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Income Tax Calculator

Calculate your income tax for FY 2026-27, FY 2025-26, or FY 2024-25 under the New or Old Tax Regime — free, instant, no signup required.

Income Tax Calculator
Total Tax Payable
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Taxable Income
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Income Tax
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Health & Education Cess (4%)
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Effective Tax Rate
0%

What is Income Tax?

Income tax is a direct tax levied by the Government of India on the income earned by individuals, Hindu Undivided Families (HUFs), companies, and other entities during a financial year. For individuals, income tax is calculated based on a slab system — different portions of income are taxed at progressively higher rates. The Income Tax Act, 1961 governs the rules, exemptions, and deductions applicable to income tax in India.

For FY 2026-27 (AY 2027-28), FY 2025-26 (AY 2026-27) and FY 2024-25 (AY 2025-26), taxpayers can choose between two tax regimes: the New Tax Regime (introduced in 2020 and made the default from FY 2023-24) and the Old Tax Regime. Each regime has its own slab rates and deduction rules. Use the Financial Year dropdown above to switch between years — Budget 2025 revised the new-regime slabs starting FY 2025-26.

New Tax Regime — Slabs for FY 2026-27 & FY 2025-26

The new regime is the default option. It offers lower tax rates but does not allow most deductions and exemptions. A standard deduction of ₹75,000 is available for salaried individuals and pensioners. Under the revised Budget 2025 structure, rebate under Section 87A applies if taxable income is up to ₹12,00,000 — effectively making salaried income up to ₹12.75 lakh tax-free.

0 – ₹4,00,000: Nil
₹4,00,001 – ₹8,00,000: 5%
₹8,00,001 – ₹12,00,000: 10%
₹12,00,001 – ₹16,00,000: 15%
₹16,00,001 – ₹20,00,000: 20%
₹20,00,001 – ₹24,00,000: 25%
Above ₹24,00,000: 30%

New Tax Regime — Slabs for FY 2024-25

For FY 2024-25, the new regime followed the pre-Budget-2025 slab structure. Standard deduction was ₹75,000 and the Section 87A rebate threshold was taxable income up to ₹7,00,000.

0 – ₹3,00,000: Nil
₹3,00,001 – ₹7,00,000: 5%
₹7,00,001 – ₹10,00,000: 10%
₹10,00,001 – ₹12,00,000: 15%
₹12,00,001 – ₹15,00,000: 20%
Above ₹15,00,000: 30%

Old Tax Regime — Slabs for FY 2024-25

The old regime allows a wide range of deductions (Section 80C, 80D, HRA, LTA, home loan interest, etc.) and exemptions, which can significantly reduce taxable income. A standard deduction of ₹50,000 is available for salaried individuals. The basic exemption limit varies by age group.

Below 60 years:
0 – ₹2,50,000: Nil | ₹2,50,001 – ₹5,00,000: 5% | ₹5,00,001 – ₹10,00,000: 20% | Above ₹10,00,000: 30%

Senior Citizens (60–80 years):
0 – ₹3,00,000: Nil | ₹3,00,001 – ₹5,00,000: 5% | ₹5,00,001 – ₹10,00,000: 20% | Above ₹10,00,000: 30%

Super Senior Citizens (Above 80 years):
0 – ₹5,00,000: Nil | ₹5,00,001 – ₹10,00,000: 20% | Above ₹10,00,000: 30%

Key Deductions Under Old Regime

  • Section 80C (up to ₹1,50,000): PPF, ELSS, LIC premium, EPF contribution, home loan principal, NSC, Sukanya Samriddhi, 5-year FD, etc.
  • Section 80D: Health insurance premiums — up to ₹25,000 for self/family and ₹50,000 for senior citizen parents.
  • Section 24(b): Home loan interest deduction up to ₹2,00,000 for self-occupied property.
  • HRA Exemption: House Rent Allowance received from employer is partially or fully exempt based on rent paid and city of residence.
  • Standard Deduction: ₹50,000 flat deduction for all salaried individuals and pensioners.
  • Section 80TTA/80TTB: Savings account interest up to ₹10,000 (₹50,000 for senior citizens under 80TTB).

Health and Education Cess

A 4% Health and Education Cess is levied on the total income tax liability (before any rebate under Section 87A but after tax on base income). This cess applies uniformly to all taxpayers and is used to fund government health and education initiatives.

Rebate under Section 87A

Section 87A provides a rebate that effectively makes your tax liability zero if your taxable income is within the threshold. Under the New Regime, the rebate applies if taxable income does not exceed ₹12,00,000 for FY 2025-26 and FY 2026-27 (raised from ₹7,00,000 in FY 2024-25 by Budget 2025). Under the Old Regime, the rebate continues to apply if taxable income does not exceed ₹5,00,000.

New Regime vs Old Regime — Which is Better?

The choice depends on your deductions. If you invest heavily in 80C instruments, pay home loan EMIs, live on rent, or pay health insurance premiums, the Old Regime may result in lower tax. If you have few deductions or prefer simplicity, the New Regime generally works better — especially at lower-to-mid income levels (up to ₹12 lakh for FY 2025-26 onwards) where the 87A rebate makes tax nil.

How to Use This Calculator

  1. Select the Financial Year — current FY 2026-27, FY 2025-26, or FY 2024-25
  2. Enter your total annual gross income using the slider or input box
  3. Select your age group (affects basic exemption under Old Regime)
  4. Choose New Regime or Old Regime using the toggle
  5. Under Old Regime, enter your Section 80C and other deductions
  6. View the instant tax breakdown, chart, and slab-wise table

Income Tax Return (ITR) Filing Due Dates

  • Individuals (non-audit): 31st July of the assessment year
  • Individuals/businesses requiring audit: 31st October
  • Belated return: Can be filed up to 31st December with applicable interest under Section 234A

Frequently Asked Questions

The answer depends on your deductions and income level. For FY 2025-26 and FY 2026-27, the New Regime is generally better for those with income up to ₹12 lakh (zero tax due to the revised 87A rebate) or those with minimal deductions. The Old Regime is advantageous if you claim substantial deductions under 80C (up to ₹1.5 lakh), home loan interest (up to ₹2 lakh), HRA, 80D health insurance, and others. Use the FY selector and regime toggle in this calculator to compare both and pick the one with lower liability.
The New Regime allows very few deductions. From FY 2023-24 onwards, a standard deduction of ₹75,000 is available for salaried individuals and pensioners. Employer's contribution to NPS under Section 80CCD(2) is also deductible. However, most other deductions like Section 80C, 80D, HRA exemption, home loan interest under Section 24(b), LTA, and most Chapter VI-A deductions are not available. The regime trades deductions for lower slab rates.
Section 87A is a tax rebate that reduces your final tax liability to zero if your taxable income is within the specified limit. Under the New Tax Regime, the rebate applies if taxable income is up to ₹12,00,000 for FY 2025-26 and FY 2026-27 (raised from ₹7,00,000 in FY 2024-25 by Budget 2025). Under the Old Regime, the rebate applies if taxable income does not exceed ₹5,00,000. The rebate is equal to the actual tax payable (not a fixed amount), so it nullifies the tax entirely within the threshold.
Surcharge is an additional tax levied on individuals with very high income. It applies over and above the basic income tax. The rates are: 10% surcharge if income exceeds ₹50 lakh but is up to ₹1 crore; 15% surcharge if income exceeds ₹1 crore but is up to ₹2 crore; 25% surcharge if income exceeds ₹2 crore (New Regime) or up to ₹5 crore (Old Regime); 37% surcharge if income exceeds ₹5 crore (Old Regime only). This calculator covers incomes up to ₹1 crore without surcharge for simplicity.
For individuals whose accounts do not require audit (most salaried and small business individuals), the due date to file ITR is 31st July of the assessment year. For example, for FY 2024-25 income, the due date is 31st July 2025. If you miss this deadline, you can file a belated return up to 31st December 2025, but you will be liable to pay interest under Section 234A at 1% per month on the unpaid tax, and a late filing fee of ₹5,000 (₹1,000 if income is below ₹5 lakh) under Section 234F.