Income Tax Calculator India 2026

You must file ITR if your gross income exceeds the basic exemption limit under the old regime: ₹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 (the default since FY 2023-24): 0% up to ₹4L, rising in steps to 30% above ₹24L, with a ₹75,000 standard deduction but almost no other deductions (HRA, 80C, 80D, Section 24 interest are not allowed). Old regime (opt-in): 0% up to ₹2.5L, 5% to ₹5L, 20% to ₹10L, 30% above, with a ₹50,000 standard deduction plus full access to Chapter VI-A deductions. Whether the old regime is 'better' depends entirely on how much you can actually claim — with less than roughly ₹4-4.5L of eligible deductions most salaried taxpayers now come out ahead on the new regime; use this calculator's 'Compare Both' mode for your own numbers rather than a rule of thumb.

Surcharge is an additional charge on the tax itself for high incomes, applying in BOTH regimes: 10% above ₹50L, 15% above ₹1 crore, 25% above ₹2 crore. Above ₹5 crore the two regimes diverge — the old regime charges 37%, but the new regime's surcharge is capped at 25% even above ₹5 crore (the 37% slab was withdrawn for new-regime taxpayers from FY 2023-24). A calculator that applies 37% to new-regime income above ₹5 crore is over-taxing it.

The ITR filing deadline is typically July 31 following the end of the financial year (i.e. July 31, 2027 for FY 2026-27, for individuals not requiring an audit) — check incometax.gov.in each year, as the CBDT sometimes extends it. A belated return can usually be filed until December 31 of the assessment year, with a late fee.

If TDS deducted from your salary/interest exceeds your total tax liability, you get a refund. File your ITR to claim it; refunds are typically credited within a few weeks to a few months of e-verification.