इनकम टैक्स कैलकुलेटर

Income tax is a direct tax levied on the annual income of individuals, Hindu Undivided Families (HUFs), companies, and other entities. It is governed by the Income-tax Act, 2025 (in force from 1 April 2026; the Income-tax Act, 1961 applies to earlier periods) and administered by the Income Tax Department.

Under the new regime (section 115BAC as amended by the Finance Act, 2025; the same rates continue in section 202 of the Income-tax Act, 2025): 0-4 lakh (nil), 4-8 lakh (5%), 8-12 lakh (10%), 12-16 lakh (15%), 16-20 lakh (20%), 20-24 lakh (25%), above 24 lakh (30%). Under the old regime (individuals below 60): 0-2.5 lakh (nil), 2.5-5 lakh (5%), 5-10 lakh (20%), above 10 lakh (30%).

Old regime offers various deductions (80C, 80D, HRA, home loan interest, etc.) with higher tax rates. New regime has lower tax rates but limited deductions. Taxpayers can choose whichever gives lower tax liability.

Section 80C allows deductions up to ₹1.5 lakh for investments in PPF, EPF, ELSS, life insurance, NSC, Sukanya Samriddhi, tuition fees, and principal repayment of home loan.

Section 87A (section 156 of the Income-tax Act, 2025 from tax year 2026-27) gives resident individuals a rebate of up to ₹12,500 under the old regime where total income is up to ₹5 lakh, and up to ₹60,000 under the new regime where total income is up to ₹12 lakh, with marginal relief just above ₹12 lakh. Tax on income taxed at special rates is not covered by the new-regime rebate.

Surcharge is an additional tax on high-income earners (10% for ₹50L-1Cr, 15% for ₹1Cr-2Cr, 25% above ₹2Cr). Health and Education Cess is 4% of income tax plus surcharge.

From tax year 2026-27 (section 263(1) of the Income-tax Act, 2025, as amended by the Finance Act, 2026): 31 July for most individuals; 31 August for business or professional income where no audit is required (and for partners of such firms); 31 October for companies and audited taxpayers; 30 November where a transfer pricing report is required. A late filing fee of ₹1,000 (total income up to ₹5 lakh) or ₹5,000 applies (section 428).

Register on the Income Tax e-filing portal (incometax.gov.in), select the applicable ITR form, enter income details, claim deductions, verify the return, and e-verify using Aadhaar OTP or net banking.

ITR-1 is for resident individuals with income from salary, one house property (not brought forward loss), other sources (excluding lottery/race horses), and agricultural income up to ₹5,000. Total income must not exceed ₹50 lakh.

Under the Income-tax Act, 2025: short-term capital gains on listed equity shares and equity-oriented fund units (STT paid) are taxed at 20% (section 196); long-term capital gains on such assets are taxed at 12.5% on gains above ₹1.25 lakh (section 198); other long-term capital gains are generally taxed at 12.5% (section 197), subject to specified exceptions. Other short-term gains are taxed at normal rates.

Advance tax is paying tax in installments during the financial year instead of waiting until the end. It applies if your tax liability exceeds ₹10,000. Due dates are June 15, September 15, December 15, and March 15.

Presumptive taxation (Section 44AD, 44ADA) allows eligible small businesses and professionals to declare income at a presumed percentage of turnover or gross receipts without maintaining books of accounts, simplifying tax compliance.

TDS is tax deducted by a person making certain payments. The deductor deducts tax and deposits it with the government. The deductee can claim credit for TDS while filing their income tax return.

ITR is the form filed by taxpayers to declare their income, expenses, tax liability, and refunds to the Income Tax Department. Different ITR forms (ITR-1 to ITR-7) are applicable based on income source and taxpayer type.