India Income Tax Calculator
Your income tax for FY 2026-27 under the new and old regimes, slab by slab, with the cheaper one picked out and your take-home pay.
= ₹15 lakh a year
EPF, PPF, ELSS, life insurance, tuition fees, home-loan principal. Up to ₹1.5 lakh.
Salary details
Up to 14% of basic (new regime), 10% (old).
Interest
More old-regime deductions
Side by side: new vs old regime
| Line | New | Old |
|---|
How your income tax is worked out
Taxable income → tax slab by slab → rebate or surcharge → add 4% cess. Shown for the regime picked in the result.
- 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
old: ₹2,10,600
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: lower slab rates and a ₹12 lakh rebate, but most deductions (80C, 80D, HRA, home-loan interest on the home you live in) are not allowed. The old regime has higher rates but keeps those deductions. You can pick the cheaper one each year when you file (business owners can switch back only once). Budget 2026 kept the slabs, rebates and deductions unchanged for tax year 2026-27, the first year under the Income-tax Act 2025.
The formula
New regime: taxable income = salary − ₹75,000 standard deduction + other income − employer's NPS
Old regime: taxable income = salary − HRA and other exemptions − ₹50,000 − professional tax − home-loan interest (up to ₹2 lakh) + other income − 80C, 80D, NPS and other deductions
tax = each slab's slice of taxable income × that slab's rate, added up
rebate: new regime, no tax up to ₹12 lakh (with marginal relief); old regime, up to ₹12,500 off if taxable income is ₹5 lakh or less
total = (tax + surcharge) × 1.04 (4% cess)
Worked example
A salary of ₹15,00,000 a year with ₹1,50,000 invested under 80C.
New regime: ₹15,00,000 − ₹75,000 = ₹14,25,000 taxable (80C doesn't count). Tax is 5% of ₹4 lakh (₹20,000) + 10% of ₹4 lakh (₹40,000) + 15% of ₹2,25,000 (₹33,750) = ₹93,750. With 4% cess: ₹97,500 a year, or ₹8,125 a month.
Old regime: ₹15,00,000 − ₹50,000 − ₹1,50,000 = ₹13,00,000 taxable. Tax is 5% of ₹2.5 lakh (₹12,500) + 20% of ₹5 lakh (₹1,00,000) + 30% of ₹3 lakh (₹90,000) = ₹2,02,500. With cess: ₹2,10,600.
So the new regime saves ₹1,13,100. The old regime would only match it if you had about ₹3,93,750 more in deductions, bringing old-regime taxable income down to ₹9,06,250.
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% |
Old regime slabs by age
| Rate | Under 60 | 60 to 79 | 80 and over |
|---|---|---|---|
| Nil | Up to ₹2.5 lakh | Up to ₹3 lakh | Up to ₹5 lakh |
| 5% | ₹2.5 to ₹5 lakh | ₹3 to ₹5 lakh | — |
| 20% | ₹5 to ₹10 lakh | ₹5 to ₹10 lakh | ₹5 to ₹10 lakh |
| 30% | Above ₹10 lakh | Above ₹10 lakh | Above ₹10 lakh |
In the new regime the slabs are the same at every age.
Old-regime deductions and limits
| What | Limit a year |
|---|---|
| Standard deduction (salary or pension) | ₹50,000 (₹75,000 in the new regime) |
| 80C: EPF, PPF, ELSS, life insurance, tuition fees, home-loan principal, 5-year FD, NSC, SSY | ₹1,50,000 |
| 80CCD(1B): your own NPS, on top of 80C | ₹50,000 |
| 80CCD(2): employer's NPS | 10% of basic + DA (14% for government staff); 14% for everyone in the new regime |
| 80D: health insurance for you and family | ₹25,000 (₹50,000 if you're 60+), including ₹5,000 for check-ups |
| 80D: parents' health insurance | ₹25,000 (₹50,000 if they're 60+) |
| 24(b): interest on a loan for the home you live in | ₹2,00,000 |
| 80E: education loan interest | No limit, for up to 8 years |
| 80TTA: savings account interest (under 60) | ₹10,000 |
| 80TTB: all bank and post office interest (60+) | ₹50,000 |
| Professional tax | Up to ₹2,500 |
HRA exemption
If you rent your home and get HRA, the tax-free part (old regime only) is the smallest of: the HRA you get; the rent you pay minus 10% of basic + DA; and 50% of basic + DA if you live in Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune, Ahmedabad, or 40% anywhere else. Bengaluru, Hyderabad, Pune and Ahmedabad were added to the 50% list by the Income-tax Rules 2026, from 1 April 2026. Example: basic ₹6 lakh, HRA ₹3 lakh, rent ₹3.6 lakh in Pune: the least of ₹3 lakh, ₹3 lakh and ₹3 lakh is ₹3 lakh tax-free.
The ₹12 lakh rebate and marginal relief
In the new regime, 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. In the old regime the rebate is ₹12,500 for taxable income up to ₹5 lakh, with no marginal relief.
Surcharge
On high incomes a surcharge is added to the tax: 10% above ₹50 lakh, 15% above ₹1 crore and 25% above ₹2 crore. In the old regime it rises to 37% above ₹5 crore; the new regime stops at 25%. Marginal relief applies at each step, so crossing a threshold never costs more than the extra income.
For general information, for resident individuals. It doesn't cover capital gains or other income taxed at special rates, agricultural income, losses from a let-out house, or perquisites. Rules checked on 9 October 2026; confirm with the Income Tax Department or a tax professional before filing.