Tax Summary
📗 How to Use the Income Tax Calculator (Old vs New Regime)
- Enter Annual Income: Add your total yearly income from salary or business.
- Add Deductions (Optional): Include 80C, 80D, HRA, standard deduction, etc.
- Select Tax Regime: Choose between Old Regime or New Regime.
- Click “Calculate Tax”: The tool instantly calculates tax liability.
- View Summary: See taxable income, total tax payable & net take-home income.
- Click “Reset”: Start over with fresh values.
💡 Tip: Compare Old vs New Regime results to choose the more beneficial regime.
An Income Tax Calculator helps estimate your tax payable based on annual income, deductions, and the selected tax regime.
- 📌 Calculates tax as per government slabs
- 📌 Supports Old & New Tax Regimes
- 📌 Shows taxable income
- 📌 Displays net take-home income
- 📌 Helps individuals choose the right tax regime
This tool simplifies tax planning and ensures accurate calculations.
The calculator uses updated Indian tax slabs to compute your total tax liability.
📌 OLD Regime Tax Slabs:
- 0 – 2.5 lakh → 0%
- 2.5 – 5 lakh → 5%
- 5 – 10 lakh → 20%
- Above 10 lakh → 30%
📌 NEW Regime Slabs (2023–24):
- 0 – 3 lakh → 0%
- 3 – 7 lakh → 5%
- 7 – 10 lakh → 10%
- 10 – 12 lakh → 15%
- 12 – 15 lakh → 20%
- Above 15 lakh → 30%
📌 Section 87A Rebate:
Income up to ₹7 lakh is eligible for zero tax in the New Regime.
What the tool calculates:
- 📉 Taxable income (after deductions)
- 💸 Total tax payable
- 📈 Net take-home income
- ✔ Old regime tax vs New regime tax
💡 Helps you decide the best tax-saving strategy.
| Result | Meaning | How to Use It |
|---|---|---|
| Taxable Income | Income after deduction adjustments. | Shows how deductions impact savings. |
| Total Tax Payable | Final tax amount as per selected regime. | Compare Old vs New Regime tax. |
| Net Take-Home Income | Income remaining after tax deduction. | Plan investments & expenses accordingly. |
💬 Use this breakdown to choose the most tax-efficient regime.
- 📘 Use Section 80C (₹1.5 lakh) effectively.
- 🏥 Claim deductions under 80D (health insurance).
- 🏡 Use HRA, LTA, & home loan deductions wisely.
- 📊 Compare Old vs New Regime every year.
- 💰 Invest in ELSS, PPF, NPS for tax savings.
- 📅 File taxes early to avoid penalties.
💡 Strategic planning reduces taxes and increases savings.
- ❓ Which is better — Old or New Regime?
New regime is better for low deductions; Old regime is better for high deductions. - ⚙️ Why is my tax still zero?
You may qualify for rebate under Section 87A. - 📊 Do I need to include all deductions?
No — only Old Regime considers deductions. - 💬 Can this tool calculate business income?
Yes — enter your total annual taxable income. - 🔒 Is my data saved?
No — everything stays on your browser.
Still need help? Visit our Support Center.
- Tax Saving Calculator
- Old vs New Regime Comparison Tool
- Take-Home Salary Calculator
- Investment Return Calculator
- Home Loan EMI Calculator
💡 Use these tools for complete tax & financial planning.
Income Tax Calculator – Accurate Tax Planning for the 2026 Financial Year
Managing your tax liabilities is a critical part of personal finance. As we navigate the 2026 fiscal year, staying updated with the latest tax slabs and rebate rules is essential for every taxpayer. The MasterWebTool Income Tax Calculator simplifies this complex process, allowing you to estimate your tax outflow based on your gross income, deductions, and investments.
How Your Tax is Calculated
The calculation depends on the tax regime you choose—Old or New. While the New Regime offers lower slab rates, the Old Regime allows for various exemptions under sections like 80C, 80D, and HRA. Our tool processes these variables to give you your Net Tax Liability.
$$Taxable\,Income = Gross\,Total\,Income – Allowable\,Deductions$$
Note: Education Cess and Surcharges (if applicable) are added to the basic tax amount as per the 2026 regulatory guidelines.
Maximizing Your Tax Savings
- Standard Deduction: Benefit from the flat deduction available to salaried individuals to lower your taxable base.
- Investment Deductions: Utilize instruments like Provident Funds, Life Insurance, and ELSS to claim maximum benefits under the prevailing laws.
- House Rent Allowance (HRA): If you live in a rented house, ensure you calculate your HRA exemptions accurately to save more.
“Tax planning is not about tax evasion; it is about utilizing the legal framework to ensure you don’t pay more than what is rightfully due.”
Frequently Asked Questions (Tax Insights)
Which tax regime should I choose in 2026?
The choice depends on your total deductions. If you have significant investments in insurance, home loans, and tuition fees, the Old Regime might be better. If you prefer a simpler filing process without investments, the New Regime is often more beneficial.
What is the deadline for tax filing?
While deadlines can vary, it is always recommended to calculate and plan your taxes at the beginning of the financial year to avoid last-minute errors and penalties.
💰 Tax & Wealth Planning Suite
Optimize your savings and plan your future investments