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 ₹4 lakh exempt, ₹60,000 rebate up to ₹12 lakh.

What is Section 80C deduction?

Section 80C allows deductions up to ₹1.5 lakh for investments like PPF, ELSS, NSC, and life insurance premiums, available only under the old tax regime.

Who can claim Section 80E deduction?

Individuals repaying education loan interest can claim Section 80E deductions under the old regime, with no upper limit, for up to 8 years.

What expenses are covered under Section 80D?

Section 80D covers health insurance premiums and preventive health check-ups, up to ₹25,000 for self/spouse and ₹50,000 for senior citizen parents, under the old regime.

What is NPS deduction under Section 80CCD(1B)?

Section 80CCD(1B) allows an additional ₹50,000 deduction for contributions to the National Pension System (NPS), available under the old regime.

How does HRA exemption work?

HRA exemption under the old regime reduces taxable income based on rent paid, HRA received, basic salary, and city type (metro/non-metro), calculated as per Income Tax rules.

What is Section 80TTA deduction?

Section 80TTA allows deductions up to ₹10,000 on savings account interest for individuals below 60, available under the old regime.

What is Section 80TTB deduction?

Section 80TTB allows deductions up to ₹50,000 on savings and fixed deposit interest for senior citizens (age 60 or above), available under the old regime.

Can I claim Section 80E with the new regime?

No, Section 80E deductions are available only under the old regime.

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.

Income Tax Calculator India FY 2025-26

Optimize your tax liability for FY 2025-26 (AY 2026-27) instantly! Our comprehensive tool helps you compare the Old Tax Regime (with deductions) vs. the New Tax Regime (simplified slabs) to find the maximum saving.

Claim all eligible deductions, including Section 80C, HRA, 80D, and NPS (80CCD(1B)), to determine your effective tax liability. Start calculating your savings today!

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Tax Filing Deadlines (2025-26)

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Basic Details & Income

Tax Regime:

Financial Year:

Age Group:

Income from Salary (₹):

Apply Standard Deduction (Auto)

Other Income (₹):

Rental Income (₹):

Home Loan Int. (₹):

Deductions (Allowed in Both Regimes)

Sec 124 (formerly 80CCD(2)) NPS (₹):

HRA & Deductions (Old Regime)

Annual Basic Salary (₹):

Annual HRA Received (₹):

Annual Rent Paid (₹):

City Type:

Investment & Other Deductions

Sec 123 (formerly 80C) (₹):

NPS (Sec 124(3)/formerly 80CCD(1B)) (₹):

80D Health Premium (₹):

80E Ed. Loan Interest (₹):

80TTA Savings Interest (₹):

80TTB FD/Savings Int. (₹):

Tax Liability Result

Guide to Key Income Tax Deductions

1. Sec 123 & 124(3) (formerly 80C & 80CCD(1B))

These sections provide the core tax-saving mechanism under the Old Regime. They reward long-term savings and necessary expenses:

Section 123 (old 80C): Deducts up to ₹1.5 Lakh for investments (PPF, ELSS, NSC, Life Insurance, home loan principal).
Section 124(3) (old 80CCD(1B)): Allows an additional ₹50,000 for contributions made to the National Pension System (NPS Tier-I account). This benefit is separate from the ₹1.5 Lakh limit.

2. HRA Exemption (Section 10(13A))

Available exclusively under the Old Regime, HRA exemption reduces taxable income for salaried individuals living in rented housing. The exempt amount is the minimum of three conditions:

Actual HRA received from the employer.
Actual rent paid minus 10% of Basic Salary + DA.
50% of Basic Salary + DA (Metro Cities: Delhi, Mumbai, Kolkata, Chennai) or 40% (Non-Metro).

3. Section 126 (formerly 80D) Health Insurance

Deduction for medical expenses and health insurance premiums, available under the Old Regime:

Max ₹25,000: For self, spouse, and dependent children.
Max ₹50,000: For parents (if they are Senior Citizens).
Total deduction can reach ₹1,00,000 (₹50k for self/family + ₹50k for senior citizen parents).

4. Interest Deductions (80TTA, 80TTB, 80E)

80TTA (Below 60): Deduction up to ₹10,000 on savings account interest.
80TTB (Senior Citizen): Deduction up to ₹50,000 on FD and savings interest. (Replaces 80TTA for seniors).
80E (Education Loan): Full deduction on the interest component of an education loan, with no limit (up to 8 years).

5. New Regime Default (Sec 202 - formerly 115BAC)

Under the Income Tax Act 2025, the New Regime is the default. While it removes Old Regime deductions, it still allows specific powerful deductions:

Standard Deduction: ₹75,000 flat deduction from salary or pension.
Sec 124 (old 80CCD(2)): Deduction for Employer's contribution to your NPS account.
Sec 80CCH: Contribution to the Agniveer Corpus Fund.

Frequently Asked Questions

What are the key differences between the Old and New Tax Regimes (Section 202 under ITA 2025)?

The New Regime (Sec 202, formerly 115BAC) is the default under the new Income Tax Act 2025. For Tax Year 2025-26, it offers lower slab rates, a higher basic exemption limit of ₹4 lakh, and makes income up to ₹12.75 lakh tax-free (including standard deduction). However, you must forego common deductions like Sec 123 (old 80C) and HRA. The Old Regime uses higher slab rates but allows you to claim all your deductions and exemptions.

What deductions are allowed under the New Regime for Tax Year 2025-26?

While most deductions are disallowed, you can claim the Standard Deduction of ₹75,000 against your salary/pension. You can also claim deductions for Employer's contribution to NPS under Section 124 (formerly 80CCD(2)) and Agniveer Corpus Fund under Section 80CCH.

What is the ITR filing deadline for FY 2025-26?

The ITR filing deadline for non-audit cases for FY 2025-26 (AY 2026-27) is July 31, 2026. Late filing incurs a ₹5,000 penalty (or ₹1,000 if income is below ₹5 lakh) under Section 234F.

Can I switch between old and new tax regimes?

Salaried individuals can switch between regimes every year when filing ITR. Business/professional taxpayers are restricted: if they opt out of the new regime once, they can only switch back once in a lifetime (unless they cease having business income).