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Income Tax Calculator
Income Tax Calculator & Optimizer
Compare Old vs New tax regimes (FY 2026-27) and optimize deductions to minimize tax liability.
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Business
1. Enter Your Earnings & Deductions
₹1L
₹15L
₹30L
₹50L+
Deductions (Applicable for Old Regime)
Regime Recommendation
Comparing details...
Tax Comparison
NEW TAX REGIME
₹0
Taxable: ₹0
OLD TAX REGIME
₹0
Taxable: ₹0
Potential Savings
₹0
Tax & In-Hand Split
Legal Disclaimer
This calculator is provided solely for informational and educational purposes. Calculations are estimates based on standard algorithmic rules and inputs, and should not be construed as professional financial, legal, or tax advice. Actual tax liabilities and financial structures may vary depending on corporate policies, jurisdiction, and individual circumstances. Please consult with a certified financial planner or tax advisor before making any financial decisions.
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Frequently Asked Questions
Quick direct-answer guides about using this utility tool locally and securely.
Old vs New tax regime, which is better for salaried employees in FY 2026-27?
For most salaried employees with limited deductions, the New Regime is better since it offers lower tax rates and a ₹75,000 standard deduction. The Old Regime becomes better only if your total deductions (80C, 80D, HRA, home loan interest) exceed roughly ₹4-4.5 lakh, since it has a lower ₹2.5 lakh exemption limit but allows 70+ deductions.
What deductions are allowed under Section 80C?
You can claim deductions up to ₹1.5 Lakhs under Section 80C for investments in PPF, EPF, ELSS mutual funds, Life Insurance premiums, National Savings Certificate (NSC), and children's tuition fees.
Is income up to ₹12 lakh tax-free in the New Regime?
Yes, taxable income up to ₹12 lakh is tax-free under the New Regime due to the Section 87A rebate of ₹60,000. Salaried individuals get an extra ₹75,000 standard deduction, so gross salary up to ₹12.75 lakh is effectively tax-free.
How much income tax will I pay on a ₹15 lakh salary?
On a ₹15 lakh salary under the New Regime, taxable income after the ₹75,000 standard deduction is ₹14.25 lakh, and tax payable is approximately ₹1,54,700 including 4% cess. Under the Old Regime with ₹3 lakh in deductions, tax comes to roughly ₹1,47,160.
What is the income tax slab for FY 2026-27?
Under the New Regime: ₹0-4 lakh is nil, ₹4-8 lakh at 5%, ₹8-12 lakh at 10%, ₹12-16 lakh at 15%, ₹16-20 lakh at 20%, ₹20-24 lakh at 25%, and above ₹24 lakh at 30%.
How is HRA exemption calculated?
HRA exemption applies only under the Old Regime and equals the lowest of: actual HRA received, rent paid minus 10% of basic salary, or 50%/40% of basic salary for metro/non-metro cities.
How much do education costs rise due to inflation in India?
Education costs in India typically inflate at 10-12% annually, roughly double the general CPI rate. A course costing ₹10 lakh today could cost ₹26-31 lakh in 10 years, making it important to plan education savings with a higher inflation assumption than standard calculators use.
Can I switch between Old and New tax regime every year?
Salaried individuals without business income can switch regimes every year at ITR filing time. Those with business income can switch back to the New Regime only once in their lifetime.
What is the standard deduction for FY 2026-27?
The standard deduction is ₹75,000 under the New Regime and ₹50,000 under the Old Regime for salaried employees and pensioners.