Income Tax Calculator
FY 2026-27Calculate your income tax under both old and new regime. Find out which regime saves you more tax.
₹0
Total Tax
₹1.01L
You Save
New
Better Regime
0.0%
Effective Rate
🆕
New Tax Regime saves you ₹1.01L
New regime has lower rates and ₹75,000 standard deduction, but no other deductions allowed.
Income Details
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12 Lakh
Your gross annual income from salary
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Income from FDs, savings account, rental income, etc.
Gross Total Income₹12.0L
Deductions (Old Regime Only)
These deductions are NOT available under new regime
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₹0₹1,50,000
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₹0₹1,00,000
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₹0₹50,000
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Calculate using our HRA Calculator
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Max ₹2 lakh for self-occupied property
Tax Comparison: Old vs New Regime
| Particulars | New Regime | Old Regime |
|---|---|---|
| Gross Income | ₹12.0L | ₹12.0L |
| Standard Deduction | - ₹75.0K | - ₹50.0K |
| Other Deductions | Not Allowed | - ₹2.25L |
| Taxable Income | ₹11.3L | ₹9.25L |
| Tax on Income | ₹52.5K | ₹97.5K |
| Less: Rebate u/s 87A | - ₹52.5K | - ₹0 |
| Health & Education Cess (4%) | ₹0 | ₹3,900 |
| Total Tax Payable | ₹0 | ₹1.01L |
| Monthly In-Hand (Approx) | ₹1.00L | ₹91.5K |
New Regime Tax Slabs (FY 2026-27)
₹0L - ₹4L0%
₹4L - ₹8L5%
₹8L - ₹12L10%
₹12L - ₹16L15%
₹16L - ₹20L20%
₹20L - ₹24L25%
Above ₹24L30%
Key Benefits: ₹75,000 standard deduction, ₹60,000 rebate for income up to ₹12L
Old Regime Tax Slabs (FY 2026-27)
₹0L - ₹3L0%
₹3L - ₹5L5%
₹5L - ₹10L20%
Above ₹10L30%
Key Benefits: Deductions allowed - 80C (₹1.5L), 80D, HRA, Home Loan Interest, etc.
Frequently Asked Questions
What is the difference between old and new tax regime?
New regime has lower tax rates but doesn't allow most deductions (80C, 80D, HRA, etc.). Old regime has higher rates but allows various deductions. New regime suits those with low deductions, while old regime benefits those with significant investments and expenses.
What is the standard deduction for FY 2026-27?
Standard deduction is ₹75,000 under new regime (increased from ₹50,000 in Budget 2024) and ₹50,000 under old regime. This is automatically deducted from your salary income.
What is Section 87A rebate?
Section 87A provides tax relief for lower income taxpayers. Under new regime, if taxable income is up to ₹12 lakh, you get rebate up to ₹60,000 (making tax zero). Under old regime, rebate is ₹12,500 for income up to ₹5 lakh.
Can I switch between old and new regime?
Salaried employees can switch between regimes every year. Business owners can switch only once in their lifetime if they opt out of new regime.
Is NPS deduction available in new regime?
Only employer's NPS contribution (up to 14% of salary for government, 10% for others) is allowed under Section 80CCD(2) in new regime. Employee's own NPS contribution under 80CCD(1B) is NOT allowed.