Old Tax Regime Income Tax Calculator (FY 2026-27)
Calculate income tax under Old Regime with Section 80C, 80D, HRA, Standard Deduction, and home loan interest tax exemptions.
₹
₹2.00 L₹3.00 Cr
Your age (on 31 March)
The Old Regime taxes nothing up to ₹2.5 lakh below 60, ₹3 lakh at 60–79 and ₹5 lakh at 80 or more. At 60 or more your own 80D limit is also ₹50,000.
₹
₹0₹83,333
Yearly Basic₹5.00 L
- Total Income Tax Payable (with Cess)
- ₹41,820
- Total CTC:
- ₹10.00 L
- Total Deductions:
- ₹2.77 L
- In-Hand Salary (Yearly, after PF & professional tax):
- ₹8.12 L
- In-Hand Salary (Monthly, after PF & professional tax):
- ₹67,644
- Left to spend (Yearly, after investments & premiums):
- ₹5.87 L
- Left to spend (Monthly, after investments & premiums):
- ₹48,894
Your 80C investments, insurance premiums, NPS, donations and loan interest reduce your tax, but the money still leaves your account. This is what remains once they are paid for.
Tax Distribution
Tax Calculation
HRA Exemption Calculation
- HRA Received:
- ₹2.50 L
- 50% of Basic Salary (metro):
- ₹2.50 L
- Rent Exceeding 10% of Basic:
- ₹0
- HRA Exemption (Minimum of above):
- ₹0
Tax Slab Calculation
- 2.5L - 5.0L (5%):
- ₹12,500
- 5.0L - 10.0L (20%):
- ₹27,710
- Education Cess (4%):
- ₹1,608
- Rounding to the nearest ₹10:
- ₹2
Detailed Breakdown
- Total CTC:
- ₹10.00 L
- Employer PF & gratuity (part of CTC, not taxable):
- - ₹84,050
- Standard Deduction:
- - ₹50,000
- Section 80C (incl. employee PF):
- - ₹1.50 L
- NPS (80CCD):
- - ₹50,000
- Medical Insurance (80D):
- - ₹25,000
- Professional Tax:
- - ₹2,400
- Taxable Income (rounded to the nearest ₹10):
- ₹6.39 L
- Total Tax:
- ₹41,820
- In-Hand Salary (Monthly, after PF & professional tax):
- ₹67,644
Old regime tax formula, with your numbers
Standard Formula
Tax = P − R + H + K + D, where P = Slabs(T), K = 4% × (P − R + H) and D rounds the total to the nearest ₹10
Live Calculation (Plugging Your Values)
Taxable income (T):₹6,38,550
Tax at slab rates on T (P):₹40,210
Section 87A rebate (R):₹0
Surcharge, after marginal relief (H):₹0
Health and education cess (K):₹1,608
Rounding to the nearest ₹10 (D):+ ₹2
Substituted Equation:
₹40,210 − ₹0 + ₹0 + ₹1,608 + ₹2 = ₹41,820
Total Income Tax Payable (with Cess):₹41,820
Taxable income T = salary income (CTC less employer PF and gratuity) ₹9,15,950 + retiral perquisite ₹0 − deductions and exemptions ₹2,77,400, rounded to the nearest ₹10 = ₹6,38,550
R: taxable income is above ₹5,00,000, and the old regime gives no marginal relief on the rebate, so R = ₹0.
P is the sum of the Tax Slab Calculation above. H is nil up to ₹50 lakh of taxable income; above it the surcharge is 10%, 15% above ₹1 crore, 25% above ₹2 crore and 37% above ₹5 crore of P − R, cut by marginal relief at each step. K is 4% of P − R + H. The taxable income T and the tax are each rounded to the nearest ₹10 (Section 516 of the Income-tax Act, 2025, which carries over sections 288A and 288B of the 1961 Act); D is that last step.
Tax Calculator Documentation
Tax Slabs (Old Regime)
| Income Range | Tax Rate | Example |
|---|---|---|
| Up to ₹2.50 L | No tax | For ₹2.50 L: Tax = ₹0 |
| ₹2.50 L to ₹5.00 L | 5% | For ₹5.00 L: Tax = ₹12,500 |
| ₹5.00 L to ₹10.00 L | 20% | For ₹10.00 L: Tax = ₹1,12,500 |
| Above ₹10.00 L | 30% | For ₹15.00 L: Tax = ₹2,62,500 |
| Education Cess | 4% | On ₹1.00 L tax: Cess = ₹4,000 |
Available Deductions
Standard Deduction
Fixed amount of ₹50,000 available to all salaried individuals. No documentation needed.
Section 80C (Max: ₹1.5L)
- Employee PF (your own contribution) - 12% of basic salary
- PPF (Public Provident Fund) - Long-term savings
- ELSS (Equity Linked Savings Scheme) - Tax-saving mutual funds
- Life Insurance Premium - Term and traditional plans
- Home Loan Principal Repayment
- Tuition Fees for up to 2 children
- Tax-saving Fixed Deposits (5-year lock-in)
Section 80CCD(1B) - NPS
Additional ₹50,000 deduction for contribution to National Pension System (NPS). This is over and above the ₹1.5L limit of Section 80C.
Section 80D - Medical Insurance
- Self & Family: Up to ₹25,000
- Parents (Non-Senior Citizens): Up to ₹25,000
- Parents (Senior Citizens): Up to ₹50,000
- Preventive Health Check-up: Up to ₹5,000 (included in above limits)
HRA Exemption
Minimum of:
- Actual HRA received from employer
- 50% of basic salary (for metro cities)
- 40% of basic salary (for non-metro cities)
- Actual rent paid minus 10% of basic salary
50% cities (tax year 2026-27): Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune, Ahmedabad. Up to FY 2025-26 only the first four qualified.
Section 80EEA - Home Loan Interest
- Additional ₹1.5L deduction for first-time home buyers
- Loan sanctioned between Apr 2019 - Mar 2022
- Property value up to ₹45L
- This is over and above Section 24 interest deduction
Section 80E - Education Loan Interest
- No upper limit on deduction
- Available for self, spouse, or children
- Covers all fields of study
- Available for 8 years from first repayment
Important Notes
- All figures are for tax year 2026-27 (Financial Year 2026-27)
- Basic salary typically constitutes 40-50% of CTC in most organizations
- EPF is mandatory when basic + DA is ₹15,000 per month or less at joining; above that, enrolment is voluntary
- ₹1,800 a month is only 12% of the ₹15,000 wage ceiling — it is a statutory minimum for covered wages, not a cap. Contributions on full basic are allowed and common
- Professional Tax varies by state, typically around ₹2,400 per year
- Education Cess of 4% is applicable on the total tax amount
- Tax calculation is progressive - different rates apply to different slabs
- Section 80C deductions have a combined limit of ₹1.5L
- For HRA exemption, rent receipts are mandatory if annual rent > ₹1L
References
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Old Tax Regime FAQs
Who should still choose the Old Tax Regime?
Taxpayers whose deductions clear the break-even for their salary. With basic at 50% of CTC, the Old Regime needs at least about ₹5.13 lakh of deductions beyond the ₹50,000 standard deduction at a ₹15 lakh CTC, ₹6.53 lakh at ₹20 lakh, and ₹8 lakh from ₹30 lakh to ₹55 lakh, counting 80C, 80D, HRA, home loan interest under 24(b) and NPS under 80CCD(1B) (FY 2026-27 slabs). Below that, the New Regime's wider slabs and larger rebate cost less. The Old vs New calculator works out your own figure.
What deductions are available only in the Old Regime?
Section 80C (₹1.5 lakh), 80D health insurance, HRA exemption under 10(13A) (now Schedule III, Sl. No. 11 of the Income-tax Act, 2025), LTA, Section 24(b) home loan interest on a self-occupied house (₹2 lakh), 80E education loan interest, 80G donations and 80TTA/80TTB savings interest.
Is the Old Regime still the default?
No. Since FY 2023-24 the New Regime is the default. Salaried taxpayers without business income can tell their employer so TDS is deducted under the Old Regime, and choose it in the return filed by the due date; the choice can differ from year to year. Those with business income who opt out must file Form 10-IEA and can switch back only once.
What is the Section 87A rebate in the Old Regime?
₹12,500, available when total taxable income does not exceed ₹5,00,000. It is far smaller than the New Regime's rebate, which is why low and middle incomes with few deductions are almost always better off under the New Regime.
Can I still claim the Rs 50,000 standard deduction in the Old Regime?
Yes. Salaried taxpayers and pensioners get a standard deduction of Rs 50,000 under section 16(ia) in the Old Regime, with no proof or investment required. The New Regime, which is the default under section 115BAC, gives a larger Rs 75,000 standard deduction instead. So the Old Regime starts Rs 25,000 behind on this one head, and your 80C, 80D, HRA and home loan interest claims have to make up that gap before it wins.
Do I need Form 10-IEA to choose the Old Regime?
Only if you have business or professional income. Salaried taxpayers without business income opt out of the default New Regime directly in the return, which must be filed on or before the due date — 31 July for most salaried individuals. Choose late, in a belated return, and the return is taxed under the New Regime for that year. Taxpayers with business or professional income must file Form 10-IEA by the same due date, and get one lifetime opt-out and one return, so a missed deadline there is costlier.
Do locked-in 80C investments like PPF and LIC force me to stay in the Old Regime?
No. A running PPF account, an LIC premium or a home loan principal repayment does not bind your regime choice — you simply stop getting a deduction for them if you move to the New Regime. Keep paying the LIC premium if the cover is genuinely needed, and keep the PPF alive with the Rs 500 minimum so the account does not go dormant. Judge each product on its own return, not on a deduction the New Regime no longer gives.