Enter data in Yellow Fields Worki

Old Tax Regime

Annual Gross Salary (Rs) 1,200,000 Slab Amount (Old)
Other Incomes (Interest etc) 8,000 250,000
Total Income 1,208,000 250,000
Standard Deduction 50,000 318,500
House Rent Allowance (HRA) 80,000 -
PT and Entertainment Allowance 2,500 -
National Pension Scheme (NPS) -
Leave Travel Allowance (LTA/LTC) -
Home Loan Interest Payment 70,000 Total
Deduction u/s 80C 150,000 Rebate U/S 87A
Health Insurance U/s 80D 21,000 Tax
Saving Bank Interest u/s 80TTA 8,000 Less: Marginal Relief
Any other deduction - Income Tax
Total Exemption & Deductions 381,500 Add:Cess
Final Tax

Taxable Income under old regime 818,500

Decision
Taxable Income under new regime 1,150,000
Tax Savings

Better Option
 Workings
Old Tax Regime New Tax Regime
Old Tax Slab Amount (New) New Tax
- 300,000 -
12,500 300,000 15,000
63,700 300,000 30,000
- 250,000 37,500
- - -
- - -
- - -
76,200 - 82,500
- - -
76,200 82,500
- -
76,200 - 82,500
3,048 3,300
79,248 85,800

New Tax Slab result in Higher Taxes

6,552

Old Tax Regime

 Enter data in Yellow Fields Workings
Annual Gross Salary (Rs) 1,200,000 Slab Amount (Old)
Other Incomes (interest, divident etc) 5,000 250,000
Total Income 1,205,000 250,000
Standard Deduction 50,000 169,000
HRA 45,000 -
PT and Entertainment Allowance 40,000
NPS -
Leave Travel Allowance - -
Home Loan Interest Payment 75,000 -
Deduction u/s 80C 150,000 -
Health Insurance U/s 80D 21,000 Total
Saving Bank Interest u/s 80TTA 5,000 Rebate U/S 87A
Any other deduction 150,000 Income Tax
Cess
Total Exemption & Deductions 536,000
Total Taxes

Taxable Income under old regime 669,000

Decision
Taxable Income under new regime 1,205,000
Tax Savings

Better Option
 Workings
Tax (Old) Slab Amount (New) Tax (New)
- 250,000 -
12,500 250,000 12,500
33,800 250,000 25,000
- 250,000 37,500

- 200,000 40,000
- - -
- - -
46,300 - 115,000
- -
46,300 115,000
1,852 - 4,600
48,152 - 119,600

New Tax Slab result in Higher Taxes

71,448

Old Tax Slabs