Existing Tax Regime v/s New Tax Regime 115BAC (For Resident Individual Age Below 60)
CA Mayur J Sondagar | Jul 18, 2021 |
Existing Tax Regime v/s New Tax Regime 115BAC (For Resident Individual Age Below 60)
| Income —–> | ≤5,00,000 | 5,50,000 | 6,00,000 | 6,50,000 | 7,00,000 | 7,50,000 |
| Deductions | ||||||
| 25,000 | Same | Same | New | New | New | New |
| 50,000 | Same | Existing | Same | New | New | New |
| 75,000 | Same | Existing | Existing | Same | New | New |
| 1,00,000 | Same | Existing | Existing | Existing | Same | New |
| 1,25,000 | Same | Existing | Existing | Existing | Existing | Same |
| 1,50,000 | Same | Existing | Existing | Existing | Existing | Existing |
| 1,75,000 | Same | Existing | Existing | Existing | Existing | Existing |
| 2,00,000 | Same | Existing | Existing | Existing | Existing | Existing |
| 2,25,000 | Same | Existing | Existing | Existing | Existing | Existing |
| ≥ 2,50,000 | Same | Existing | Existing | Existing | Existing | Existing |
| Income | 8,50,000 | 9,50,000 | 12,25,000 | 13,50,000 | ≥15,00,000 |
| Deductions | |||||
| 25,000 | New | New | New | New | New |
| 50,000 | New | New | New | New | New |
| 75,000 | New | New | New | New | New |
| 1,00,000 | New | New | New | New | New |
| 1,25,000 | New | New | New | New | New |
| 1,50,000 | Same | New | New | New | New |
| 1,75,000 | Existing | Same | New | New | New |
| 2,00,000 | Existing | Existing | Same | New | New |
| 2,25,000 | Existing | Existing | Existing | Same | New |
| ≥ 2,50,000 | Existing | Existing | Existing | Existing | Same |
| Income (Rs.) | Tax Rate % | |||
| Upto 2,50,000 | NIL | |||
| From 2,50,001 to 5,00,000 | 5 % | |||
| From 5,00,001 to 10,00,000 | 20 % | |||
| Above 10,00,000 | 30 % | |||
| Surcharge % if Taxable Income > | 10 % if Above 50 Lakh to 1Cr | |||
| 15 % if Above 1 Cr to 2 Cr | ||||
| 25 % if Above 2 Cr to 5 Cr | ||||
| 37 % if Above 5 Cr | ||||
| Health & Education Cess | 4 % | |||
| 87A Rebate Amount if Total Income < | 12,500 if < 5 Lakh | |||
| Income (Rs.) | Tax Rate % | |||
| Upto 2,50,000 | Nil | |||
| From 2,50,001 to 5,00,000 | 5 % | |||
| From 5,00,001 to 7,50,000 | 10 % | |||
| From 7,50,001 to 10,00,000 | 15 % | |||
| From 10,00,001 to 12,50,000 | 20 % | |||
| From 12,50,001 to 15,00,000 | 25 % | |||
| Above 15,00,000 | 30 % | |||
| Surcharge % if Taxable Income > | 10 % if Above 50 Lakh to 1Cr | |||
| 15 % if Above 1 Cr to 2 Cr | ||||
| 25 % if Above 2 Cr to 5 Cr | ||||
| 37 % if Above 5 Cr | ||||
| Health & Education Cess | 4 % | |||
| 87A Rebate if Income < | 12,500 if < 5 Lakh | |||
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