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  • Hax To Save Tax Income Tax Calculator by Labour Law Advisor

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    ponmani
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    The document compares the old and proposed new income tax regimes for the fiscal year 2023-24 for different salary amounts. It shows the tax calculations and deductions considered under both regimes. For salaries of ₹450,000, ₹750,000 and ₹900,000, the proposed new regime is concluded to be better. However, for a salary of ₹1,200,000, the tax calculations are not fully shown to make a conclusion on which regime is better.

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    Hax to Save Tax Income Tax Calculator by Labour Law Advisor.xlsx

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    The document compares the old and proposed new income tax regimes for the fiscal year 2023-24 for different salary amounts. It shows the tax calculations and deductions considered under both regimes. For salaries of ₹450,000, ₹750,000 and ₹900,000, the proposed new regime is concluded to be better. However, for a salary of ₹1,200,000, the tax calculations are not fully shown to make a conclusion on which regime is better.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    253 views15 pages

    Hax To Save Tax Income Tax Calculator by Labour Law Advisor

    Uploaded by

    ponmani
    The document compares the old and proposed new income tax regimes for the fiscal year 2023-24 for different salary amounts. It shows the tax calculations and deductions considered under both regimes. For salaries of ₹450,000, ₹750,000 and ₹900,000, the proposed new regime is concluded to be better. However, for a salary of ₹1,200,000, the tax calculations are not fully shown to make a conclusion on which regime is better.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 15

    OLD vs NEW Tax Regime: FY 2023-24

    Proposed New Regime in


    Particulars Old Regime Budget 2023
    Salary Received 450,000.00 450,000.00
    Less: Exemption for HRA 0.00
    Less: Standard Deduction 50,000.00 50,000.00
    Less: Professional Tax 0.00 0.00
    Less: Interest on Housing Loan 0.00
    Gross Total Income 400,000.00 400,000.00
    Less: Section 80C (LIC, ELSS, PPF etc.) 50,000.00
    Less: Section 80CCD (NPS Employee
    Contribution only) 0.00
    Premium of Self & Parents)
    Net Taxable Income 350,000.00 400,000.00
    Tax Under Old Regime
    Up to Rs 2.5 lakh @ 0% 0.00
    Rs 2,50,001 to Rs 5 lakh @ 5% 5,000.00
    Rs 5,00,001 to Rs 10 lakh @ 20% 0.00
    Over Rs. 10 lakh @ 30% 0.00
    Cess @ 4% 0.00
    Tax Rebate 5,000.00
    Tax Under Old Regime 0.00
    Tax Under Proposed New Regime
    Up to Rs 3 lakh @ 0% 0.00
    Rs 3,00,001 to Rs 6 lakh @ 5% 5,000.00
    Rs 6,00,001 to Rs 9 lakh @ 10% 0.00
    Rs 9,00,001 to Rs 12 lakh @ 15% 0.00
    Rs 12,00,001 to Rs 15 lakh @ 20% 0.00
    Over Rs. 15 lakh @ 30% 0.00
    Cess @ 4% 0.00
    Tax Rebate 5,000.00
    Tax Under Proposed New Regime 0.00

    Which one is better? Both

    Disclaimer:
    1. The deduction under section 80D may range between 25,000 to 1,00,000 depending upon the age & coverage for parents
    etc.
    2. This comparison of the new and old tax regime is without surcharge on tax amount.
    3. The final conclusion shown by the calculator is only calculated on the basis of salary figure only.
    Learn more about the course
    Click here ☝️
    OLD vs NEW Tax Regime: FY 2023-24
    Proposed New Regime in
    Particulars Old Regime
    Budget 2023
    Salary Received 750,000.00 750,000.00
    Less: Exemption for HRA
    Less: Standard Deduction 50,000.00 50,000.00
    Less: PT 0.00
    Less: Interest on Housing Loan
    Gross Total Income 700,000.00 700,000.00
    Less: Section 80C (LIC, ELSS, PPF etc.) 150,000.00
    Less: Section 80CCD (NPS)
    Premium of Self & Parents)
    Net Taxable Income 550,000.00 700,000.00
    Tax Under Old Regime
    Up to Rs 2.5 lakh @ 0% 0.00
    Rs 2,50,001 to Rs 5 lakh @ 5% 12,500.00
    Rs 5,00,001 to Rs 10 lakh @ 20% 10,000.00
    Over Rs. 10 lakh @ 30% 0.00
    Cess @ 4% 900.00
    Tax Rebate 0.00
    Tax Under Old Regime 23,400.00
    Tax Under Proposed New Regime
    Up to Rs 3 lakh @ 0% 0.00
    Rs 3,00,001 to Rs 6 lakh @ 5% 15,000.00
    Rs 6,00,001 to Rs 9 lakh @ 10% 10,000.00
    Rs 9,00,001 to Rs 12 lakh @ 15% 0.00
    Rs 12,00,001 to Rs 15 lakh @ 20% 0.00
    Over Rs. 15 lakh @ 30% 0.00
    Cess @ 4% 0.00
    Tax Rebate 25,000.00
    Tax Under Proposed New Regime 0.00

    Which one is better? New Regime

    Disclaimer:
    1. The deduction under section 80D may range between 25,000 to 1,00,000 depending upon the age & coverage for parents
    etc.
    2. This comparison of the new and old tax regime is without surcharge on tax amount.
    3. The final conclusion shown by the calculator is only calculated on the basis of salary figure only.
    Learn more about the course
    Click here ☝️
    OLD vs NEW Tax Regime: FY 2023-24
    Proposed New Regime in
    Particulars Old Regime
    Budget 2023
    Salary Received 900,000.00 900,000.00
    Less: Exemption for HRA
    Less: Standard Deduction 50,000.00 50,000.00
    Less: PT 0.00
    Less: Interest on Housing Loan
    Gross Total Income 850,000.00 850,000.00
    Less: Section 80C (LIC, ELSS, PPF etc.) 0.00
    Less: Section 80CCD (NPS) 0.00
    Premium of Self & Parents)
    Net Taxable Income 850,000.00 850,000.00
    Tax Under Old Regime
    Up to Rs 2.5 lakh @ 0% 0.00
    Rs 2,50,001 to Rs 5 lakh @ 5% 12,500.00
    Rs 5,00,001 to Rs 10 lakh @ 20% 70,000.00
    Over Rs. 10 lakh @ 30% 0.00
    Cess @ 4% 3,300.00
    Tax Rebate 0.00
    Tax Under Old Regime 85,800.00
    Tax Under Proposed New Regime
    Up to Rs 3 lakh @ 0% 0.00
    Rs 3,00,001 to Rs 6 lakh @ 5% 15,000.00
    Rs 6,00,001 to Rs 9 lakh @ 10% 25,000.00
    Rs 9,00,001 to Rs 12 lakh @ 15% 0.00
    Rs 12,00,001 to Rs 15 lakh @ 20% 0.00
    Over Rs. 15 lakh @ 30% 0.00
    Cess @ 4% 1,600.00
    Tax Rebate 0.00
    Tax Under Proposed New Regime 41,600.00

    Which one is better? New Regime

    Disclaimer:
    1. The deduction under section 80D may range between 25,000 to 1,00,000 depending upon the age & coverage for parents
    etc.
    2. This comparison of the new and old tax regime is without surcharge on tax amount.
    3. The final conclusion shown by the calculator is only calculated on the basis of salary figure only.
    Learn more about the course
    Click here ☝️
    OLD vs NEW Tax Regime: FY 2023-24
    Proposed New Regime in
    Particulars Old Regime
    Budget 2023
    Salary Received 1,200,000.00 1,200,000.00
    Less: Exemption for HRA 180,000.00
    Less: Standard Deduction 50,000.00 50,000.00
    Less: PT 0.00
    Less: Interest on Housing Loan 200,000.00
    Gross Total Income 770,000.00 1,150,000.00
    Less: Section 80C (LIC, ELSS, PPF etc.) 150,000.00
    Less: Section 80CCD (NPS) 50,000.00
    Premium of Self & Parents) 50,000.00
    Net Taxable Income 520,000.00 1,150,000.00
    Tax Under Old Regime
    Up to Rs 2.5 lakh @ 0% 0.00
    Rs 2,50,001 to Rs 5 lakh @ 5% 12,500.00
    Rs 5,00,001 to Rs 10 lakh @ 20% 4,000.00
    Over Rs. 10 lakh @ 30% 0.00
    Cess @ 4% 660.00
    Tax Rebate 0.00
    Tax Under Old Regime 17,160.00
    Tax Under Proposed New Regime
    Up to Rs 3 lakh @ 0% 0.00
    Rs 3,00,001 to Rs 6 lakh @ 5% 15,000.00
    Rs 6,00,001 to Rs 9 lakh @ 10% 30,000.00
    Rs 9,00,001 to Rs 12 lakh @ 15% 37,500.00
    Rs 12,00,001 to Rs 15 lakh @ 20% 0.00
    Over Rs. 15 lakh @ 30% 0.00
    Cess @ 4% 3,300.00
    Tax Rebate 0.00
    Tax Under Proposed New Regime 85,800.00

    Which one is better? Old Regime

    Disclaimer:
    1. The deduction under section 80D may range between 25,000 to 1,00,000 depending upon the age & coverage for parents
    etc.
    2. This comparison of the new and old tax regime is without surcharge on tax amount.
    3. The final conclusion shown by the calculator is only calculated on the basis of salary figure only.
    Learn more about the course
    Click here ☝️
    OLD vs NEW Tax Regime: FY 2023-24
    Proposed New Regime in
    Particulars Old Regime
    Budget 2023
    Salary Received 1,500,000.00 1,500,000.00
    Less: Exemption for HRA 180,000.00
    Less: Standard Deduction 50,000.00 50,000.00
    Less: PT 0.00
    Less: Interest on Housing Loan 200,000.00
    Gross Total Income 1,070,000.00 1,450,000.00
    Less: Section 80C (LIC, ELSS, PPF etc.) 150,000.00
    Less: Section 80CCD (NPS)
    Premium of Self & Parents) 50,000.00
    Net Taxable Income 870,000.00 1,450,000.00
    Tax Under Old Regime
    Up to Rs 2.5 lakh @ 0% 0.00
    Rs 2,50,001 to Rs 5 lakh @ 5% 12,500.00
    Rs 5,00,001 to Rs 10 lakh @ 20% 74,000.00
    Over Rs. 10 lakh @ 30% 0.00
    Cess @ 4% 3,460.00
    Tax Rebate 0.00
    Tax Under Old Regime 89,960.00
    Tax Under Proposed New Regime
    Up to Rs 3 lakh @ 0% 0.00
    Rs 3,00,001 to Rs 6 lakh @ 5% 15,000.00
    Rs 6,00,001 to Rs 9 lakh @ 10% 30,000.00
    Rs 9,00,001 to Rs 12 lakh @ 15% 45,000.00
    Rs 12,00,001 to Rs 15 lakh @ 20% 50,000.00
    Over Rs. 15 lakh @ 30% 0.00
    Cess @ 4% 5,600.00
    Tax Rebate 0.00
    Tax Under Proposed New Regime 145,600.00

    Which one is better? Old Regime

    Disclaimer:
    1. The deduction under section 80D may range between 25,000 to 1,00,000 depending upon the age & coverage for parents
    etc.
    2. This comparison of the new and old tax regime is without surcharge on tax amount.
    3. The final conclusion shown by the calculator is only calculated on the basis of salary figure only.
    Learn more about the course
    Click here ☝️

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