In the below table we have discussed various basic calculation of Income tax for various income’s for salaried individual:
|Income of Individual||Tax as per old regime
(after deduction u/s 80C & 80D
and standard deduction)
|Tax as per new regime
Budget 2020 –
No exemption and
A detailed analysis suggests that one should not opt or New Income Tax rates unless his/her Taxable profit/Income exceeds Rs 13,00,000 and he does not wish to claim any deductions and exemptions. Also in this we haven’t considered the deduction available for housing loan or House rent allowance if that is considered then the gap would again increase and the old regime would be beneficial for even higher income group.
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