Income Tax Calculator India 2026 – ITR Calculator with Deductions & Tax Slabs

You must file ITR if your gross income exceeds the basic exemption limit: ₹2,50,000 (individuals below 60 years), ₹3,00,000 (60-80 years), or ₹5,00,000 (80+ years). However, even if below these limits, filing is beneficial if you have losses to carry forward or want a tax refund.

New regime: Lower tax rates (0% up to ₹3L) but no deductions allowed (except HRA, standard deduction ₹50K). Old regime: Higher rates but allows Section 80C, 80D, home loan interest, etc. Most salaried employees save more with old regime due to ₹1.5L in deductions.

Section 80C allows ₹1,50,000 annual deduction via: PPF, ELSS mutual funds, life insurance premiums, home loan principal, NSC, postal deposits, or Sukanya Samriddhi. This is only in old regime.

HRA exemption is the minimum of: (a) HRA received, (b) 50% of salary (metro cities) or 40% (non-metro), or (c) 10% of salary. Only applicable for salaried employees paying rent.

Surcharge is an additional tax on high incomes: 15% on income ₹50-75L, 25% on ₹75L-1Cr, 37% above ₹1Cr. It applies only in old regime for high earners.

ITR filing deadline is July 31st of the financial year (e.g., July 31, 2026 for FY 2025-26). Late filing is allowed until December 31 but with penalty.

Yes, Section 24 allows ₹2,00,000 annual deduction on home loan interest (limited to one self-occupied property). Only in old regime.

If TDS deducted from your salary/interest exceeds your total tax liability, you get a refund. File ITR to claim it. Refunds are typically credited within 3 months.

Required: PAN card, Aadhar, Form 16 (from salary), bank statements, deduction proofs (80C, 80D), property documents (80C, 24), Form 26AS (TDS details), and loss details if applicable.

Partially. NRIs must pay tax on Indian-sourced income (property, salary in India, investments). Foreign income taxation depends on tax treaty. Consult a CA for complex NRI taxation.