Buget 2020: Income Tax Calculation Old vs New

Enter Salary Here ###

Old (With No Old (With All
New Deductions) Deductions)
Annual Salary 1,950,000 1,950,000 1,950,000
Standard Deduction - - 50,000
HRA/Rent - 100,000
80C 150,000
LTA
Interest Paid on House Loan
Taxable Income 1,950,000 1,950,000 1,650,000
Tax 322,500 397,500 307,500
Tax (Including 4% education cess) 335,400 413,400 319,800

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(Minimum 1 lakh)
(Max 1.5 lakh)

(Max 2 lakh)
 Old
0-2.5 lakh 0%
2.5-5 lakh 5% (full rebate if salary>5 lakh)
5-10 lakh 20%
10 lakh+ 30%
- Deductions LTA, HRA, Satndard Deductions, 80C, 80D etc

New
0-2.5 lakh 0%
2.5-5 lakh 5% (full rebate if salary>5 lakh)
5-7.5 lakh 10%
7.5-10 lakh 15%
10-12.5 la 20%
12.5 to 15 25%
15 lakh + 30%
No Deductions

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