Make informed tax decisions with SmartPlan Finance. Compare your estimated income tax under the Old and New Tax Regime, understand your potential tax savings, and plan your finances with greater confidence.
Choosing the right income tax regime can significantly affect your tax liability. The Old Tax Regime allows eligible taxpayers to claim various deductions and exemptions, while the New Tax Regime generally provides lower slab rates with fewer deductions. This calculator helps you compare both regimes and understand which option may be more suitable for your financial situation.
Under the New Tax Regime for Assessment Year 2026–27, resident individuals with taxable income not exceeding ₹12,00,000 (₹12 lakh) can be eligible for a rebate of up to ₹60,000 under Section 87A, subject to the applicable conditions. This can reduce the income-tax liability to zero for eligible taxpayers within the rebate limit. The rebate is subject to the rules applicable to the relevant income and tax regime.
Your tax has been calculated using the applicable income tax slabs and includes the applicable Health & Education Cess where included by the calculator. Actual tax liability can vary depending on deductions, exemptions, rebates, surcharge, income type and other applicable provisions.
This calculator estimates your income tax under both the Old and New Tax Regimes based on the annual taxable income entered. If one regime results in a lower estimated tax liability, it may help you retain more of your income. However, the most suitable regime can depend on deductions, exemptions, rebates, income sources and individual circumstances. Use this calculator as a planning aid and verify your final tax position before filing your return.
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Read Article →Compare the Old and New Tax Regimes, understand the latest tax slabs and explore factors that may affect your choice.
Read Article →Continue your financial planning with these free calculators from SmartPlan Finance.
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