Calculate income tax online free for FY 2026-27 with latest tax slabs. accurate calculations for India (New & Old Regime), USA, UK, Canada, Australia. Get detailed tax breakdowns with deductions, exemptions, and effective rates.
Updated with FY 2026-27 tax brackets, rates, and deductions from Income Tax Department, IRS, HMRC, CRA, and ATO.
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Compare New Tax Regime (FY 2026-27) vs Old Regime with accurate rebates, standard deductions, and cess calculations.
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Tax season can feel overwhelming, especially with the constant changes in slabs and rules. Whether you're filing for the first time or you're a seasoned taxpayer, understanding the latest updates for FY 2026-27 is crucial to avoid paying more than you should.
The good news? The government has made several taxpayer-friendly changes this year. But the challenge is knowing which regime works better for your specific situation. Let's break it down in simple terms.
The New Tax Regime for FY 2026-27 has become the default option for most salaried individuals. Here's what you'll pay:
Important: You get a standard deduction of ₹50,000 automatically. Plus, there's a 4% cess on your final tax amount (goes toward education and healthcare).
If you're still using the Old Regime (which makes sense if you have lots of deductions), here are the main ways to reduce your taxable income:
Real Example: Let's say you earn ₹15 lakhs and claim ₹3.75 lakhs in deductions. You could potentially save anywhere from ₹75,000 to over ₹1 lakh in taxes compared to someone who doesn't plan their investments properly.
I've seen people make these errors year after year. Don't be one of them:
This is the question everyone asks. The answer? It depends on your income level and how much you invest. Here's how to decide:
Most salaried employees earning under ₹10 lakhs benefit more from the New Regime's lower rates.
High earners with disciplined investment habits often save more with the Old Regime's deductions.
Here's My Honest Take:
Don't guess which regime is better. Actually calculate it both ways using the tool above. I've seen people lose ₹50,000+ by choosing the wrong regime just because "everyone said New Regime is better." Your finances are unique - treat them that way.
Tax planning isn't a last-minute thing. Here's when you should be doing what throughout the financial year:
This is when you should plan your tax-saving investments for the year. Review your salary structure with HR and declare your planned deductions to reduce TDS from day one.
File your tax return for the previous year by July 31st. Don't wait until the last day - technical glitches on the portal are real! If you owe advance tax, make your first payment by September 15th.
Start making your 80C investments if you haven't already. Buy or renew health insurance. If you're planning charitable donations for 80G benefits, do it before December 31st.
This is crunch time. Complete any remaining tax-saving investments by March 31st. Submit all your investment proofs to your employer. They need this to correctly calculate your annual TDS.
For first-time filers: Don't panic. The income tax e-filing portal has become much more user-friendly over the years. Most salaried individuals can file their returns in under 30 minutes using Form ITR-1 (Sahaj). Your employer's Form 16 has all the information you need.
Keep records: Save all your investment receipts, rent receipts, and medical bills. You need them for at least 6 years after filing. I learned this the hard way during a tax notice!
Get help if needed: If your tax situation is complex (multiple income sources, capital gains, foreign income), consider consulting a CA. The fee you pay will likely be less than the mistakes you'd make filing alone.
Understanding income tax is essential for financial planning. Our free online income tax calculator helps you estimate taxes accurately using the latest FY 2026-27 tax slabs for India, USA, UK, Canada, and Australia.
India offers two tax regimes for FY 2026-27. The New Tax Regime is the default with lower rates and the Old Tax Regime allows more deductions.