TaxTMI 
TaxTMI 
Tax under proposed New & Old regime for salaried person - Comparision with Various options
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....ax under proposed New & Old regime for salaried person - Comparision with Various options<br>By: - Charu Tyagi<br>Income Tax<br>Dated:- 2-2-2023<br><br>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 ....
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.... 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 ₹5....
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....0,000 *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 1,200,00....
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....0 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....
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.... 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 - 1,0....
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....10,000 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 *HR....
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....A exemption is taken on assumed basic salary of ₹ 500,000 & and Rent paid of ₹20,000 p.m<br> Scholarly articles for knowledge sharing by authors, experts, professionals ....