Existing Tax Regime v/s New Tax Regime 115BAC (For Resident Individual Age Below 60)

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CA Mayur J Sondagar | Jul 18, 2021 | Views 624071

Existing Tax Regime v/s New Tax Regime 115BAC (For Resident Individual Age Below 60)

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

Continue…

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

Existing Tax Regime

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

New Tax Regime u/s 115BAC

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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