Section 80C
EPF, PPF, ELSS, LIC premium, NSC, tax-saving FDs & tuition fees
Section 80D
Health insurance premiums for self, family & senior citizen parents
Section 24(b)
Home loan interest deduction for self-occupied property
Section 80CCD(1B)
Additional NPS contribution deduction over 80C limit
What Does the Tax Benefits Calculator Do?
The Smartfoliotools Tax Benefits Calculator helps salaried Indians estimate their income tax savings under the Old Tax Regime for FY 2025-26. It covers all major deductions: Section 80C (EPF, PPF, ELSS, LIC — max ₹1.5 lakh), Section 80D (health insurance — max ₹50,000), Section 24(b) (home loan interest — max ₹2 lakh for self-occupied property), and Section 80CCD(1B) (NPS — additional ₹50,000). It clearly shows your gross income, all applicable deductions, taxable income, tax before and after deductions, and the total tax saved.
The calculator uses FY 2025-26 old regime income tax slabs and includes the standard deduction of ₹50,000 automatically. It is ideal for salaried employees doing annual tax planning, HR teams helping employees with investment declarations, and CA professionals estimating client tax liability. Please note this tool provides estimations only — always consult a qualified Chartered Accountant (CA) before filing your income tax returns.
How to Use the Calculator
- Step 1: Enter your annual gross salary income
- Step 2: Add your 80C investments (EPF, PPF, ELSS, LIC, etc.)
- Step 3: Enter health insurance premium under 80D
- Step 4: Add home loan interest paid (Section 24b)
- Step 5: Enter NPS contribution for 80CCD(1B)
- Step 6: View your complete tax breakdown instantly
All calculations happen in your browser. Your financial data is never stored or transmitted.
FY 2025-26 Old Regime Tax Slabs
Income Tax Slab Rates
| Income Slab | Tax 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% |
+ 4% Health & Education Cess on total tax. Surcharge applicable for income above ₹50L.
Frequently Asked Questions
Section 80C of the Income Tax Act allows a deduction of up to ₹1,50,000 from your taxable income. Eligible investments include EPF (Employee Provident Fund), PPF (Public Provident Fund), ELSS (Equity Linked Savings Scheme), LIC premium payments, NSC (National Savings Certificate), tax-saving fixed deposits with a 5-year lock-in, children's tuition fees, and home loan principal repayment. This is one of the most widely used deductions by salaried employees in India for reducing their income tax liability.
Yes, you can claim both deductions simultaneously. Section 80CCD(1B) provides an additional deduction of ₹50,000 for contributions to the National Pension System (NPS), over and above the ₹1,50,000 limit under Section 80C. This means by investing in both 80C-eligible instruments and NPS, you can claim a combined deduction of up to ₹2,00,000, significantly reducing your taxable income under the old regime.
Salaried employees in India are entitled to a standard deduction of ₹50,000 from their gross salary income. This is an automatic deduction — you do not need to make any investment or submit any proof to claim it. It was reintroduced in Budget 2018 and applies under both the old and new tax regimes. Smartfoliotools automatically includes this standard deduction in all tax calculations.
With a gross annual income of ₹12,00,000 and utilizing all available deductions — ₹1,50,000 under 80C, ₹50,000 for NPS under 80CCD(1B), ₹25,000 for health insurance under 80D, ₹2,00,000 for home loan interest under Section 24(b), and ₹50,000 standard deduction — you can reduce your taxable income significantly and save approximately ₹1,17,000 in income tax under the old regime for FY 2025-26. Use Smartfoliotools to see the exact breakdown for your specific income.
The old tax regime benefits taxpayers who have significant deductions such as home loan interest (Section 24b), health insurance premiums (Section 80D), PPF/ELSS investments (Section 80C), and NPS contributions (Section 80CCD). The new tax regime offers lower tax slab rates but removes most deductions and exemptions. If your total deductions exceed ₹3-4 lakhs, the old regime is usually more beneficial. For those with minimal investments and no home loan, the new regime may result in lower tax. Use the Smartfoliotools calculator to compare both scenarios for your specific situation.