# Income Tax Calculator

Author: C.K. Gupta
Published: 2025-06-21

Source: https://taxgst.in/income-tax-calculator/

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## Frequently Asked Questions

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.