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    The document compares the income tax payable by a senior citizen under the old and new tax regimes for the financial year 2023-24 across various income levels ranging from Rs. 7 lakh to Rs. 20 lakh. It shows that for income levels between Rs. 8-11 lakh, the old tax system is more beneficial, but for incomes above Rs. 12 lakh, the new tax system results in lower taxes payable.

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    INCOME TAX COMPARISION

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    The document compares the income tax payable by a senior citizen under the old and new tax regimes for the financial year 2023-24 across various income levels ranging from Rs. 7 lakh to Rs. 20 lakh. It shows that for income levels between Rs. 8-11 lakh, the old tax system is more beneficial, but for incomes above Rs. 12 lakh, the new tax system results in lower taxes payable.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    5 views1 page

    Income Tax Comparision

    Uploaded by

    Hometex decor
    The document compares the income tax payable by a senior citizen under the old and new tax regimes for the financial year 2023-24 across various income levels ranging from Rs. 7 lakh to Rs. 20 lakh. It shows that for income levels between Rs. 8-11 lakh, the old tax system is more beneficial, but for incomes above Rs. 12 lakh, the new tax system results in lower taxes payable.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

    COMPARISION OF OLD & NEW INCOME TAX REGIME FOR FY 2023-24 (For A Sr.

    Citizen)
    INCOME TAX
    DED. (80C, 80D, INCOME TAX INC. TAX INCL. INC. TAX INCL.
    INCOME PAYABLE AS PER
    80TTB, 80CCD, STD. PAYABLE AS PER SURCHARGE SURCHARGE RESULT
    RANGE (GROSS) NEW TAX REGIME
    DED.) OLD REGIME (OLD SYS.) (New Sys.)
    (With Std. Ded.)

    7,00,000 3,27,000 NIL NIL NIL NIL NO DIFFERENCE


    8,00,000 3,27,000 NIL NIL 30,000 31,200 OLD SYS. BENEFICIAL
    9,00,000 3,27,000 24,600 25,584 40,000 41,600 OLD SYS. BENEFICIAL
    10,00,000 3,27,000 44,600 46,384 52,500 54,600 OLD SYS. BENEFICIAL
    11,00,000 3,27,000 64,600 67,184 67,500 70,200 OLD SYS. BENEFICIAL
    12,00,000 3,27,000 84,600 87,984 82,500 85,800 NEW SYS. BENEFICIAL
    13,00,000 3,27,000 1,04,600 1,08,784 1,00,000 1,04,000 NEW SYS. BENEFICIAL
    14,00,000 3,27,000 1,31,900 1,37,176 1,20,000 1,24,800 NEW SYS. BENEFICIAL
    15,00,000 3,27,000 1,61,900 1,68,376 1,40,000 1,45,600 NEW SYS. BENEFICIAL
    16,00,000 3,27,000 1,91,900 1,99,576 1,65,000 1,71,600 NEW SYS. BENEFICIAL
    17,00,000 3,27,000 2,21,900 2,30,776 1,95,000 2,02,800 NEW SYS. BENEFICIAL
    18,00,000 3,27,000 2,51,900 2,61,976 2,25,000 2,34,000 NEW SYS. BENEFICIAL
    19,00,000 3,27,000 2,81,900 2,93,176 2,55,000 2,65,200 NEW SYS. BENEFICIAL
    20,00,000 3,27,000 3,11,900 3,24,376 2,85,000 2,96,400 NEW SYS. BENEFICIAL

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