Here is a thread to explain what is best suitable for you between old regime & new regime.
Assumptions:
1. You have a salary income and not biz income.
2. You are an individual.
3. I have taken std deduction at 50k while comparing both
4. This is not a formal advice. Consult CA
Assumptions:
1. You have a salary income and not biz income.
2. You are an individual.
3. I have taken std deduction at 50k while comparing both
4. This is not a formal advice. Consult CA
For those who have an income Upto 5lacs.
Old Regime: No Tax
New Regime: No Tax
I think these ppl are happiest but poor in terms of money. Kidding. Both regimes are same for ppl in this category. Now next category.
Old Regime: No Tax
New Regime: No Tax
I think these ppl are happiest but poor in terms of money. Kidding. Both regimes are same for ppl in this category. Now next category.
Ppl with income Upto 6lacs
Old: 23400
New: Nil
These ppl will have to invest 50k to have nil tax under old regime. New regime chill, tax is zero.
Now the next category.
Old: 23400
New: Nil
These ppl will have to invest 50k to have nil tax under old regime. New regime chill, tax is zero.
Now the next category.
Ppl with income Upto 7lacs
Old: 44200
New: Nil.
These ppl will have to invest about 1,50,000 to have zero tax under old regime. Ppl who opt New regime can chill, their tax is zero.
Now onto next category.
Old: 44200
New: Nil.
These ppl will have to invest about 1,50,000 to have zero tax under old regime. Ppl who opt New regime can chill, their tax is zero.
Now onto next category.
Ppl with income Upto 9 lacs
Old: 85800
New: 41,600
Ppl opting for old regime at this income level will have to invest about 2,13,000 to have same tax of 41.6k equal to new regime.
Obviously, higher than this investment will be beneficial for you n u choose old regime.
Old: 85800
New: 41,600
Ppl opting for old regime at this income level will have to invest about 2,13,000 to have same tax of 41.6k equal to new regime.
Obviously, higher than this investment will be beneficial for you n u choose old regime.
Ppl with income upto 12lacs
Old:1,63,800
New: 85,800
Ppl opting for old regime will have to invest about 3lacs to have same tax of 85.8k equal to new regime.
Obviously, if you invest more than this then old regime is better for you.
Old:1,63,800
New: 85,800
Ppl opting for old regime will have to invest about 3lacs to have same tax of 85.8k equal to new regime.
Obviously, if you invest more than this then old regime is better for you.
Ppl with income Upto 15lacs
Old: 257400
New: 145600
Ppl opting for old regime will have to invest about 3.6lacs to have same tax of 1.4acs equal to new regime.
Obviously if you invest more than this, old regime is better for you.
Old: 257400
New: 145600
Ppl opting for old regime will have to invest about 3.6lacs to have same tax of 1.4acs equal to new regime.
Obviously if you invest more than this, old regime is better for you.
Ppl with income Upto 15.5lacs
Old: 273000
New:156000
Ppl opting for old regime will have to invest about 3.8lacs to have same tax of 1.56lacs equal to new regime.
All in all, if you have any amounts to claim as deduction or investments over and above the break even I have
Old: 273000
New:156000
Ppl opting for old regime will have to invest about 3.8lacs to have same tax of 1.56lacs equal to new regime.
All in all, if you have any amounts to claim as deduction or investments over and above the break even I have
Stated then surely old regime is more beneficial for you. If not then quietly opt for the new regime and save a bomb.
Secondly: obtain a proper advice and then decide. There are a lot other factors to consider as well.
Hope this basic guide cleared your queries. Cheers. RT MAX
Secondly: obtain a proper advice and then decide. There are a lot other factors to consider as well.
Hope this basic guide cleared your queries. Cheers. RT MAX
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