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Implications of this New Tax Regime of Section 115BAC in case of ‘Individuals’ or ‘HUFs’ Not eligible for any Deduction from the Assessment Year 2021-22

The Finance minister in her budget speech highlighted that  tax burden on a person earning Rs. 15 lakhs shall be reduced by  Rs. 78,000. However, this situation will rarely arise as a tax saving  of Rs. 78,000 arises only when the assessee has not been availing any exemption or deduction in the current regime. We have  analysed the following situation to understand the implications  of this New Tax Regime of Section 115BAC:


Income

Tax Liability under New Tax Regime of Section 115BAC

Tax liability
under Old Tax Regime

Net Tax
Saving

6,00,000

23,400

33,800

10,400

7,00,000

33,800

54,600

20,800

8,00,000

46,800

75,400

28,600

9,00,000

62,400

96,200

33,800

10,00,000

78,000

1,17,000

39,000

11,00,000

98,800

1,48,200

49,400

12,00,000

1,19,600

1,79,400

59,800

12,50,000

1,30,000

1,95,000

65,000

13,00,000

1,43,000

2,10,600

67,600

14,00,000

1,69,000

2,41,800

72,800

15,00,000

1,95,000

2, 73,000

78,000

The above table shows that it is beneficial to opt for the New Tax Regime of Section 115BAC if Individual is not eligible for any Deduction.
Taxation of Resident Co-operative Societies from Financial Year 2020-21 (Assessment Year 2021-22) Tax Amendments in Finance Bill 2020 Implications of this New Tax Regime of Section 115BAC in case of ‘Individuals’ or ‘HUFs’ if eligible for Deduction under Section 80C from the Assessment Year 2021-22
Income Tax Slab for Financial Year 2020-21 (AY : 2021-22)



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