XAVIER FINANCIAL SERVICES PVT LIMITED
We Believe in Diversity
Income Tax Calculator Online: Calculate Income Tax
FY (2025-26) AY 2026-27
What is your age?
Enter your annual income details
Please Note :
- This calculator is only meant give you a basic idea of your taxable income and tax liability under the old and new regimes.
- Tax on income from Capital Gains has not been considered as Capital Gains are taxed at special rates under both regimes.
- Deduction under section 80G (if any) represents 50% or 100% eligible deduction.
Income Tax Calculator
Enter the investment amount for calculation of deductions
Please Note :
- This calculator is only meant give you a basic idea of your taxable income and tax liability under the old and new regimes.
- Tax on income from Capital Gains has not been considered as Capital Gains are taxed at special rates under both regimes.
- Deduction under section 80G (if any) represents 50% or 100% eligible deduction.
Income from Salary ?
Under Section 15 of the Income Tax Act, income is considered as salary only if an employer-employee relationship exists between the payer and the payee. Income from salary could be in the form of wages, annuity or pension, gratuity, fee or commission, advances in salary, payment in lieu of unavailed leaves etc.
Income from Other Sources ?
Under Section 56 of the Income Tax Act, any income which is not exempt and is not earned from Salary, House Property, Profits or Gains from Business or Profession, or Capital Gains, must be charged under Income from Other Sources. This includes income earned from dividends, interest on deposits and bonds, winning lotteries, card games or any other form of betting, and gifts like immovable property or a sum of money.
Exemption u/s 10 ?
Section 10 of the Income Tax Act contains a list of exemptions which can significantly reduce your overall taxable income. Salaried employees can take the benefit of Leave Travel Allowance, Gratuity, House Rent Allowance, Leave Encashment, and payout from Provident Fund etc.
Professional Tax ?
Professional Tax is a tax imposed by State Governments on all individuals who earn over a certain limit. The tax varies from state to state, but the maximum limit is set to INR 2500 per year.
EPF, PPF, Insurance premium, ELSS (u/s 80C) ?
Under Section 80C of the Income Tax Act, you are exempt from paying tax on premiums or payments made towards eligible investment schemes like Employee’s Provident Fund, Public Provident Fund, Life Insurance, Equity-linked Savings Scheme, SSY, NSC, and SCSS. Additionally, payment made towards the principal amount of a Home Loan is also exempted.
Pension Plans (u/s 80CCC) ?
Investments made in specific pension funds that are offered by life insurance companies are exempt from tax up to INR 1.5 Lakhs (combined limit with Section 80 C).
NPS (u/s 80CCD) ?
Investments of up to INR 50,000 in National Pension System (NPS) are tax exempt under Section 80CCD of the Income Tax Act.
Interest on Home Loan (u/s 24) ?
Under Section 24 of the Income Tax Act, homeowners can claim a deduction up to INR 2 Lakhs on their home loan interest if the homeowner and his/her family are residing in the house.