🇮🇳 Income Tax Calculator India 2026-27
Compare old vs new regime. Find your tax, monthly TDS and in-hand salary.
Income Tax Slabs FY 2026-27
| Income Slab | Rate |
|---|---|
| Up to ₹3,00,000 | 0% |
| ₹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% |
Standard deduction: ₹75,000 | Rebate 87A: zero tax up to ₹7,75,000
| Income Slab | Rate |
|---|---|
| Up to ₹2,50,000 | 0% |
| ₹2,50,001 – ₹5,00,000 | 5% |
| ₹5,00,001 – ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
Standard deduction: ₹50,000 | Rebate 87A: zero tax up to ₹5,00,000
New Regime vs Old Regime: Which Should You Choose?
The new tax regime has become the default from FY 2023-24, with revised slabs and an enhanced standard deduction of ₹75,000 making it more attractive for salaried individuals. The old regime remains beneficial if you have significant deductions — particularly Section 80C investments, home loan interest, and HRA exemption.
A rough guide: if your total deductions (beyond standard deduction) exceed ₹3–3.75 lakh, the old regime may save more tax at higher income levels. Use the calculator above to compare both regimes side by side for your specific income and deduction profile.
Related Tools
- HRA Calculator — calculate your HRA exemption for old regime
- NPS Calculator — plan retirement with NPS and claim 80CCD(1B) benefit
- GST Calculator — calculate GST on business transactions
- SIP Calculator — grow wealth with tax-saving ELSS mutual funds
Frequently Asked Questions
What is the income tax slab for FY 2026-27 under the new regime?
Under the new regime, income up to ₹3 lakh is exempt. ₹3–7 lakh at 5%, ₹7–10 lakh at 10%, ₹10–12 lakh at 15%, ₹12–15 lakh at 20%, and above ₹15 lakh at 30%. After the ₹75,000 standard deduction and Section 87A rebate, salaried individuals with income up to ₹7,75,000 pay zero tax.
What is the standard deduction for FY 2026-27?
₹75,000 under the new tax regime and ₹50,000 under the old tax regime. The standard deduction is a flat deduction from gross salary income available to all salaried employees and pensioners — no proof or investment required.
What is Section 87A rebate and who is eligible?
Section 87A provides a full rebate (tax reduced to zero) for individuals whose total taxable income does not exceed ₹7,00,000 under the new regime, or ₹5,00,000 under the old regime. For the new regime, after factoring in the ₹75,000 standard deduction, salaried individuals with gross income up to ₹7,75,000 effectively pay no tax.
Can I switch between old and new tax regime every year?
Salaried employees can switch between regimes every financial year when filing their income tax return. Business income earners, however, can switch only once from old to new regime and cannot switch back (with limited exceptions). Inform your employer of your preferred regime at the start of the financial year for correct TDS deduction.
What deductions are available under the old tax regime?
The old regime allows over 70 deductions and exemptions including: Section 80C (up to ₹1.5 lakh for EPF, PPF, ELSS, LIC, home loan principal, tuition fees), Section 80D (health insurance premiums), HRA exemption, home loan interest under Section 24(b) (up to ₹2 lakh), NPS under 80CCD(1B) (additional ₹50,000), and Leave Travel Allowance.
What is Health and Education Cess?
A 4% Health and Education Cess is levied on the calculated income tax (including surcharge) under both old and new regimes. It is not a deductible expense. This cess funds health and education initiatives and applies to all taxpayers regardless of income level.
When does income tax surcharge apply?
Surcharge applies on high incomes: 10% for taxable income ₹50 lakh–₹1 crore; 15% for ₹1–2 crore; 25% for ₹2–5 crore; 37% above ₹5 crore (only under old regime; new regime caps surcharge at 25%). Surcharge is on the tax amount, not income.
Is HRA exemption available in the new tax regime?
No. HRA exemption is not available under the new tax regime. If you pay significant rent and can claim a large HRA exemption, this alone may tip the balance in favour of the old regime. Use the HRA calculator to find your exact exemption, then compare regimes.
What is TDS on salary and how is it deducted?
TDS (Tax Deducted at Source) on salary is deducted monthly by your employer at 1/12th of the estimated annual tax liability. The employer calculates projected annual tax based on your declared salary and deductions, divides by 12, and deducts that amount each month. Any shortfall or excess is adjusted in the last months of the financial year.
What is the last date to file income tax return for FY 2026-27?
The due date for filing ITR for FY 2026-27 (AY 2027-28) for salaried individuals (non-audit cases) is 31 July 2027. Late filing attracts a penalty of ₹5,000 (reduced to ₹1,000 for income below ₹5 lakh). Filing after the due date also forecloses the ability to carry forward certain losses.