Income Tax Calculator: The income tax slabs for individual taxpayers for the financial year 2026-27 remain the same, as Finance Minister Nirmala Sitharaman did not announce any changes during her Budget 2026 speech on Sunday (February 2, 2026).
As a result, under the old tax regime, individuals won’t pay any tax on income up to ₹5 lakh in FY 2026-27. Under the new tax regime, no income tax is payable for incomes up to ₹12 lakh. Salaried individuals also benefit from standard deductions- ₹50,000 in the old regime and ₹75,000 in the new regime.
Let’s take a look at the applicable tax rates and how much income tax individuals will have to pay for various income ranges.
Income Tax Slab Rates (Old Tax Regime)
In the old tax regime, individuals pay nil tax on income up to ₹2.5 lakh. The minimum tax rate of 5% applies to income from ₹2,50,001 to ₹5 lakh, while the highest rate of 30% applies to income above ₹10 lakh.
| Income Tax Slab (₹) | Income Tax Rate |
| Up to 2,50,000 | Nil |
| 2,50,001 – 5,00,000 | 5% |
| 5,00,001 – 10,00,000 | 20% |
| Above 10,00,000 | 30% |
Under the new tax regime, individuals pay nil tax up to ₹4 lakh, with the first tax rate of 5% applicable on income from ₹4 lakh to ₹8 lakh. A key difference is that the 30% tax slab starts from ₹24 lakh in the new regime, compared to ₹10 lakh in the old regime. Both regimes provide tax deductions to reduce liability.
| Income Tax Slab (₹) | Income Tax Rate |
| Up to Rs. 4 lakh | Nil |
| 4 lakh to 8 lakh | 5% |
| 8 lakh to 12 lakh | 10% |
| 12 lakh to 16 lakh | 15% |
| 16 lakh to 20 lakh | 20% |
| 20 lakh to 24 lakh | 25% |
| Above 24 lakh | 30% |
Income Tax Comparison: Old vs New Tax Regime (₹6 Lakh to ₹1 Crore)
The comparison below shows tax liabilities under both regimes for incomes ranging from ₹6 lakh to ₹1 crore in FY 2026-27. No other deductions are included in these calculations.
For an annual income of ₹6,00,000, the income tax payable under the old tax regime is ₹33,800, while under the new tax regime it is nil, resulting in annual savings of ₹33,800.
For an income of ₹7,00,000, tax under the old regime stands at ₹56,400. No tax is payable under the new regime, leading to savings of ₹56,400.
At an income of ₹8,00,000, the old tax regime requires a tax payment of ₹75,400, whereas the new regime attracts zero tax, saving ₹75,400 in a year.
For ₹9,00,000 income, tax under the old regime is ₹96,200, while the new regime remains tax-free, resulting in ₹96,200 savings.
With an income of ₹10,00,000, an individual pays ₹1,17,000 in the old tax regime and nil under the new regime, saving ₹1,17,000 annually.
At ₹11,00,000 income, the old regime tax is ₹1,48,200, compared to zero tax in the new regime, leading to ₹1,48,200 savings.
For an income of ₹12,00,000, tax payable under the old regime is ₹1,79,400, while the new regime still attracts no tax, saving ₹1,79,400.
When income rises to ₹13,00,000, tax under the old regime is ₹2,10,600, while the new regime tax comes to ₹78,000, resulting in ₹1,32,600 savings.
For ₹14,00,000 income, the old regime tax is ₹2,41,800, compared to ₹93,600 in the new regime, saving ₹1,48,200.
At an income of ₹15,00,000, tax under the old regime is ₹2,73,000, while under the new regime it is ₹1,09,200, resulting in ₹1,63,800 savings.
For ₹16,00,000 income, the old regime tax stands at ₹3,04,200, while the new regime tax is ₹1,24,800, saving ₹1,79,400.
With an income of ₹17,00,000, tax under the old regime is ₹3,35,400, compared to ₹1,45,600 in the new regime, leading to ₹1,89,800 savings.
At ₹18,00,000 income, tax payable under the old regime is ₹3,66,600, while the new regime tax is ₹1,66,400, resulting in ₹2,00,200 savings.
For an income of ₹19,00,000, the old regime tax is ₹3,97,800, while the new regime tax comes to ₹1,87,200, saving ₹2,10,600.
At ₹20,00,000 income, tax under the old regime is ₹4,29,000, compared to ₹2,08,000 under the new regime, resulting in ₹2,21,000 savings.
For ₹21,00,000 income, the old regime tax is ₹4,60,200, while the new regime tax is ₹2,34,000, saving ₹2,26,200.
At ₹22,00,000 income, tax payable under the old regime is ₹4,91,400, compared to ₹2,60,000 under the new regime, leading to ₹2,31,400 savings.
For ₹23,00,000 income, the old regime tax stands at ₹5,22,600, while the new regime tax is ₹2,86,000, saving ₹2,36,600.
At an income of ₹24,00,000, tax under the old regime is ₹5,53,800, compared to ₹3,12,000 in the new regime, resulting in ₹2,41,800 savings.
For ₹25,00,000 income, tax payable under the old regime is ₹5,85,000, while under the new regime it is ₹3,43,199, saving ₹2,41,801.
At ₹26,00,000 income, the old regime tax is ₹6,16,200, compared to ₹3,74,399 in the new regime, resulting in ₹2,41,801 savings.
For ₹27,00,000 income, tax under the old regime is ₹6,47,400, while the new regime tax is ₹4,05,599, saving ₹2,41,801.
At ₹28,00,000 income, tax payable under the old regime is ₹6,78,600, compared to ₹4,36,799 in the new regime, leading to ₹2,41,801 savings.
For ₹29,00,000 income, the old regime tax stands at ₹7,09,800, while the new regime tax is ₹4,67,999, saving ₹2,41,801.
At an income of ₹30,00,000, tax under the old regime is ₹7,41,000, compared to ₹4,99,199 under the new regime, resulting in ₹2,41,801 savings.
For ₹35,00,000 income, the old regime tax is ₹8,97,000, while the new regime tax stands at ₹6,55,199, saving ₹2,41,801.
At ₹40,00,000 income, tax payable under the old regime is ₹10,53,000, compared to ₹8,11,199 in the new regime, leading to ₹2,41,801 savings.
For ₹45,00,000 income, the old regime tax is ₹12,09,000, while the new regime tax comes to ₹9,67,199, saving ₹2,41,801.
At ₹50,00,000 income, tax under the old regime is ₹15,01,500, compared to ₹12,35,519 under the new regime, resulting in ₹2,65,981 savings.
For ₹75,00,000 income, tax payable under the old regime is ₹23,59,500, while the new regime tax is ₹20,93,519, saving ₹2,65,981.
At an income of ₹1,00,00,000, tax under the old regime stands at ₹32,17,500, compared to ₹29,51,519 in the new regime, resulting in annual savings of ₹2,65,981.
Key Deductions In Old Tax Regime
According to Abhishek Soni, CEO & founder, Tax2Win
- Section 80C (up to ₹1.5 lakh: EPF, PPF, ELSS, LIC)
- House Rent Allowance (HRA) & Leave Travel Allowance (LTA)
- Section 80D (Health Insurance Premium)
- Standard deduction of ₹50,000 for salaried individuals
- Interest on home loan for self-occupied property
Key Deductions In New Tax Regime
- Higher standard deduction than old regime
- Employer’s contribution to National Pension System (NPS)
- Some exemptions like gratuity & voluntary retirement pay
- Agniveer corpus fund deduction in certain cases.
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