Income Tax Calculator
Your income tax for FY 2026-27 under the new regime, slab by slab, with the ₹12 lakh rebate and your take-home pay.
= ₹15 lakh a year
Up to 14% of basic pay.
How your income tax is worked out
Taxable income → tax slab by slab → rebate or surcharge → add 4% cess.
- 1
Taxable income
₹15,00,000
− ₹75,000 standard
= ₹14,25,000 - 2
Tax slab by slab
₹20,000 + ₹40,000
+ ₹33,750
= ₹93,750 - 3
Rebate check
Over ₹12 lakh:
no rebate
₹93,750 - 4
Add 4% cess
₹93,750 × 1.04
= ₹97,500 a year
₹8,125 a month
Read more: the formula, slabs, a worked example and what's not included
India has two income tax regimes. The new regime is the default from FY 2023-24 onwards: lower slab rates, but most deductions (80C, HRA, home-loan interest on a self-occupied home) are not allowed. Budget 2026 kept the slabs, rebate and standard deduction unchanged for tax year 2026-27.
The formula
taxable income = salary − ₹75,000 standard deduction + other income − employer's NPS
tax = each slab's slice of your income × that slab's rate, added up
if taxable income ≤ ₹12 lakh: tax = 0 (rebate up to ₹60,000)
total = (tax + surcharge) × 1.04 (4% cess)
New regime slabs, FY 2026-27
| Taxable income | Rate |
|---|---|
| Up to ₹4 lakh | Nil |
| ₹4 lakh to ₹8 lakh | 5% |
| ₹8 lakh to ₹12 lakh | 10% |
| ₹12 lakh to ₹16 lakh | 15% |
| ₹16 lakh to ₹20 lakh | 20% |
| ₹20 lakh to ₹24 lakh | 25% |
| Above ₹24 lakh | 30% |
Worked example
A salary of ₹15,00,000 a year, less the ₹75,000 standard deduction, leaves ₹14,25,000 of taxable income. The tax is 5% of the ₹4 lakh between ₹4 and ₹8 lakh (₹20,000), plus 10% of the next ₹4 lakh (₹40,000), plus 15% of the ₹2,25,000 above ₹12 lakh (₹33,750): ₹93,750 in all. Income is over ₹12 lakh, so there's no rebate. Adding 4% cess gives ₹97,500 a year, or ₹8,125 a month.
The ₹12 lakh rebate and marginal relief
If your taxable income is ₹12 lakh or less, a rebate of up to ₹60,000 cancels the tax completely, so a salary of up to ₹12.75 lakh pays nothing. Just above ₹12 lakh, marginal relief makes sure your tax is never more than the amount by which your income goes over ₹12 lakh. Relief runs out at about ₹12.7 lakh of taxable income.
Surcharge
On high incomes a surcharge is added to the tax: 10% above ₹50 lakh, 15% above ₹1 crore and 25% above ₹2 crore (25% is the most under the new regime). Marginal relief applies at each step, so crossing a threshold never costs more than the extra income.
For general information, for resident individuals under 60 in the new regime. It doesn't cover capital gains or other income taxed at special rates, agricultural income, or the old regime. Rules checked on 9 October 2026; confirm with the Income Tax Department or a tax professional before filing.