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  • Tax Calculator

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    Lovish Vatwani
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    This document is a tax calculator for an employee that compares taxes owed under the old tax regime versus the new tax regime based on an annual gross salary of 1,493,934. Under the old regime, the employee's net taxable salary is 684,008 with a total tax payable of 51,273. Under the new regime without exemptions and deductions, the employee's total tax payable is higher at 193,422. The document disclaimer notes that the calculator is illustrative and the actual tax calculation may differ based on additional variables in the employee's payroll.

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    TaxCalculator

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    This document is a tax calculator for an employee that compares taxes owed under the old tax regime versus the new tax regime based on an annual gross salary of 1,493,934. Under the old regime, the employee's net taxable salary is 684,008 with a total tax payable of 51,273. Under the new regime without exemptions and deductions, the employee's total tax payable is higher at 193,422. The document disclaimer notes that the calculator is illustrative and the actual tax calculation may differ based on additional variables in the employee's payroll.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    18 views1 page

    Tax Calculator

    Uploaded by

    Lovish Vatwani
    This document is a tax calculator for an employee that compares taxes owed under the old tax regime versus the new tax regime based on an annual gross salary of 1,493,934. Under the old regime, the employee's net taxable salary is 684,008 with a total tax payable of 51,273. Under the new regime without exemptions and deductions, the employee's total tax payable is higher at 193,422. The document disclaimer notes that the calculator is illustrative and the actual tax calculation may differ based on additional variables in the employee's payroll.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 1

    Tax Calculator

    Employee Code : 63867

    Section Name According To Old Regime According To New Regime(u/s 115BAC)

    Gross Salary 1493934 1493934

    Less: Exemption and Deduction 0 0

    Less: Housing Rent Exemption 179926 0

    Less: Standard Deduction 50000 0

    Less: Professional Tax Exemption 0 0

    Less: Total Deduction Under Chp VIA 380000 0

    Total Other Income 0 0

    Housing Loan Exemption -200000 0

    Net Taxable Salary 684008 1493934

    Tax Payable on total Income 49301 185983

    Less: U/S 87(A)Rebate 0 0

    Surcharge 0 0

    Education Cess 1972 7439

    Total Tax Payable 51273 193422

    Disclaimer: The above calculator is illustrative and designed to enable Employee to get a quick view toward Old vs New Regime tax calculation.
    Please follow your discretion in deciding which plan suits you the best. The data shown above does not get saved anywhere. The Actual Tax
    Calculation could be different based on actual & additional variable payment and paydays, if applicable, which will be part of your final respective
    month Payroll cycle.

    Page 1 of 1

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