Income Tax Calculator
Quickly estimate your income tax for different financial years and tax regimes.
Note: Deductions are applicable only for the Old Tax Regime. A standard deduction of ₹50,000 (AY 2024-25 & 2025-26) or ₹75,000 (AY 2026-27 onwards) for salaried individuals in the New Regime has been factored in.
Old Regime
New Regime
About Income Tax Calculator
What is Income Tax?
Income tax is a direct tax levied by the government on the income of individuals and businesses. It is a progressive tax, meaning higher income levels are taxed at higher rates. In India, income tax is governed by the Income Tax Act, 1961, and collected by the Central Board of Direct Taxes (CBDT). Our income tax calculator helps you estimate your tax liability under both old and new tax regimes, making it easier to plan your finances and optimize your tax savings.
Old vs New Tax Regime
The Indian tax system offers two regimes for taxpayers:
Old Tax Regime
Traditional tax structure with various deductions and exemptions.
- • Multiple deductions under various sections (80C, 80D, 80E, etc.)
- • Higher exemption limits for senior citizens
- • Tax rebate under Section 87A
- • Complex but potentially beneficial for high deductions
New Tax Regime
Simplified tax structure with lower rates but limited deductions.
- • Lower tax rates across all slabs
- • Standard deduction of ₹50,000 for salaried employees
- • No major deductions except standard deduction
- • Simpler compliance and calculations
Income Tax Slabs (AY 2026-27 / FY 2025-26)
Old Regime
- • Up to ₹2.5L: Nil
- • ₹2.5L - ₹5L: 5%
- • ₹5L - ₹10L: 20%
- • Above ₹10L: 30%
- Rebate u/s 87A up to ₹5L
New Regime (AY 2026-27)
- • Up to ₹4L: Nil
- • ₹4L - ₹8L: 5%
- • ₹8L - ₹12L: 10%
- • ₹12L - ₹16L: 15%
- • ₹16L - ₹20L: 20%
- • ₹20L - ₹24L: 25%
- • Above ₹24L: 30%
- Rebate u/s 87A up to ₹12L; SD ₹75K for salaried
Key Features of Our Calculator
- Compare tax liability under old and new regimes instantly
- Support for multiple assessment years with updated tax slabs
- Category-wise calculations for individuals, senior, and super senior citizens
- Automatic calculation of tax cess (4% of total tax)
- Rebate under Section 87A automatically applied
- Clear comparison showing which regime is more beneficial
Major Tax Deductions (Old Regime)
- Section 80C: ₹1.5L limit for PPF, ELSS, life insurance, home loan principal, etc.
- Section 80D: ₹25,000 for self and family health insurance (₹50,000 for senior citizens)
- Section 80E: Interest on education loan (no limit)
- Section 80EE: ₹50,000 for first-time home buyers
- Section 80G: 100% or 50% of donations to specified institutions
- Standard Deduction: ₹50,000 for salaried employees
Who Should Use This Calculator?
- Salaried Employees: Planning tax savings and choosing the right regime
- Freelancers & Professionals: Estimating quarterly advance tax payments
- Business Owners: Planning personal tax liability
- Senior Citizens: Understanding tax benefits and exemptions
- Tax Planners: Helping clients optimize tax strategies
- Students: Learning about Indian tax system
Tax Planning Tips
- Compare both regimes before choosing your tax structure
- Maximize eligible deductions under the old regime if applicable
- Invest in tax-saving instruments like PPF, ELSS, and NPS
- Claim health insurance deductions for family coverage
- Consider home loan benefits for principal and interest
- Keep track of all investment proofs for tax filing
Important Tax Deadlines
- July 31: Due date for individuals without tax audit
- October 31: Due date for individuals with tax audit
- March 15: Final due date for all taxpayers
- Quarterly Advance Tax: June 15, September 15, December 15, March 15
Frequently Asked Questions
Can I switch between tax regimes every year?
Yes, you can choose between old and new regimes each financial year based on which is more beneficial.
What is tax cess?
Tax cess is an additional 4% charge on the calculated income tax, used for education and health purposes.
How is rebate under Section 87A calculated?
Tax rebate is available for total income up to ₹5L (old regime) and ₹7L (new regime), providing tax relief.
Are these calculations accurate for tax filing?
These are estimates for planning purposes. Always consult a tax professional for actual tax filing.