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New Income Tax Return Calculator
(For FY 2025-26)
Tax Summary
Your calculated tax liability
New Tax Regime Features
Key benefits under Section 115BAC for FY 2025-26:
- No Tax up to ₹4 Lakh: Complete tax exemption for taxable income up to ₹4,00,000.
- Standard Deduction: A flat deduction of ₹75,000 for salaried individuals.
- Tax Rebate (87A): A tax rebate of ₹60,000 for taxable income up to ₹12 lakh.
- Marginal Relief: A provision to ensure the tax on income slightly above ₹12 lakh doesn't exceed the extra income earned.
- 4% Cess: A standard Health & Education Cess is applied to the final tax amount.
Default Tax Regime
The New Tax Regime is the default option for all taxpayers. However, you have the option to opt out and choose the Old Tax Regime if it is more beneficial for you (e.g., if you have significant deductions like HRA, 80C, 80D, etc.). This choice can typically be made when filing your income tax return.
What Deductions Are Not Allowed?
While the new regime offers lower tax rates, it requires you to forgo most common deductions, including:
- House Rent Allowance (HRA)
- Leave Travel Allowance (LTA)
- Deductions under Section 80C (PF, ELSS, Life Insurance, etc.)
- Deductions under Section 80D (Health Insurance Premiums)
- Interest on housing loan for self-occupied property (Section 24b)
Surcharge on High Income
For high-income earners, an additional surcharge is levied on the calculated income tax. The rates under the new regime are:
- 10% on income between ₹50 Lakh and ₹1 Crore
- 15% on income between ₹1 Crore and ₹2 Crore
- 25% on income above ₹2 Crore
How to Use This Calculator
Follow these simple steps to calculate your tax:
- Enter Salary: Input your total annual gross salary.
- Add Other Income: Include any income from other sources like interest, rent, etc.
- Enter NPS: If your employer contributes to NPS under 80CCD(2), enter that amount.
- Calculate: Click the button to see your detailed tax summary and slab-wise breakdown instantly.
Understanding Tax Terminology
- Gross Income: Your total income from all sources before any deductions are applied.
- Taxable Income: The portion of your income on which tax is actually calculated. It's your Gross Income minus eligible deductions.
- Tax Rebate (u/s 87A): A direct reduction from the tax you owe, available to individuals with taxable income up to a certain limit.
- Cess: An additional tax levied on top of your basic income tax to fund specific government initiatives like health and education.