New Delhi, June 9 -- When filing your ITR, the first step is to calculate your taxable income. Taxable income is the portion of your total income on which tax is actually levied after considering eligible exemptions and deductions.

Since taxpayers can choose between the old and new tax regimes at the time of filing ITR, it is important to understand how taxable income is calculated under both systems.

Here's how you can calculate your taxable income under both the old and new tax regimes for AY2026-27.

Here are the income tax slabs in the old and new tax regimes for individuals below 60 years of age.

Consider your gross salary to be Rs.14 lakh in a financial year. Under the old regime, you can claim various exemptions and deductions t...