Income Tax Calculator
Calculate your exact income tax for FY 2026-27. Compare Old vs New tax regime side-by-side, see slab-wise breakdown, 4% cess, and find out which regime saves you more money.
Quick answer:India's Income Tax for FY 2026-27 is calculated on taxable income after standard deduction (₹50,000 old regime / ₹75,000 new regime), applied across progressive slabs, plus 4% cess. Under the new regime (default), taxable income up to ₹12 lakh is tax-free via the Section 87A rebate, so salaried taxpayers owe nothing up to ₹12.75 lakh. This calculator compares both regimes and shows which saves you more.
How we calculate this →Azam Sharieff· Finance & Tools Reviewer
Last reviewed:
Income Tax Calculator India FY 2026-27 — Old vs New Regime
Every year around March, millions of salaried Indians face the same question: which tax regime should I choose? The Old Tax Regime allows you to claim deductions under sections like 80C, 80D, HRA, and LTA — if you invest heavily in PPF, ELSS, insurance, and home loans, the old regime can significantly reduce your taxable income.
The New Tax Regime (now the default from FY 2024-25 onwards) offers lower slab rates but eliminates most deductions. For taxpayers with minimal investments or those who don't invest in tax-saving instruments, the new regime is almost always better. Use this calculator to compare both in real time and make the right decision for your financial situation.
FY 2026-27 Tax Slabs: Old vs New Regime
Old Regime Tax Slabs: Up to ₹2.5 lakh — Nil. ₹2.5L to ₹5L — 5%. ₹5L to ₹10L — 20%. Above ₹10L — 30%. Standard deduction of ₹50,000 applies. Section 87A rebate makes tax nil for income up to ₹5 lakh.
New Regime Tax Slabs (default, as revised by Budget 2025 and unchanged for FY 2026-27): Up to ₹4 lakh — Nil. ₹4L to ₹8L — 5%. ₹8L to ₹12L — 10%. ₹12L to ₹16L — 15%. ₹16L to ₹20L — 20%. ₹20L to ₹24L — 25%. Above ₹24L — 30%. Standard deduction of ₹75,000 applies for salaried taxpayers. The Section 87A rebate (up to ₹60,000) makes tax nil for taxable income up to ₹12 lakh, which means a salaried person earning up to ₹12.75 lakh pays no tax under the new regime. Just above ₹12 lakh, marginal relief limits the tax to the income earned over ₹12 lakh.
4% Health and Education Cess is added on top of the final tax in both regimes.
When Is the Old Regime Better?
The Old Regime becomes advantageous when your total eligible deductions are large enough to reduce your taxable income below what the new regime's lower rates would tax. Because the new regime now has wider slabs and a ₹12 lakh rebate limit, the old regime only wins when deductions are large. As an illustration, at a gross salary of ₹15 lakh the break-even sits at roughly ₹5 lakh or more of old-regime deductions (80C, HRA, 80D, home loan interest and so on). The exact point depends on your income, so enter your figures above rather than relying on a rule of thumb.
Use our EMI Calculator to determine your home loan interest deduction and SIP Calculator to plan 80C investments through ELSS mutual funds.
Explore More Free Financial Calculators
This income tax calculator is for educational and planning purposes. The figures assume standard deductions only. Consult a Chartered Accountant for your official ITR filing, especially if you have business income, capital gains, or multiple income sources.
Also explore our Salary Calculator for CTC to in-hand breakdown, SIP Calculator for 80C investment planning, and all free financial calculators on ToolsDock.