Income Tax Calculator
₹12L Tax-FreeUse our income tax calculator for FY 2024-25 and FY 2025-26 (AY 2025-26). Compare the new vs old regime, calculate STCG/LTCG, and find exactly which tax slab saves you more.
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Deductions & Exemptions Summary
| Item / Section | AY 2026-27 Old (FY 25-26) | AY 2026-27 New (FY 25-26) | AY 2027-28 Old (FY 26-27) | AY 2027-28 New (FY 26-27) |
|---|---|---|---|---|
| Standard deduction | 50,000 | 50,000 | 75,000 | 75,000 |
| 80C (up to 1.5L) | yes | no | yes | no |
| 80D (health insurance) | yes | no | yes | no |
| HRA exemption | yes | no | yes | no |
| LTA | yes | no | yes | no |
| Home loan self-occupied (24b) | Up to 2L | no | Up to 2L | no |
| Home loan let-out (24b) | yes | yes | yes | yes |
| NPS 80CCD(1) within 1.5L | yes | no | yes | no |
| Extra NPS 80CCD(1B) 50k | yes | no | yes | no |
| Employer NPS 80CCD(2) | yes | yes | yes | yes |
| 80TTA / 80TTB interest | yes | no | yes | no |
| 80E education loan | yes | no | yes | no |
| 80G donations | yes | no | yes | no |
| 87A rebate threshold (zero tax) | 5L | 7L | 5L | 12L |
Frequently Asked Questions
Financial Year (FY) is when you earn: April 2025 to March 2026 is FY 2025-26. Assessment Year (AY) is when you file: FY 2025-26 income is filed in AY 2026-27. Quick rule: AY = FY + 1.
Yes. The Section 87A rebate (up to ₹60,000) eliminates all tax on income up to ₹12L under the FY 2025-26 New Regime. For salaried individuals, the ₹75,000 standard deduction pushes this to ₹12.75L. Income above ₹12L is taxed on the excess only — the zero-tax benefit does not apply if you cross the threshold.
Using an income tax calculator new regime vs old regime comparison is crucial. The new regime generally wins if your total deductions are below roughly ₹3.75L. The old regime is beneficial when you can maximise 80C (₹1.5L), HRA, NPS 80CCD(1B) (₹50k), and 80D. Use the income tax calculator 2024-25 or income tax calculator 2025-26 above to compare both regimes for your specific income.
Under the New Regime: ₹10L gross minus ₹75,000 standard deduction = ₹9.25L taxable income. Since ₹9.25L is below the ₹12L rebate threshold, your net tax is ₹0.
STCG on equity held under 12 months is taxed at 20% (up from 15% post Budget 2024). LTCG on equity held 12+ months is taxed at 12.5% on gains above ₹1.25L per year. Both are calculated separately from your salary income tax slabs.
Under the Old Regime with maximum deductions: ₹15L minus ₹75k standard deduction, ₹1.5L (80C), ₹50k NPS 80CCD(1B), ₹25k 80D, ₹2L HRA = taxable income of roughly ₹10L, which falls under the ₹12L Old Regime threshold. Old Regime 87A rebate applies only up to ₹5L, so partial planning applies. Run the exact numbers in the calculator above.
All salaried employees and pensioners get the ₹75,000 standard deduction automatically under both regimes for FY 2025-26 and FY 2026-27. No proof or investment required. It is deducted from gross salary before computing taxable income.
A Section 143(1) intimation is sent automatically after the CPC processes your ITR. If it says "no demand, no refund," you're clear. If it raises a demand notice, it usually means a discrepancy was found — most commonly a TDS mismatch between Form 26AS and your declared income. Before paying or disputing, use this calculator to independently verify your tax for the relevant year. Respond through the e-Proceedings portal within 30 days.
Section 44AD covers presumptive taxation for small businesses (turnover up to ₹3 crore) at 8% or 6% of turnover. Section 44ADA covers professionals like doctors and consultants (gross receipts up to ₹75 lakh) at 50% of receipts. You can enter your presumptive income under "Other Income" to get an indicative tax figure. For complex multi-source income, cross-check with the official ITR utility or a CA. Note that Section 115BAC (new regime) applies to all income types — the regime choice affects 44AD/44ADA taxpayers the same way it does salaried employees.