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  • Income Tax Calculator Old V/S New Regime

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    Haresh Rajput
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    This document compares the tax liability under the old and new income tax regimes for individuals with a taxable income of Rs. 12,00,000. Under the old regime, the total tax payable is Rs. 1,79,400. Under the new regime, for those below age 60 the total tax payable is lower at Rs. 1,19,600, but for those above age 80 the total tax payable is slightly higher at Rs. 1,66,400. The new regime is more beneficial for most individuals.

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    1461322_20210802170259_it_calculator_old_vs_new

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    This document compares the tax liability under the old and new income tax regimes for individuals with a taxable income of Rs. 12,00,000. Under the old regime, the total tax payable is Rs. 1,79,400. Under the new regime, for those below age 60 the total tax payable is lower at Rs. 1,19,600, but for those above age 80 the total tax payable is slightly higher at Rs. 1,66,400. The new regime is more beneficial for most individuals.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    26 views2 pages

    Income Tax Calculator Old V/S New Regime

    Uploaded by

    Haresh Rajput
    This document compares the tax liability under the old and new income tax regimes for individuals with a taxable income of Rs. 12,00,000. Under the old regime, the total tax payable is Rs. 1,79,400. Under the new regime, for those below age 60 the total tax payable is lower at Rs. 1,19,600, but for those above age 80 the total tax payable is slightly higher at Rs. 1,66,400. The new regime is more beneficial for most individuals.

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    © All Rights Reserved
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    of 2

    INCOME TAX CALCULATOR OLD V/S NEW REGIME

    NEW REGIME OLD REGIME


    BELOW 60
    Taxable Income 1200000 Taxable Income 1200000

    Tax Liability 115000 Tax Liability 172500


    Less:- Rebate 87A 0 Less:- Rebate 87A 0
    115000 172500
    Add:- Education Cess 4600 Add:- Education Cess 6900
    Total tax 119600 Total tax 179400

    Less:- Advance Tax Less:- Advance Tax


    Less:- TDS Less:- TDS
    Add:- Interest Add:- Interest

    Tax Payable 119600 Tax Payable 179400


    REGIME

    BELOW 80 ABOVE 80
    1200000 1200000

    170000 160000
    0 0
    170000 160000
    6800 6400
    176800 166400

    176800 166400

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