Income Tax Calculator FY 2025-26
Plan your taxes with our free Income Tax Calculator for FY 2025-26 (AY 2026-27), tailored for Indian taxpayers. Compare the old and new tax regimes, claim deductions like Section 80C, 80E, 80D, 80CCD(1B), HRA, 80TTA, and 80TTB, and stay on top of ITR filing deadlines. Whether you're a salaried professional, freelancer, or senior citizen, our tool helps you optimize tax savings and make informed financial decisions. Explore related tools like our Education Loan EMI Calculator or Home Loan EMI Calculator for comprehensive financial planning.
Back to All CalculatorsTax Filing Deadlines (2025)
Show Deadlines- Advance Tax (Final, FY 2024-25): Due March 15, 2025. Penalty: 1% interest per month under Section 234C for late payment.
- ITR Filing (Non-Audit, FY 2025-26): July 31, 2025. File at incometax.gov.in.
- PM-Vidyalaxmi (Education Loan): Apply by August 31, 2025, at pmvidyalaxmi.co.in.
Calculate Your Income Tax
Enter income and deductions to compare tax under old and new regimes for FY 2025-26. Results are estimates; consult a tax professional for personalized advice.
Understanding Tax Deductions
Section 80C Deduction
Section 80C allows deductions up to ₹1.5 lakh for investments and expenses like Public Provident Fund (PPF), Equity-Linked Savings Scheme (ELSS), National Savings Certificate (NSC), life insurance premiums, and tuition fees. Available only under the old tax regime, it’s a popular way to reduce taxable income.
What qualifies for Section 80C?
Eligible investments include PPF, ELSS, NSC, 5-year fixed deposits, and life insurance premiums. Expenses like children’s tuition fees and home loan principal repayment also qualify.
Is there a limit for Section 80C?
Yes, the maximum deduction is ₹1.5 lakh per year, combining all eligible investments and expenses.
Section 80E Deduction
Section 80E allows deductions on interest paid on education loans for higher education (self, spouse, or children). There’s no upper limit, but the deduction is available for up to 8 years, only under the old regime.
Who is eligible for Section 80E?
Individuals repaying education loans for higher education (in India or abroad) can claim this deduction. The loan must be from a recognized financial institution.
Does Section 80E cover principal repayment?
No, only the interest component of the education loan is deductible under Section 80E.
Section 80D Deduction
Section 80D covers health insurance premiums and preventive health check-ups, up to ₹25,000 for self/spouse and ₹50,000 for parents (if senior citizens). Available under the old regime, it promotes health and tax savings.
What expenses qualify for Section 80D?
Health insurance premiums for self, spouse, children, or parents, and preventive health check-ups (up to ₹5,000 within the limit) are eligible.
Can I claim Section 80D for senior citizen parents?
Yes, you can claim up to ₹50,000 for health insurance premiums and check-ups for parents aged 60 or above.
NPS Deduction (Section 80CCD(1B))
Section 80CCD(1B) allows an additional ₹50,000 deduction for contributions to the National Pension System (NPS), over and above Section 80C. Available under the old regime, it’s ideal for long-term retirement planning.
Who can claim Section 80CCD(1B)?
Individuals contributing to the National Pension System (NPS), including salaried and self-employed taxpayers, can claim this additional deduction.
Is Section 80CCD(1B) part of the ₹1.5 lakh limit?
No, this is an additional deduction of up to ₹50,000, separate from the ₹1.5 lakh limit under Section 80C.
HRA Exemption
House Rent Allowance (HRA) exemption reduces taxable income for salaried individuals living in rented accommodation. The exemption is the minimum of: HRA received, actual rent paid minus 10% of basic salary, or 50% of basic salary (metro cities) / 40% (non-metro). Available only under the old regime.
How is HRA exemption calculated?
HRA exemption is the minimum of: actual HRA received, rent paid minus 10% of basic salary, or 50%/40% of basic salary (metro/non-metro). You need rent receipts and landlord PAN for claims.
Can I claim HRA without receiving HRA?
No, HRA exemption is available only if your salary includes an HRA component and you pay rent.
Section 80TTA Deduction
Section 80TTA allows deductions up to ₹10,000 on interest earned from savings accounts for individuals below 60. Available under the old regime, it helps reduce taxable income from bank interest.
Who is eligible for Section 80TTA?
Individuals and HUFs below 60 years can claim this deduction on savings account interest from banks, post offices, or co-operative societies.
Does Section 80TTA apply to fixed deposit interest?
No, it applies only to savings account interest, not fixed deposits or other investments.
Section 80TTB Deduction
Section 80TTB allows deductions up to ₹50,000 on interest earned from savings accounts and fixed deposits for senior citizens (age 60 or above). Available under the old regime, it replaces Section 80TTA for senior citizens.
Who is eligible for Section 80TTB?
Senior citizens (age 60 or above) can claim this deduction on interest from savings accounts and fixed deposits with banks, post offices, or co-operative societies.
Does Section 80TTB apply to non-senior citizens?
No, non-senior citizens (below 60) can claim Section 80TTA instead, up to ₹10,000 for savings account interest.
Frequently Asked Questions
What are the tax slabs for FY 2025-26?
Old regime: Varies by age (e.g., up to ₹2.5 lakh exempt for below 60). New regime: Up to ₹3 lakh exempt, ₹60,000 rebate up to ₹12 lakh.
Can I claim Section 80E with the new regime?
No, Section 80E deductions are available only under the old regime.
What is the ITR filing deadline for FY 2025-26?
July 31, 2025, for non-audit cases for FY 2025-26. Late filing incurs a ₹5,000 penalty under Section 234F.
What is advance tax and who needs to pay it?
Advance tax is tax paid on income as it is earned, due in installments (e.g., March 15, 2025). Individuals with tax liability exceeding ₹10,000 in a year must pay it, except senior citizens not running a business.
What happens if I miss the ITR filing deadline?
Late filing by December 31, 2025, incurs a ₹5,000 penalty (₹1,000 for income below ₹5 lakh) under Section 234F. You may also face interest under Section 234A and lose certain deductions.
Can I switch between old and new tax regimes?
Yes, salaried individuals can switch regimes each year when filing ITR. Business/professional taxpayers opting out of the new regime can revert only once.