY 2026-27 is now referred to as Tax Year 2026-27, simplifying tax filing language for taxpayers.

Yes, our tool provides a side-by-side comparison of your tax liability under both the old and new tax regimes, helping you choose the more beneficial option.

Yes, the final tax is calculated inclusive of a 4% Health and Education Cess. Applicable surcharge is also automatically calculated for high-income individuals.

warning Disclaimer

This Income Tax Calculator is for informational and educational purposes only. Tax calculations are based on the Income Tax Act, 2025 applicable for Tax Year 2026-27 and may not cover all scenarios including special incomes, DTAA, capital gains, or specific exemptions. Surcharge and marginal relief calculations are simplified. Always verify with the official Income Tax portal (incometax.gov.in) for the latest rules. This tool should not be considered as tax advice. Consult a qualified Chartered Accountant or tax professional for personalized tax planning.

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