Dear Sir. Annual income 1418000 Interested earned from SA/FD 13805 Total 1431805 Deduction 75000 Total gross 1356805 Total deduction NPS 136194 Total taxable income 1220610 Total tax liability 63092 Total rebate 87A 42841 Tax payable after rebate 20610 Total tax with cess 21434 Is this fine with new tax regime or is there any scope to reduce liability Sir.
Bottom line: Your computation is correct. Under the new regime for FY 2025-26 the tax on your income does work out to ₹21,434, and on the figures you've shared there is no excess tax to refund — your liability itself equals what would normally have been deducted. For a year that has already closed there is also very little room to reduce it further, for the reasons below.
A quick note first: this forum is meant for general questions — whether a deduction is allowed, which ITR form applies, due dates and the like. It isn't a substitute for personal tax planning or consulting, which needs a proper look at your Form 16, salary structure and proofs along with a few follow-up questions. So the following is general guidance on the numbers you've given, not tailored advice.
1. The computation is right. On taxable income of ₹12,20,610, the new-regime slabs (nil to ₹4L, 5% to ₹8L, 10% to ₹12L, then 15%) give ₹63,092. Since your income is just ₹20,610 over the ₹12,00,000 mark you don't get the full section 87A rebate, but marginal relief steps in and limits the tax to that ₹20,610 excess — which becomes ₹21,434 after 4% cess. That is exactly what your figures show.
2. Why no refund arises. A refund only comes about when the TDS actually deducted from you (by your employer, and by the bank on FD interest) is more than your final liability. Here the liability itself is ₹21,434, so unless more than that was deducted there is no excess lying with the department to refund. You should still file your return to report this and claim the marginal relief — on these numbers it will simply settle at nil.
3. Why there's little scope to reduce it now. FY 2025-26 has ended, and the new regime deliberately allows very few deductions. You have already taken the two that count — the ₹75,000 standard deduction and the employer's NPS contribution under section 80CCD(2) of ₹1,36,194. Most others (80C, 80D, HRA, even the ₹10,000 savings-interest relief under 80TTA) do not exist in the new regime, and given your income level the old regime would almost certainly work out costlier once its higher rates apply. So the ₹20,610 by which you cross ₹12,00,000 cannot be adjusted after the year is over.
4. Where a CA can genuinely help. Two things are worth a proper consultation with your documents in hand: first, if you had eligible investments or expenses that you couldn't declare to your employer in time, a CA can check whether any of them still change your position while filing; and second — the bigger opportunity — planning done at the start of next year (for instance, how much of your salary is routed to employer NPS under section 80CCD(2), which is the main lever left in the new regime) can bring your taxable income down to the ₹12,00,000 line and make the tax nil. That is a forward-looking exercise and cannot be applied to a year already completed.
In short, your figures are correct, the tax is rightly ₹21,434, and there is no refund to be had on these numbers — but a short planning conversation ahead of FY 2026-27 is where the real saving lies.