Income Tax Calculator
Updated for FY 2026–27. Last Updated: 01 July 2026. Calculate and compare your income tax liability under the Old and New Tax Regimes for Financial Year 2026-27 (Assessment Year 2027-28).
Last Updated: 01 July 2026•Verified By: GSTWaala Editorial Team
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Reviewed: GSTWaala Editorial Team Updated: 01 July 2026 Rules: FY 2026-27 Income Tax Slabs u/s Finance Act 2024Free & No Registration Mobile-Friendly Layout
Disclaimer: Calculations are based on the latest Indian Income Tax provisions (including updates u/s Finance Act 2024). This tool is intended for educational guidance only and does not constitute formal financial, investment, or legal advice.
Presets:
Include salary, interest income, rental income, and other income sources before deductions.
New Tax Regime Selection: Standard deduction of **₹75,000** is auto-applied. No other exemptions (HRA, 80C, 80D, etc.) are allowed. Tax is free up to ₹12,00,000 annual income under Section 87A rebate.
How to Use the Income Tax Calculator
- Enter your gross annual income (including salary, bonus, interest, and other income sources).
- Select your age group (Below 60, 60-80 Senior, or Above 80 Super Senior) to apply correct tax exemptions.
- Select your tax regime (New Tax Regime vs Old Tax Regime) to check how slabs apply to your income.
- If you select the Old Tax Regime, fill in your tax-saving declarations under Section 80C, 80D, HRA exemptions, and other applicable deductions.
- Review the final net tax liability, monthly TDS equivalent, and the dynamic slab-by-slab tax breakdown on the right-hand panel.
Mathematical Formula & Calculations
Choose Old Regime if:
- ✔You claim HRA exemptions.
- ✔You have a home loan under Section 24b.
- ✔You invest significantly in eligible deductions (80C, 80D, NPS).
Choose New Regime if:
- ✔You claim few deductions or exemptions.
- ✔You prefer simpler, documentation-free tax filing.
- ✔You have minimal tax-saving investments.
Income Tax Slabs (FY 2026-27):
| Rate | New Regime Slabs | Old Regime Slabs |
|---|---|---|
| 0% (Nil) | Up to ₹4,0,000 | Up to ₹2,50,000 |
| 5% | ₹4,00,001 - ₹8,00,000 | ₹2,50,001 - ₹5,00,000 |
| 10% / 20% | ₹8,00,001 - ₹12,00,000 (10%) | ₹5,00,001 - ₹10,00,000 (20%) |
| 15% / 30% | ₹12,00,001 - ₹16,00,050 (15%) | Above ₹10,00,000 (30%) |
| 20% / - | ₹16,00,001 - ₹20,00,000 (20%) | - |
| 25% / - | ₹20,00,001 - ₹24,00,000 (25%) | - |
| 30% / - | Above ₹24,00,000 (30%) | - |
Ultimate Guide: Old vs New Tax Regime Slabs & Planning
1. What is Income Tax?
Income tax in India is a direct tax paid on annual financial earnings by individuals, Hindu Undivided Families (HUFs), partnership firms, LLPs, and companies. Governed by the Income Tax Act of 1961, the Central Board of Direct Taxes (CBDT) regulates policy and collection. Income is evaluated across five categories: salary, house property, business profits, capital gains, and interest or dividends.
2. Slabs Explained
Slabs ensure progressive taxation. Portions of your income are taxed at higher percentages as your total earnings cross higher boundaries defined by the annual Finance Act. For FY 2026-27, the New Tax Regime is the default option and offers zero tax up to a net taxable income of ₹12 Lakh u/s 87A, providing significant relief for middle-class salaried professionals.
3. Old vs New Tax Regime
The Old Regime encourages tax-saving investments (PPF, ELSS, insurance) and claims (HRA, housing interest), letting you reduce your net taxable income. The New Regime provides lower base rates and a simplified filing process but disallows almost all itemised tax breaks.
4. Tax Saving Tips
- Understand Available Deductions: Always evaluate all deductions under current tax laws (e.g. standard deductions and Section 80C).
- Compare Regimes: Use tools like this calculator to compare both regimes before filing your return.
- Keep Documentation Organized: Ensure all investment receipts, insurance policies, and rent bills are documented and structured.
- Review Employer Declarations: Declare investments early to avoid high TDS deductions in your monthly payslips.
5. Official References & Sourced Data
For official rules, schedules, and circulars, refer directly to:
6. Popular Income Tax Tools
Income Tax Slab CalculatorSIP CalculatorHRA Exemption CalculatorAdvance Tax CalculatorFixed Deposit CalculatorNPS CalculatorSalary Breakup Calculator
7. Related Articles & Guides
Frequently Asked Questions
The New Tax Regime offers lower tax rates across more slabs but disallows standard deductions and exemptions like 80C, 80D, and HRA. The Old Tax Regime has higher slab rates but permits deductions to reduce your taxable income.
Under the New Tax Regime, the standard deduction for salaried individuals is ₹75,000. Under the Old Tax Regime, it remains at ₹50,000.
Under the New Regime, if taxable income does not exceed ₹12,00,000, Section 87A provides a full rebate of the slab tax payable up to a maximum of ₹60,000, reducing net tax to zero.
The Health & Education Cess is charged at a flat rate of 4% on the net income tax payable (after surcharges and rebates).
No. The New Tax Regime features a uniform basic exemption limit of ₹4 Lakh for all individuals, regardless of age. Senior citizen concessions only apply in the Old Regime.
No. HRA exemptions and home loan interest on self-occupied properties (Section 24b) are completely disallowed under the New Tax Regime.
Taxable income equals Gross Income minus Standard Deduction (₹50,000) minus Chapter VI-A deductions (80C, 80D, etc.) and other exemptions like HRA.
Section 80C covers Public Provident Fund (PPF), ELSS Mutual Funds, Employee Provident Fund (EPF), National Savings Certificate (NSC), life insurance premium, and home loan principal repayments up to ₹1.5 Lakh.
No. Professional tax paid (typically ₹2,400 per year) is not allowed as a deduction from salary under the New Tax Regime.
Section 80CCD(1B) provides an additional deduction of up to ₹50,000 for self-contributions to the National Pension System (NPS), applicable only in the Old Regime.
Surcharge is an additional tax on tax for high-income earners. Under the New Regime, the maximum surcharge is capped at 25% for taxable income above ₹2 Crore, down from 37% in the Old Regime.
Salaried individuals without business or professional income can switch between the Old and New regimes every year at the time of filing their ITR.
Marginal relief ensures that if your taxable income slightly exceeds ₹12 Lakh under the New Regime, the extra tax payable does not exceed the extra income earned over ₹12 Lakh.
Under Section 80TTA, interest up to ₹10,000 on savings accounts is tax-exempt for individuals under 60. For senior citizens, Section 80TTB exempts interest up to ₹50,000. These are only available in the Old Regime.
For individuals aged 60-80, the basic exemption is ₹3 Lakh. Slabs are: 0-3L (0%), 3-5L (5%), 5-10L (20%), and Above 10L (30%).
For individuals aged 80+, the basic exemption is ₹5 Lakh. Slabs are: 0-5L (0%), 5-10L (20%), and Above 10L (30%).
Yes, Section 87A rebate applies to tax on normal income and special rate income such as short-term capital gains under Section 111A, but it does not apply to LTCG under Section 112A.
Pensioners receiving pension income from their former employer are eligible for a standard deduction of ₹75,000 under the New Regime and ₹50,000 under the Old Regime.
You can claim up to ₹25,000 for self, spouse, and kids. An additional ₹25,000 is allowed for parents (increased to ₹50,000 if parents are senior citizens).
For non-audit individual taxpayers, the standard deadline for filing Income Tax Returns (ITR) is July 31 of the assessment year (July 31, 2027, for FY 2026-27).
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Compliance Note
All calculations are updated to reflect the tax codes, slabs, and deductions in effect for Financial Year 2025-26 (Assessment Year 2026-27). This tool runs entirely client-side; no data is transmitted or stored on our servers.
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