TaxTMI 
TaxTMI 
TaxTMI 
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 Regime | 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 | 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 | 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 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 |
| Less : HRA Exemption | 190,000 | - |
| 1,010,000 | 1,200,000 | |
| Less: Standard Deduction | 50,000 | 50,000 |
| Less: Housing Loan Interest | 200,000 | - |
| 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 | - |
| 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 assumed 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 | 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 | - | - |
| Gross Total Income | 960,000 | 1,150,000 |
| Less: Deduction Under Chapter - VIA | ||
| Sec 80C (LIC, Tution Fee, PPF etc) | - | - |
| Sec 80CCD (NPS) | - | - |
| 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 ₹ 500,000 & and Rent paid of ₹20,000 p.m | ||