Tax under proposed New & Old regime for salaried person - Comparision with Various options

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..... Tax under proposed New & Old regime for salaried person - Comparision with Various options - By: - Charu Tyagi - Income Tax - Dated:- 2-2-2023 - - 1. The table below shows the income and tax thereon under old new regime of tax of Salaried person Salary Income Total Tax including cess surcharge Difference Old R .....

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..... egime New Proposed Regime 7 Lakh - - - 7.5 Lakh 23,400 - 23,400 9 Lakh 54,600 41,600 13,000 10 Lakh 75,400 54,600 .....

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..... 20,800 15 Lakh 210,600 145,600 65,000 25 Lakh 522,600 452,400 70,200 60 Lakh 1,776,060 1,698,840 77,220 1.5 Cr 5,085,990 4,933,500 .....

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..... 152,490 5 Cr 19,178,250 19,090,500 87,750 6 Cr 25,293,760 22,990,500 2,303,260 *For tax under old regime we have assumed deduction of ₹1,50,000 standard deduction of ₹50,000 *For tax under New regime we have assumed .....

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..... standard deduction of ₹50,000 2. Tax on Salaried person where he is opting for all deductions exemptions under old regime and corresponding tax under New regime proposed under Budget 2023 Particulars Old Regime Proposed New Regime Income from Salary 1,200,000 1,200,000 .....

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..... Less : HRA Exemption 190,000 - 1,010,000 1,200,000 Less: Standard Deduction 50,000 50,000 Less: Housing Loan Interest 200,000 - .....

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..... Gross Total Income 760,000 1,150,000 Less: Deduction Under Chapter - VIA Sec 80C (LIC, Tution Fee, PPF etc) 150,000 - Sec 80CCD (NPS) 50,000 - .....

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..... Sec 80D (medical Insurance) 25,000 - Total Income 535,000 1,150,000 Tax on Total Income (including cess) 20,280 85,800 *HRA exemption is taken on as .....

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..... sumed basic salary of ₹ 500,000 and Rent paid of ₹20,000 p.m 3. Tax on Salaried person where he is opting for HRA Standard deduction only under old regime and corresponding tax under New regime proposed under Budget 2023 Particulars Old Regime Proposed New Regime Income from Salary 1,200,000 .....

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..... 1,200,000 Less : HRA Exemption 190,000 - 1,010,000 1,200,000 Less: Standard Deduction 50,000 50,000 Less: Housing Loan Interest - - .....

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..... Gross Total Income 960,000 1,150,000 Less: Deduction Under Chapter - VIA Sec 80C (LIC, Tution Fee, PPF etc) - - Sec 80CCD (NPS) - - .....

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..... Sec 80D (medical Insurance) - - Total Income 960,000 1,150,000 Tax on Total Income (including cess) 108,680 85,800 *HRA exemption is taken on assumed basic salary of ₹ .....

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..... ; 500,000 and Rent paid of ₹20,000 p.m - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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