‘Calculation of Tax’ in case of ‘Salaried Person’ under new Regime of Section 115BAC |
Particulars |
Salary Rs. 10 Lakhs |
Salary Rs. 20 Lakhs |
New Regime |
Old Regime |
New Regime |
Old Regime |
Basic Salary (50% of Gross Salary) |
5.00.000 |
5,00,000 |
10,00,000 |
10,00,000 |
Add : Allowances |
|
|
|
|
Other Allowances |
2,00,000 |
2,00,000 |
4,00,000 |
4,00,000 |
HRA |
2,00,000 |
2,00,000 |
4,00,000 |
4,00,000 |
Leave Travel Concession (LTA) |
1,00,000 |
1,00,000 |
2,00,000 |
2,00,000 |
Gross Salary (A) |
10,00,000 |
10,00,000 |
20,00,000 |
20,00,000 |
Less : Deductions |
|
|
|
|
- HRA (monthly Rent is Rs.25,000)
|
- |
-2,00,000 |
- |
-2,00,000 |
- LTA (Rs.80,000 is Exempt from Tax)
|
- |
-80,000 |
- |
-80,000 |
- Standard Deduction
|
- |
-50,000 |
- |
-50,000 |
Taxable Salary (B) |
10,00,000 |
6,70,000 |
20,00,000 |
16,70,000 |
Less : Loss under the head House Property |
- |
-2,00,000 |
- |
-2,00,000 |
Gross Total Income |
10,00,000 |
4,70,000 |
20,00,000 |
14,70,000 |
Less : Deduction under Chapter VI-A(C) |
|
|
|
|
- Section 80C
|
- |
1,00,000 |
|
1,00,000 |
- Section 80CCD(1B)
|
- |
50,000 |
|
50,000 |
- Section 80CCD(2)
|
50,000 |
50,000 |
50,000 |
50,000 |
- Section 80D
|
- |
50,000 |
|
50,000 |
Taxable Income (D) = (B-C) |
9,50,000 |
2,20,000 |
19,50,000 |
12,20,000 |
Income Tax |
67,500 |
- |
3,22,500 |
1,78,500 |
Add : Surcharge |
- |
- |
- |
- |
Add : Education Cess |
2,700 |
- |
12,900 |
7,140 |
Total Tax Liability (E) |
70,200 |
- |
3,35,400 |
1,85,640 |
Net Tax Savings / Loss |
-70,200 |
-1,49,760 |
|
|
Impact of New Scheme of Section 115BAC on 'Salaried Person' |
Particulars |
Salary Rs. 10 Lakhs |
New Regime |
Old Regime |
Basic Salary (50% of Gross Salary) |
5.00.000 |
5,00,000 |
Add : Allowances |
|
|
Other Allowances |
2,00,000 |
2,00,000 |
HRA |
2,00,000 |
2,00,000 |
Leave Travel Concession (LTA) |
1,00,000 |
1,00,000 |
Gross Salary (A) |
10,00,000 |
10,00,000 |
Less : Deductions |
|
|
- HRA (monthly Rent is Rs.25,000)
|
- |
-2,00,000 |
- LTA (Rs.80,000 is Exempt from Tax)
|
- |
-80,000 |
- Standard Deduction
|
- |
-50,000 |
Taxable Salary (B) |
10,00,000 |
6,70,000 |
Less : Loss under the head House Property |
- |
-2,00,000 |
Gross Total Income |
10,00,000 |
4,70,000 |
Less : Deduction under Chapter VI-A(C) |
|
|
- Section 80C
|
- |
1,00,000 |
- Section 80CCD(1B)
|
- |
50,000 |
- Section 80CCD(2)
|
50,000 |
50,000 |
- Section 80D
|
- |
50,000 |
Taxable Income (D) = (B-C) |
9,50,000 |
2,20,000 |
Income Tax |
67,500 |
- |
Add : Surcharge |
- |
- |
Add : Education Cess |
2,700 |
- |
Total Tax Liability (E) |
70,200 |
- |
Net Tax Savings / Loss in New Tax Regime |
-70,200 |
|
|
 |
|
|
