ITR Calculator 2026 — Income Tax Return Calculator India
Calculate your Income Tax Return (ITR) amount for FY 2025-26. Compare your tax liability under new and old regimes, see your refund or balance payable, and decide which regime saves you more before filing.
Income Details (FY 2024-25)
Deductions (Old Regime Only)
Better Regime for You
Old Regime
Saves ₹6,500 in tax per year
Old Regime Tax
₹65,000
₹₹94,583/mo
New Regime Tax
₹71,500
₹₹94,042/mo
Old Regime Breakdown
New Regime Breakdown
Old vs New Regime Comparison
Best Regime
Old Regime
You save
₹6,500
What is ITR (Income Tax Return)?
An Income Tax Return (ITR) is a form that every taxpayer in India files with the Income Tax Department to report their total income, deductions claimed, and tax paid during a financial year. The ITR reconciles the tax already paid (via TDS, advance tax, or self-assessment tax) against the actual tax liability calculated on your total income.
If the tax already deducted (TDS) exceeds your actual tax liability, the difference is returned to you as a tax refund — credited directly to your bank account within 4–8 weeks of processing. If your actual tax liability exceeds what was deducted, you must pay the difference as self-assessment tax before filing.
The ITR is filed for a Financial Year (FY) — from April 1 to March 31. The ITR for FY 2025-26 is filed in the Assessment Year (AY) 2026-27. India has multiple ITR forms (ITR-1 through ITR-7) depending on income type and source. For most salaried employees, ITR-1 (Sahaj) or ITR-2 applies.
How to Use the ITR Calculator
- 1.Enter your gross salary: Use the CTC or gross annual income from your Form 16 or salary certificate. Do not enter in-hand — use the pre-tax gross figure.
- 2.Enter HRA and deductions: Add HRA received, Section 80C investments (PPF, ELSS, LIC — max ₹1.5L), home loan interest (Section 24, max ₹2L), and health insurance premiums (Section 80D).
- 3.See both regimes side-by-side: The calculator computes your tax under both old and new regimes simultaneously and highlights which saves you more money.
- 4.Compare with TDS deducted: Check your Form 16 for the total TDS deducted. If your computed tax is less than TDS, you are entitled to a refund — the difference is your refund amount.
- 5.Download the PDF: Save your ITR calculation report as a PDF to use as a reference when filling your actual ITR form on the Income Tax portal (incometax.gov.in).
Who Needs to File ITR in India?
Filing is mandatory for the following individuals and entities regardless of whether tax is payable:
💰 Income above exemption limit
Gross income above ₹2.5L (old regime) or ₹3L (new regime) after aggregating all income sources — salary, rent, interest, capital gains.
🏦 High-value banking transactions
Cash deposits above ₹1 crore in current accounts, or ₹50 lakh in savings accounts in the financial year.
✈️ Foreign travel
Total expenditure on foreign travel (for self or others) exceeding ₹2 lakh in the financial year.
💡 High electricity bills
Electricity bill payments aggregating more than ₹1 lakh during the financial year.
💸 TDS deducted or refund due
Any individual from whose income TDS was deducted should file to confirm liability and claim a refund if excess tax was deducted.
🌍 Foreign assets or income
Residents with foreign bank accounts, foreign investments, or any foreign-sourced income must file ITR regardless of income amount.
Even if not strictly mandatory, filing ITR is strongly advisable for anyone with a bank account, as it serves as official income proof for home loan applications, visa processing, insurance, and credit card approvals. Most banks require the last 2–3 years of ITR as income documentation for loans above ₹10 lakh.
ITR Filing Process — Step by Step
- 1Collect documents: Gather Form 16 (from employer), Form 26AS (TDS summary from income tax portal), AIS/TIS (Annual Information Statement), bank interest certificates, and proof of deductions (80C receipts, rent agreement for HRA, home loan statement).
- 2Calculate tax and decide regime: Use this ITR calculator to compare your tax liability under both regimes. Enter your exact salary and deductions to see which regime results in lower tax. Inform your employer of your choice via Form 12BB at the start of the financial year.
- 3Register / login to income tax portal: Visit incometax.gov.in and log in with your PAN. First-time filers need to register using PAN as user ID. Enable Aadhaar OTP for smooth authentication.
- 4Select the correct ITR form: Most salaried employees with one house property and no business income use ITR-1. Those with capital gains, multiple properties, or foreign income use ITR-2. The portal has a built-in wizard to help select the right form.
- 5Pre-fill and verify data: The portal pre-fills data from Form 26AS and AIS. Verify each entry matches your Form 16. Add any income not pre-filled (interest income, rental income, capital gains). Claim all applicable deductions.
- 6Pay any balance tax (if applicable): If your tax liability exceeds TDS deducted, pay the balance as self-assessment tax (Challan 280 on the portal) before submitting. Add the challan number in the ITR before filing.
- 7Submit and e-verify: File the ITR and complete e-verification within 30 days using Aadhaar OTP, net banking, or DSC. Unverified returns are treated as invalid. After e-verification, the ITR is considered filed — you will receive an ITR-V acknowledgement via email.
ITR Filing Deadlines 2026
| Taxpayer Category | Due Date (AY 2026-27) |
|---|---|
| Individuals & HUFs (salaried, no audit) | July 31, 2026 |
| Businesses requiring tax audit | October 31, 2026 |
| Transfer pricing cases (international transactions) | November 30, 2026 |
| Belated / revised return deadline | December 31, 2026 |
| Updated return (ITR-U) — up to 2 years after AY | March 31, 2029 |
Dates are subject to extension by the Central Board of Direct Taxes (CBDT). Always check incometax.gov.in for the latest official due dates before filing.
Penalty for Not Filing ITR
Late Filing Fee — Section 234F
₹5,000 if total income exceeds ₹5 lakh and return is filed after July 31 but before December 31. ₹1,000 if total income is between ₹2.5 lakh and ₹5 lakh. No fee applies if income is below the basic exemption limit.
Interest on Tax Due — Section 234A
If there is an outstanding tax liability and you file after July 31, you pay simple interest at 1% per month (or part month) on the unpaid tax amount from August 1 until the actual date of filing. This interest compounds quickly — a ₹50,000 tax liability delayed by 6 months costs ₹3,000 in 234A interest.
Loss of Carry Forward
Business losses, capital losses (except house property loss), and speculation losses can only be carried forward to future years if you file your ITR on time. A delayed or belated return forfeits the ability to carry forward these losses — a significant financial cost for investors with capital losses from equity markets.
Prosecution — Section 276CC
In extreme cases of persistent non-filing where tax payable exceeds ₹25,000, the Income Tax Department can initiate prosecution proceedings, which can result in imprisonment of 6 months to 7 years. In practice, this applies to habitual non-filers with significant tax dues — not first-time delays.
Related Tax Calculators
Frequently Asked Questions
These calculations are for educational and informational purposes only. Please consult a qualified financial advisor before making any financial decisions.
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