Income Tax Calculator Income Tax Calculator

under Old Regime under New Regime

Particulars
Amount (in INR) Amount (in INR)
Basic 500,000 500,000
HRA 100,000 100,000
LTA 15,000 15,000
Specialization allowance 30,000 30,000
Car Allowance 15,000 15,000
Conveyance allowance 12,000 12,000
KC Bonus - -
Gross Salary 672,000 672,000
Not available under new
Exemption u/s 10 tax regime
Section 10(13A) : House rent allowance
exemption
Section 10(5) : Leave Travel Allowance -
exemption - -
Any other exemption - -
Net Salary 672,000 672,000
Section 16 (ia)
Section 16 (iii) :: Deduction
Standard Deduction
for Professional 50,000 50,000
Tax - -

Income under head salaries 622,000 622,000

Any other income (rental income from let
out property, capital gains, other sources
Interest paidinterest
income like on housing loan.to be taxed at
income) -
applicable slab rate - -

Gross total income 622,000 622,000

Deduction under Section 80C
Deduction under chapter VI-A [Section 80D 150,000 -
to 80U, except 80CCD(2)] - -
Deduction u/s 80CCD(2) - -

Taxable income 472,000 622,000

Computation of Tax under Old regime& New regime

Particulars Tax under Old Regime Tax under New Regime
Tax 11,100 17,200
Rebate u/s 87A 11,100 17,200
Tax after rebate - -
Surcharge (without Marginal Relief if any) - -
Cess - -
Total Liability - -

Benefical Regime Old Regime -

 Remarks

Amounts to be entered in yellow highlighted cells. In case

of no inputs, please mention '0' in the respective cell.

Note: Under the Old tax regime, the set off of loss from
house property is restricted to INR 2L.

The set off of loss from house property against any other
head of income is not available under new regime.
Note: The contribution to Provident Fund is deductible
Note:
under Deduction
section 80Cu/s 80CCD(2)
and is to
is subject applicable for employees
a maximum threshold
opted for NPS under
of INR 1.50 Lakhs Cadence corporate scheme.

Further, the deduction under section 80CCD(2) shall be

restricted to a maximum of 10% of Basic salary