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Salaried Individual Tax Summary (New Regime)

Recommended ITR Form: ITR-1

Your Tax Liability

₹0

Taxable Income:₹0
Effective Rate:0.00%

For senior citizen benefits

Basic + DA + Allowances

As per Form 16

For HRA exemption calculation

From savings accounts/FDs

Dividends, casual income, etc.

Sale of property, shares, etc.

Max ₹50,000 under 80CCD(1B)

Eligible under 80G

PPF, ELSS, Life Insurance etc.

Premium paid under 80D

Under Section 24

Understanding India's New Tax Regime (FY 2025-2026)

India's **New Tax Regime** offers a simplified approach to income tax with fewer deductions, aiming for a streamlined tax filing process. This calculator focuses exclusively on the New Regime for your convenience.

Key Features of the New Regime:

  • **Simplified Tax Slabs:** Enjoy lower tax rates compared to the old regime.
  • **Standard Deduction:** Salaried individuals and pensioners can avail a **Standard Deduction of ₹50,000**.
  • **No Common Deductions:** Most traditional deductions and exemptions like HRA, Section 80C, Section 80D (Medical Insurance), or interest on home loans (Section 24) are generally not allowed.
  • **Rebate under Section 87A:** Taxable income up to **₹7 Lakhs** qualifies for a full tax rebate.
  • **Basic Exemption Limit:** The basic exemption limit is **₹3 Lakhs** for all individuals, regardless of age.

Note: Tax laws are subject to annual changes. For personalized and comprehensive tax planning advice, it is always recommended to consult a qualified tax professional. Official guidelines are available on the Income Tax Department's website.