Income Tax Calculator FY 2026-27

This calculator estimates your income tax for FY 2026-27 (1 April 2026 to 31 March 2027) under both the new and the old tax regime, so you can see which one leaves you with more money. It is built for resident individuals below 60 with salary or other regular income.

FY 2026-27 is the first year under the Income-tax Act 2025, which replaced the Income-tax Act 1961 from 1 April 2026. The new law renumbers sections and uses the term "tax year" in place of "previous year" and "assessment year", but the slab rates, standard deduction and rebate are the same as in FY 2025-26.

How to use this calculator

1. Enter your gross annual income (salary, interest and other income taxed at slab rates).
2. For the old regime, enter your deductions and exemptions, such as HRA, PPF/ELSS/life insurance, health insurance and home loan interest.
3. Read the tax under each regime, including cess and any surcharge, and the difference between them.

Formula

Taxable income = gross income − standard deduction − other allowed deductions.

New regime slabs (default)

Standard deduction ₹75,000. Rebate up to ₹60,000, so tax is nil if taxable income is up to ₹12 lakh. Just above ₹12 lakh, marginal relief caps tax at (taxable income − ₹12 lakh).

Old regime slabs (below 60)

Standard deduction ₹50,000. Rebate up to ₹12,500, so tax is nil if taxable income is up to ₹5 lakh.

Both regimes: Final tax = (slab tax − rebate + surcharge) × 1.04, where 4% is health and education cess. Surcharge is 10% above ₹50 lakh, 15% above ₹1 crore and 25% above ₹2 crore; the old regime adds 37% above ₹5 crore, while the new regime caps surcharge at 25%.

Worked example

Gross salary ₹15 lakh. Old-regime deductions: ₹1.5 lakh in PPF/ELSS and ₹25,000 health insurance.

New regime: taxable income = 15,00,000 − 75,000 = ₹14,25,000

• ₹4–8 lakh at 5% = ₹20,000
• ₹8–12 lakh at 10% = ₹40,000
• ₹12–14.25 lakh at 15% = ₹33,750
• Tax = ₹93,750; cess ₹3,750; total ₹97,500

Old regime: taxable income = 15,00,000 − 50,000 − 1,50,000 − 25,000 = ₹12,75,000

• ₹2.5–5 lakh at 5% = ₹12,500
• ₹5–10 lakh at 20% = ₹1,00,000
• ₹10–12.75 lakh at 30% = ₹82,500
• Tax = ₹1,95,000; cess ₹7,800; total ₹2,02,800

Here the new regime saves about ₹1.05 lakh. The old regime would need much larger deductions to compete.

Marginal relief: at a new-regime taxable income of ₹12.1 lakh, slab tax is ₹61,500, but marginal relief limits it to ₹10,000 (the income above ₹12 lakh), plus 4% cess.

Things to keep in mind

• Special-rate income. Capital gains on shares and equity mutual funds are taxed at special rates, and the 87A rebate cannot be used against them.
• Senior citizens. In the old regime, the basic exemption is ₹3 lakh for those aged 60–79 and ₹5 lakh for those 80 and above. New-regime slabs are the same for all ages.
• Choosing a regime. Salaried taxpayers can choose a regime each year when filing. People with business income face limits on switching.
• Deductions. Most deductions, including HRA, PPF/ELSS, home loan interest on a self-occupied house and health insurance, are available only in the old regime. The employer's NPS contribution is allowed in both.
• Estimates only. The calculator does not handle every exemption, loss set-off or special case. Check the Income Tax Department's official tools or consult a tax professional before filing.