Income Tax Calculator - Krupanand and Co

Income from Salary

Gross Salary (Annual)

Professional Tax (Max Rs.2,500)Old Regime only

Taxpayer Age Category

Exempt Allowances - Old Regime only

Children Education Allowance

Hostel Expenditure Allowance

Meal / Food Vouchers (exempt value)

Gift / Festival Vouchers (Employer)

HRA Exemption u/s 10(13A) - Old Regime only

Basic Salary (Annual)

HRA Received (Annual)

Rent Paid (Annual)

City

HRA Exemption (least of 3 conditions) - Old Regime

Rs. 0

Taxable Salary - Old RegimeRs. 0

Taxable Salary - New RegimeRs. 0

Family Pension Both Regimes

Family Pension Received (Annual)Deduction: 1/3rd or limit, whichever lower.

Deduction - Old Regime (Auto)

Deduction - New Regime (Auto)

Income from House Property

Self-Occupied Property

Interest on Home Loan u/s 24(b)Max Rs.2,00,000 - Old Regime only

Let-Out Property (both regimes)

Annual Rent Received

Municipal Taxes Paid

Interest on Loan (Let-Out)

NAV after 30% Std Ded (Auto)

HP Income/(Loss) - Old RegimeRs. 0

HP Income/(Loss) - New Regime (floor 0)Rs. 0

Business and Profession (PGBP)

Net Profit - Business

Net Profit - Profession

Total PGBP (Auto)

Capital Gains

Short Term Capital Gains

STCG - Equity / Equity MF

STCG - Other Assets (at slab rates)

STCG Total (Auto)

Long Term Capital Gains

LTCG - Equity / Equity MF

LTCG - Other Assets

LTCG Total (Auto)

Other Sources

Savings A/c Interest

FD / Other Interest

Dividend Income

Other Income

Gross Total Income

Rs. 0

New Regime - Allowed Deductions and Exemptions u/s 115BAC

Standard Deduction Rs.75,000 (salary/pension)
80CCD(2) - Employer NPS (14% of salary)
80CCH(2) - Agniveer Corpus Fund
80JJAA - Additional employee cost (30%)
Family pension deduction u/s 57(iia)
Let-out HP interest u/s 24(b)
Gift/festival vouchers up to Rs.15,000 (TY 2026-27)
Transport allowance - specially-abled

80C/80CCC/80CCD(1) - Limit Rs.1,50,000 Old Regime only

LIC / ULIP Premium

PPF / EPF Contribution

ELSS / Mutual Funds

Tuition Fees (max 2 children)

Home Loan Principal

NSC / Tax Saver FD / Sukanya

80C Total (capped at Rs.1,50,000)

Rs. 0

80CCD(1B) - Additional NPS - Max Rs.50,000 Old Regime ONLY - NOT New Regime

NPS Tier-1 Self Contribution (over and above 80C)Old Regime only. Employer NPS u/s 80CCD(2) is separate and applies to both.

80CCD(2) - Employer NPS Both Regimes

Employer NPS Tier-1 (Annual)Max 14% of Basic+DA for all employees (Budget 2024). Both regimes.

80CCH - Agniveer Both Regimes

Amount in Agniveer Corpus Fund

80JJAA - Additional Employee Cost Both Regimes

Additional Employee Cost (Annual)30% of additional employee emoluments.

Other Deductions Old Regime only

80D - Self and Family

80D - Parents

80DD - Disabled Dependent

80DDB - Specified Medical

80U - Own Disability

80E - Education Loan Interest

80EEA - Affordable Housing

80G - Donations

80TTA - Savings Interest (Rs.10k)

80TTB - Sr.Cit. Bank Interest (Rs.50k)

Other (80GG / 80GGC etc.)

Total Deductions - Old Regime

Rs. 0

Total Deductions - New Regime

Rs. 0

Tax Deducted at Source

TDS on Salary

TDS on FD / Bank Interest

TDS on Other Income

Total TDS CreditRs. 0

Advance Tax Paid

1st - by 15 Jun (15%)

2nd - by 15 Sep (45%)

3rd - by 15 Dec (75%)

4th - by 15 Mar (100%)

Total Advance TaxRs. 0

Interest Computation Inputs

Actual Filing Date (for 234A)

Return Due Date

SAT / Payment Date (for 234B)Leave blank to default to due date

234A: 1% p.m. on balance tax after TDS, from due date to filing | 234B: 1% p.m. on shortfall if AT less than 90% of assessed tax | 234C: 1% p.m. per instalment deferment.

Total Taxes Paid (TDS + AT)

Rs. 0

Tax Computation - Old vs New Regime

Recommended Regime

Old Regime

Better

Rs. 0

Total Tax Liability (incl. surcharge and cess)

Standard Deduction-

Professional Tax-

HRA Exemption-

Allowances Exempt-

Chapter VI-A Deductions-

HP Income/(Loss) - set off against salary-

Net Taxable Income-

Tax on Slab Income-

Tax on STCG Equity-

Tax on LTCG Equity-

Tax on LTCG Other-

Rebate u/s 87A-

Surcharge-

Less: Marginal Relief-

H and E Cess 4%-

Total TaxRs. 0

Less: TDS + AT-

Net Payable / (Refund)Rs. 0

New Regime

Better

Rs. 0

Total Tax Liability (incl. surcharge and cess)

Standard Deduction-

Professional TaxNot deductible

HRA ExemptionNot applicable

Gift Voucher Exempt-

80CCD(2) + 80CCH + 80JJAA-

HP Income - New Regime (let-out only)-

Net Taxable Income-

Tax on Slab Income-

Tax on STCG Equity-

Tax on LTCG Equity-

Tax on LTCG Other-

Rebate u/s 87A-

Surcharge-

Less: Marginal Relief-

H and E Cess 4%-

Total TaxRs. 0

Less: TDS + AT-

Net Payable / (Refund)Rs. 0

Interest - 234A / 234B / 234C

234A - Late Filing

Months of delay-

Interest u/s 234ARs. 0

234B - Advance Tax Shortfall

Assessed TaxRs. 0

Advance Tax PaidRs. 0

ShortfallRs. 0

Months-

Interest u/s 234BRs. 0

234C - Instalment Deferment

Interest u/s 234CRs. 0

Total Demand Comparison

Component	Old Regime	New Regime
Net Tax Payable	-	-
+ Interest 234A	-	-
+ Interest 234B	-	-
+ Interest 234C	-	-
Total Demand	Rs. 0	Rs. 0

Year Terminology - Correct Mapping

Tax Year = Financial Year (Previous Year) - NOT Assessment Year. Income earned in Tax Year 2026-27 (1 Apr 2026 to 31 Mar 2027) is filed as Tax Year 2026-27. AY 2026-27 under IT Act 1961 covers income of FY 2025-26 - a different period.

Income Period	IT Act 1961	IT Act 2025	Law
1 Apr 2023 to 31 Mar 2024	FY 2023-24 then AY 2024-25	-	IT Act 1961
1 Apr 2024 to 31 Mar 2025	FY 2024-25 then AY 2025-26	-	IT Act 1961, Budget 2024
1 Apr 2025 to 31 Mar 2026	FY 2025-26 then AY 2026-27	-	IT Act 1961, Budget 2025
1 Apr 2026 to 31 Mar 2027	-	Tax Year 2026-27	IT Act 2025, IT Rules 2026, Budget 2026

New Regime Slab History

Income Range	AY 2024-25	AY 2025-26	AY 2026-27	TY 2026-27
Up to Rs.3L / Rs.4L	Nil (Rs.3L)	Nil (Rs.3L)	Nil (Rs.4L)	Nil (Rs.4L)
Rs.4L to Rs.8L	5% (Rs.3-6L), 10% (Rs.6-9L)	5% (Rs.3-7L)	5%	5%
Rs.8L to Rs.12L	10%/15%	10%	10%	10%
Rs.12L to Rs.16L	20%	15%	15%	15%
Rs.16L to Rs.20L	30%	20%	20%	20%
Rs.20L to Rs.24L	30%	25%	25%	25%
Above Rs.24L	30%	30%	30%	30%
87A Rebate	Rs.25k (up to Rs.7L)	Rs.25k (up to Rs.7L)	Rs.60k (up to Rs.12L)	Rs.60k (up to Rs.12L)
Standard Deduction	Rs.50k	Rs.75k	Rs.75k	Rs.75k

IT Rules 2026 - Revised Allowances (from TY 2026-27)

AY 2026-27 (FY 2025-26) still uses IT Rules 1962. Revised limits below apply only from Tax Year 2026-27.

Allowance	IT Rules 1962 (up to AY 2026-27)	IT Rules 2026 (from TY 2026-27)	Regime
Children Education (max 2)	Rs.100/month/child	Rs.3,000/month/child	Old
Hostel Expenditure (max 2)	Rs.300/month/child	Rs.9,000/month/child	Old
Meal / Food Vouchers	Rs.50/meal	Rs.200/meal	Old
Gift / Festival Vouchers	Rs.5,000/year	Rs.15,000/year	Both
HRA 50% cities	Del, Mum, Kol, Chen (4)	+ Hyd, Blr, Pune, Ahm (8 total)	Old

Capital Gains - Rates and Holding Periods

Asset Type	STCG Rate	LTCG Holding	LTCG Rate	Exemption
Listed Equity Shares	20% u/s 111A	more than 12 months	12.5% u/s 112A	Rs.1,25,000 annual (AY 2025-26 onwards)
Equity Mutual Funds	20% u/s 111A	more than 12 months	12.5% u/s 112A	Rs.1,25,000 annual
Debt Mutual Funds (post Apr 2023)	Slab rates regardless of holding period
Immovable Property	Slab rates (less than 24 months)	more than 24 months	12.5% w/o indexation	Reinvestment u/s 54, 54EC, 54F
Physical Gold	Slab rates (less than 24 months)	more than 24 months	12.5% w/o indexation	None
Virtual Digital Assets (Crypto)	30% flat u/s 115BBH - no set-off of losses. 1% TDS u/s 194S.

87A Rebate - Eligibility by Year

Year	Old Regime	New Regime
AY 2024-25	Rs.12,500 if total income up to Rs.5,00,000	Rs.25,000 if total income up to Rs.7,00,000
AY 2025-26	Rs.12,500 if total income up to Rs.5,00,000	Rs.25,000 if total income up to Rs.7,00,000
AY 2026-27 and TY 2026-27	Rs.12,500 if total income up to Rs.5,00,000	Rs.60,000 if total income up to Rs.12,00,000

87A does NOT apply on: STCG u/s 111A, LTCG u/s 112A, lottery u/s 115BB, VDA u/s 115BBH. Applies only on slab-rate income - CBDT clarified.

Advance Tax - Instalment Schedule

Instalment	Due Date	Cumulative AT Required
1st	15 June	15% of assessed tax
2nd	15 September	45% of assessed tax
3rd	15 December	75% of assessed tax
4th	15 March	100% of assessed tax

Krupanand and Co - Chartered Accountants - Hyderabad
IT Act 1961 | IT Act 2025 | IT Rules 2026 | Finance Act 2026 | Section 115BAC
For reference only. Verify against applicable statute before payment or filing.