Income Tax Guide 2026‑27 new regime
The Indian government has retained the dual tax regime. Below you’ll find the latest slab rates (as per Union Budget 2026), key deductions, and a step‑by‑step filing roadmap. All figures are in ₹.
Income Tax Slabs 2026-27
| Total Income (₹) | New Tax Regime (Default) | Old Tax Regime |
|---|---|---|
| Up to 3,00,000 | Nil | Nil |
| 3,00,001 – 6,00,000 | 5% | 5% |
| 6,00,001 – 9,00,000 | 10% (87A rebate up to 7L) | 20% |
| 9,00,001 – 12,00,000 | 15% | 30% |
| 12,00,001 – 15,00,000 | 20% | 30% |
| Above 15,00,000 | 30% | 30% |
* New regime offers lower rates but forgoes most deductions. Surcharge & cess extra.
Standard deduction
₹75,000 under new regime (increased from ₹50,000). Old regime: ₹50,000 + leave travel, HRA, etc.
Section 87A rebate
Full rebate for taxable income up to ₹7,00,000 under new regime (tax nil).
Deductions (old regime)
80C (1.5L), 80D (health), HRA, LTA, home loan interest – available only if you opt old regime.
Key deductions & exemptions
Old regime (section 80C, 80D, etc.)
If you choose the old tax regime, you can claim:
• 80C: up to ₹1.5 lakh (PPF, ELSS, life insurance, tuition fees)
• 80D: health insurance premium up to ₹25,000 (₹50,000 for senior citizens)
• HRA exemption (actual rent paid – 10% of salary)
• Home loan interest up to ₹2 lakh (section 24)
• Standard deduction ₹50,000
New regime – limited but simpler
Only a few deductions are allowed: standard deduction ₹75,000, employer's NPS contribution (section 80CCD(2)), and concessional tax on perquisites. No 80C, 80D, or HRA. Best for those with minimal investments.
How to file your ITR (step‑by‑step)
Due dates (AY 2027-28)
- 31 July 2027 – Due date for individuals (non-audit)
- 31 October 2027 – Due date for audit cases
- 31 December 2027 – Belated / revised return due date
- 15 March 2028 – Last date to link Aadhaar-PAN
Why our resources stand out
In‑depth research
Every guide is fact‑checked and updated.
2026 data
Latest rates, cut‑offs, and regulations.
Read anywhere
Mobile‑friendly, study on the go.