INCOME TAX CALCULATOR

Income Tax
Calculator 2025-26

Accurate tax calculation for FY 2022-23 to 2025-26 with latest tax slabs

Detailed breakdown of taxable income, deductions, and tax liability

Includes all major income sources and deductions

Taxpayer Details

Select financial year
FY 2022-23
FY 2023-24
FY 2024-25
FY 2025-26
Select age group
Below 60 years
60 to 80 years (Senior Citizen)
Above 80 years (Super Senior Citizen)

Income Details (Annual)

Standard deduction will be automatically applied to your salary income (₹0 for FY 2022-23, ₹50,000 for FY 2023-24 & 2024-25, ₹75,000 for FY 2025-26)

Other Income Sources

Deductions

Tax Summary

FY 2025-26 | Age Group: Below 60 years

₹0
Total Income ₹0
Total Deductions ₹0
Taxable Income ₹0
Income Tax Before Cess ₹0
Surcharge ₹0
Health & Education Cess (4%) ₹0
Rebate (if applicable) ₹0
Total Tax Liability ₹0

Applicable Tax Slabs

Tax Benefit Insight

Income Tax in India

How it works, who needs to pay, and how to stay compliant easily.

What is Income Tax?

  • Income Tax is a direct tax imposed by the government on the income earned by individuals, businesses, and other entities.
  • It is governed by the Income Tax Act, 1961 and administered by the Income Tax Department of India.
  • Collected annually based on the financial year, it funds public services and national development.

Types of Income Tax Payers

  • Individuals: Salaried employees, freelancers, and professionals.
  • HUFs: Hindu Undivided Families with joint income sources.
  • Firms & LLPs: Businesses other than companies.
  • Companies: Private or public limited companies registered under the Companies Act.

Income Tax Slabs (FY 2024-25)

  • Income is taxed based on slabs which vary depending on the income range and age of the taxpayer.
  • Under New Regime: 5% to 30% tax with no major deductions.
  • Old Regime: Allows deductions under 80C, HRA, etc., with similar slab rates.
  • Senior citizens enjoy higher exemption limits under the old regime.

Who Needs to File Income Tax Returns?

  • Individuals earning above ₹2.5 lakhs annually (₹3 lakhs for senior citizens).
  • Businesses and firms, regardless of profit or loss.
  • Anyone seeking a refund or carrying forward losses.
  • Foreign income earners, NRIs, and those with specified financial transactions.

Why is Income Tax Important?

  • It contributes to national development, infrastructure, and public welfare schemes.
  • Regular filing builds financial credibility and supports loan and visa applications.
  • Prevents legal consequences and penalties for non-compliance.
  • Enables benefits like refunds and deductions under various sections.

Common Deductions under Income Tax

  • Section 80C: Investments in LIC, PPF, ELSS, up to ₹1.5 lakhs.
  • Section 80D: Health insurance premiums.
  • HRA: House Rent Allowance for salaried employees.
  • Standard Deduction: ₹50,000 for salaried individuals and pensioners.

Filing Income Tax Returns

  • ITR filing is usually due by 31st July for individuals and 30th September for audit cases.
  • Popular forms: ITR-1 for salaried, ITR-3 for professionals, ITR-4 for presumptive income.
  • Filing on time ensures faster refunds and avoids penalties.

File Income Tax Easily with TMZON

  • Our experts help you choose the right tax regime and file returns accurately.
  • Get assistance with deductions, document preparation, and tax planning.
  • Stay compliant and worry-free while we handle your income tax obligations.

Some common questions
were often asked

Do I need to file income tax if I earn below the taxable limit?

If your total income is below the basic exemption limit (e.g., ₹2.5 lakhs for individuals below 60), you are not legally required to file. However, filing a return may help with future visa applications, loans, or claiming refunds.

What is the difference between old and new tax regimes?

The old regime allows tax deductions under sections like 80C, 80D, HRA, etc., while the new regime offers lower tax rates without exemptions. You can choose between them each year while filing your return.

Can I revise my income tax return after filing?

Yes, if you discover an error or omission, you can revise your return using the same ITR form before the due date of revision (typically 31st December of the relevant assessment year).

What is Form 26AS and why is it important?

Form 26AS is your annual tax statement, showing tax deducted at source (TDS), advance tax paid, and refunds. It helps verify whether the taxes deducted on your behalf have been properly deposited with the government.

What is the penalty for late filing of income tax returns?

Filing after the deadline may attract a late fee of up to ₹5,000 under Section 234F, plus interest on tax due. You also lose the opportunity to carry forward losses (except house property loss).

Is it necessary to link PAN with Aadhaar for filing ITR?

Yes, linking PAN with Aadhaar is mandatory to file income tax returns and avoid PAN deactivation. The deadline changes periodically, so ensure compliance to prevent filing issues.