When is the last date to file ITR for AY 2026-27?
For salaried taxpayers (ITR-1 / ITR-2, no audit), the due date is 31 July 2026. Miss it and you can still file a belated return until 31 December 2026 — but with a late fee up to ₹5,000 (₹1,000 if total income is below ₹5L) plus interest on any unpaid tax. Filing late also means you cannot choose the old regime for that year.
Can I switch tax regime while filing my ITR?
Yes — this is the single biggest refund opportunity most people miss. Salaried taxpayers without business income choose their regime fresh each year at filing time, regardless of what their employer used for TDS. If your employer deducted under the new regime but your 80C + HRA + home loan deductions make the old regime cheaper (or vice versa), file under the better regime and the excess TDS comes back as a refund. Note: the old regime option requires filing by the due date, not a belated return.
How is my refund calculated?
Refund = tax you already paid (TDS + advance tax + self-assessment tax) − your actual tax liability for the year. If you paid more than you owe, the difference is credited to your pre-validated bank account after the ITR is processed, usually with 0.5%/month interest under Section 244A. If you paid less, you owe self-assessment tax before filing.
Where do I find my TDS amount?
Three places: Form 16 Part A (from your employer, shows salary TDS), Form 26AS (income tax portal, shows all TDS against your PAN including bank FD interest), and the AIS (Annual Information Statement, most detailed). For this calculator, use the Form 26AS total for accuracy.
Why did my employer deduct more TDS than my actual tax?
Common reasons: you didn't submit investment proofs on time so the employer ignored your deductions; you switched jobs and both employers applied the standard deduction and slab benefits; or you declared the wrong regime. In all these cases the excess comes back as a refund when you file — which is exactly what this calculator estimates.
Why is my payable amount higher than just the tax difference?
Because of interest under Sections 234B and 234C. If your tax not covered by TDS crossed ₹10,000 and you didn't pay advance tax during the year, the portal adds 1%/month interest — 234C for missing the quarterly instalments, 234B for the overall shortfall from April until you pay. This calculator estimates both (keep the interest checkbox ticked) so your total matches the portal's "Amount Payable" instead of surprising you at filing.
How are capital gains from shares and mutual funds taxed?
For listed equity and equity mutual funds: gains on holdings under 12 months (STCG, Section 111A) are taxed at 20%; gains on holdings over 12 months (LTCG, Section 112A) are taxed at 12.5% but only above ₹1,25,000 per year — the calculator applies this exemption automatically. Other assets (debt funds, property, gold): short-term gains are added to your income at slab rate, long-term at 12.5%. Your broker's capital gains statement and the AIS have the exact figures.
How long does the refund take?
After e-verification, most refunds for simple salaried returns are processed within 2–5 weeks, credited directly to your pre-validated bank account. Track the status on the income tax e-filing portal under "View Filed Returns". Filing early in July typically means faster processing than filing on the deadline.