Income Tax Calculator for Freshers & Students
Calculate your income tax for FY 2025-26 (AY 2026-27) under both New and Old regimes. Designed for freshers starting their first job in India.
Tax Calculator
New Regime Slabs FY 2025-26
| Income Slab | Rate |
|---|---|
| Up to ₹4,00,000 | Nil |
| ₹4,00,001 – ₹8,00,000 | 5% |
| ₹8,00,001 – ₹12,00,000 | 10% |
| ₹12,00,001 – ₹16,00,000 | 15% |
| ₹16,00,001 – ₹20,00,000 | 20% |
| ₹20,00,001 – ₹24,00,000 | 25% |
| Above ₹24,00,000 | 30% |
Standard deduction: ₹75,000 | Rebate u/s 87A up to ₹12L taxable income
Old Regime Slabs FY 2025-26
| Income Slab | 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% |
Standard deduction: ₹50,000 | Rebate u/s 87A up to ₹5L taxable income
Disclaimer: This calculator provides approximate estimates based on publicly available tax rules for FY 2025-26. Tax laws are subject to change. Always verify the latest rules on the Income Tax India website or consult a qualified tax professional before making financial decisions.
Frequently Asked Questions
Which tax regime should freshers choose?
For most freshers with no home loans or major investments, the New Tax Regime (default from FY 2023-24) is better due to lower slab rates and a standard deduction of ₹75,000. The Old Regime is better only if your deductions under 80C, 80D, HRA, etc. exceed ₹3-4 lakh.
Is income up to ₹12 lakh tax-free under the new regime?
Yes! Under the New Tax Regime for FY 2025-26, a rebate under Section 87A makes your tax liability zero if your total income (after standard deduction) is up to ₹12 lakh. With the ₹75,000 standard deduction, salary earners up to ₹12.75 lakh pay zero tax.
Do I have to pay tax on my internship stipend?
If your total annual income (including stipend) exceeds the basic exemption limit (₹4 lakh under New Regime), tax applies. Many companies deduct TDS at 10% on stipends above ₹2.5 lakh. You can claim a refund if your total income is below taxable limits by filing ITR.
What is the standard deduction for FY 2025-26?
Under the New Tax Regime, the standard deduction is ₹75,000 (increased from ₹50,000 in Budget 2024). Under the Old Regime, it remains ₹50,000.
When do I need to file my income tax return?
The due date for salaried individuals is 31st July of the assessment year. For FY 2025-26 (income earned April 2025 – March 2026), you must file by 31st July 2026.