ITR computation: nil tax, refund
Sample: Rahul, 25, first job in Hyderabad. ₹12 lakh salary, ₹60,000 FD interest.
₹0 tax, ₹15,000 refund
The sheet a CA files from: income by head, tax, rebate, TDS and the refund.
ITR-1New regimeFY 2026-27
Income from salary
| Gross salary | ₹12,00,000 |
| Standard deduction (Sec 19, old 16(ia)) | (₹75,000) |
Income from other sources
| FD interest | ₹60,000 |
Tax
| Total income | ₹11,85,000 |
| Tax at slab rates | ₹58,500 |
| Rebate up to ₹12 lakh (Sec 156, old 87A) | (₹58,500) |
| Tax for the year | ₹0 |
| TDS by employer (Form 130, old Form 16) | (₹9,000) |
| TDS by bank on FD interest | (₹6,000) |
Refund due₹15,000