The tax plan works out your income tax for one assessment year, twice — once under the old regime and once under the new — from the income and investment rows you have already logged, plus a short list of things Finocket cannot see. It is arithmetic on your own figures, not advice, and nothing on it is filed or sent anywhere.
Where do I find it?
Open Tax plan from the sidebar. It reads your income and investment rows, so it needs the Investments module switched on — if it is off, the page says so and links you straight to the switch.
What does it read?
Your Income rows for the year, your Investments, and the answers you type into What we cannot see — rent paid, HRA received, health-insurance premiums, employer NPS, home-loan interest, savings interest, your age band, whether you draw a salary or pension. Those answers are stored against your own login, not the workspace: a row holding your rent and your insurance premiums is not readable by colleagues who share the books.
Nothing is computed once and stored. The whole working is rebuilt every time you open the page, so fixing an income row changes the figure immediately.
Which regime should I be on?
Finocket will not tell you. It shows both regimes side by side and marks which one comes to less tax on the figures you have given — nothing more. The page says so in as many words: this is arithmetic on the figures below, not advice, and which regime suits you also turns on things this page cannot see. Take it to your CA before you act on it. When both come to the same tax, it says that too rather than breaking the tie for you.
Why does it refuse some assessment years?
Because the rates for that year have not been read against the Finance Act yet. Finocket keeps one reviewed table of slabs, rebates, surcharge bands, the standard deduction and every deduction ceiling, with a citation beside each year. A year that nobody has checked is marked unchecked, and the page refuses to compute it rather than guess:
We have not read this year's rates yet. The rates for this assessment year have not been checked against the Finance Act, so we will not guess them. We can work out …
It then names the years it can do and offers a one-tap switch to the latest one. Unchecked years still appear in the picker on purpose — a year that quietly vanished would look like a bug, and this way you can see the refusal for yourself. The card headed Where these rates come from at the bottom of the page names the source behind every figure.
Assessment year 2027-28 is governed by a different Act
This is the one worth understanding, because it is the biggest change to Indian income tax in sixty years and it has already happened. The Income-tax Act, 2025 came into force on 1 April 2026 and repealed the Income-tax Act, 1961. So the year now running — tax year 2026-27, assessed in 2027-28 — is assessed under a different statute from the year before it.
What this means in practice is narrower than it sounds, and the distinction matters:
- No rupee figure moved. The ₹1,50,000 ceiling is still ₹1,50,000. The ₹50,000 of extra pension contribution is still ₹50,000. If you were expecting your deductions to change because the Act changed, they did not.
- Every section number moved. What you know as 80C is now section 123. 80D is 126. The new-regime section 115BAC is 202, the rebate under 87A is 156, and the standard deduction under 16(ia) is 19(1). Your CA will use the new numbers; older articles and calculators on the internet will still be quoting the old ones.
- The vocabulary changed too. The Act replaces “previous year” and “assessment year” with a single tax year. Finocket still says assessment year because that is what the forms and your CA still say in practice.
Finocket will not compute 2027-28 until its rates have been read from the Finance Act 2026 and written into the table with a citation. Until then you get the refusal above. That is deliberate: carrying the previous year's numbers forward would produce a figure that looks right, cites a repealed Act, and is wrong in a way you could not see. A refusal you can act on is worth more than an answer you cannot check.
What else does it stop for?
- A row it cannot read. If an income or investment row has an amount Finocket cannot make sense of, the whole working stops and the row is named, with the raw text, so you can fix it. It is never treated as zero — a silent zero is the one mistake you would not catch.
- No income logged for the year. There is no tax to work out, and it says so rather than printing ₹0.
- A dividend case above ₹2 crore. Above that band the surcharge on dividends is capped while the rest of your income is charged at the higher rate, and the law does not set out how to split the tax between the two. Finocket stops rather than print a figure that is too high, and says your CA can work that year out.
- Not enough to answer honestly. If too little has been filled in, the two regime cards are replaced by a plain sentence saying no tax figure is being shown, and what is still missing.
What does it leave out?
Rows in a currency other than rupees are excluded and counted on screen — Indian income tax is worked out in rupees. Income you have not logged, an investment you made outside Finocket, and anything the questions do not ask about are simply not in the working. The notices under the regime cards list what was left out and what is still unanswered, so the gap is visible rather than assumed away.
Is any of this filed?
No. Nothing is sent to the income-tax portal, and there is no export on this page. For a year that has finished, open the ITR working sheet — that is the document you hand your CA.
Does it need the internet or an AI key?
The maths is done on your device and needs no AI at all. Reading your rows needs a connection, so the page does not work offline. The optional plain-language summary at the top is the only part that uses the assistant, and only when you ask for it — with the assistant off, everything else on the page is unchanged.
Related: The ITR working sheet, Personal finance — income, investments & 80C.
The statutory ceilings
Deductions are capped at what the law allows, not at what you type. Health insurance under 80D is limited to ₹25,000, or ₹50,000 where a senior citizen is covered. Entering more does not increase the deduction — the calculator used to accept whatever you typed, which over-stated the relief for anyone who entered a bigger number.
Mysty can quote a ceiling — 80C, 80D, home-loan interest — only from the reviewed rates for a year Finocket has actually read, and only for the year you asked about.
Three things Finocket asks rather than assumes
In each of these, guessing the better answer would tell you that you owe less than you do. So you are asked.
- Home-loan interest. Limited to ₹30,000 unless the home was finished within five years of the end of the year you took the loan and you hold the lender's interest certificate — in which case it is ₹2,00,000.
- Government employment. If you work for the Central or a State Government, your employer's NPS contribution counts up to 14% of salary under the old regime, not 10%. That is worth several thousand rupees a year to a great many people.
- Income above ₹2 crore including dividends. Finocket stops rather than shows a figure. Dividends carry a lower ceiling on surcharge than the rest of your income, and the law does not say how to split the tax between the two — so any number printed would be too high.
The free calculator is not this
There is also a quick income-tax calculator among the free tools, where you type a gross figure and see an estimate. It is a different thing from the working on this page, and the difference matters if you or your parents are senior citizens: the quick calculator applies the regular age band only, so it uses the ₹25,000 health-insurance ceiling and never the higher senior one. It says so on the tool itself.
This page does handle age bands, because it works from what you have actually declared rather than from one typed number. If the two ever disagree for you, this one is the answer to trust.