Income Tax Calculator (FY 2026-27)

Up to ₹4L: Nil • ₹4L–8L: 5% • ₹8L–12L: 10% • ₹12L–16L: 15% • ₹16L–20L: 20% • ₹20L–24L: 25% • Above ₹24L: 30%. Plus 4% Health and Education Cess on total tax. Surcharge applies above ₹50L.

Under the new regime for FY 2026-27, a rebate of up to ₹60,000 applies under Section 87A if taxable income is up to ₹12L. Add the ₹75,000 standard deduction for salaried, and a salary of up to ₹12.75 lakh pays zero tax.

Under the new regime: ₹75,000 (raised from ₹50,000 in Budget 2024). Under the old regime: ₹50,000. Applies to salary income only — not freelancers or business income.

The new regime removes most deductions: 80C (PPF/ELSS/life insurance/home loan principal), 80D (health insurance), 80G (donations), HRA exemption, LTA, home loan interest u/s 24(b), education loan interest 80E, NPS 80CCD(1B). Only standard deduction and employer NPS contribution 80CCD(2) remain.

If your total tax liability exceeds ₹10,000 in a financial year, you must pay advance tax in four installments: 15% by June 15, 45% by Sep 15, 75% by Dec 15, 100% by Mar 15. Senior citizens without business income are exempt.

Compute your total income first (salary + professional receipts minus 50% deemed expenses if under Section 44ADA). Apply the appropriate regime. Salary TDS is adjusted against total liability when filing ITR. You may owe self-assessment tax or get a refund depending on the mix.

If your eligible deductions exceed roughly ₹3.75 lakh total (HRA + 80C + 80D + home loan interest + NPS), old regime saves more. Salaried employees can switch regimes each year by declaring it to the employer/ITR. Business owners can switch only once in a lifetime.

Pure agricultural income is exempt. However, if you have both agricultural + non-agricultural income, agricultural income is used to push your non-agri income into higher slabs (called "partial integration").

Surcharge is an extra tax on high incomes. Under the new regime: 10% above ₹50L income, 15% above ₹1Cr, 25% above ₹2Cr. Maximum surcharge capped at 25% under new regime (37% under old, but reduced to 25% post Budget 2023 for certain cases).

For individuals without audit: July 31 following the financial year end (e.g. July 31, 2027 for FY 2026-27). For audit cases: Oct 31. Belated filing allowed until Dec 31 with penalty; revised/updated return until 24 months later under ITR-U.