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    New Tax Regime Vs Old Calculator by AssetYogi

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    Sukanta Mondal
    The document compares the old and new tax regimes for the financial year 2023-24. Under the old tax regime, there were 5 tax slabs with rates from 0-30%. Under the new tax regime, there are 4 additional tax slabs with rates from 0-30% and higher income thresholds. It also provides an income-wise comparison of tax payable under both regimes, showing for most individual taxpayers the new regime would be better or equal in tax outgo.

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    New Tax Regime Vs Old Calculator by AssetYogi

    Uploaded by

    Sukanta Mondal
    557 views3 pages
    The document compares the old and new tax regimes for the financial year 2023-24. Under the old tax regime, there were 5 tax slabs with rates from 0-30%. Under the new tax regime, there are 4 additional tax slabs with rates from 0-30% and higher income thresholds. It also provides an income-wise comparison of tax payable under both regimes, showing for most individual taxpayers the new regime would be better or equal in tax outgo.

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    New Tax Regime vs Old Calculator by AssetYogi

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    The document compares the old and new tax regimes for the financial year 2023-24. Under the old tax regime, there were 5 tax slabs with rates from 0-30%. Under the new tax regime, there are 4 additional tax slabs with rates from 0-30% and higher income thresholds. It also provides an income-wise comparison of tax payable under both regimes, showing for most individual taxpayers the new regime would be better or equal in tax outgo.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    557 views3 pages

    New Tax Regime Vs Old Calculator by AssetYogi

    Uploaded by

    Sukanta Mondal
    The document compares the old and new tax regimes for the financial year 2023-24. Under the old tax regime, there were 5 tax slabs with rates from 0-30%. Under the new tax regime, there are 4 additional tax slabs with rates from 0-30% and higher income thresholds. It also provides an income-wise comparison of tax payable under both regimes, showing for most individual taxpayers the new regime would be better or equal in tax outgo.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 3

    Old Vs New Tax Regimes : FY 2023-24

    Old Tax Slabs Tax Rate Remarks New Tax Slabs Tax Rate
    ₹ 0 - 2.5 Lakhs 0% ₹ 0 - 3 Lakhs 0%
    If Net Taxable
    ₹ 2.5 - 5 Lakhs 0% Income < ₹ 5 Lakhs ₹ 3 - 6 Lakhs 0%
    If Net Taxable
    ₹ 2.5 - 5 Lakhs 5% Income > ₹ 5 Lakhs ₹ 3 - 6 Lakhs 5%
    ₹ 5 - 10 Lakhs 20% ₹ 6 - 9 Lakhs 0%
    > ₹ 10 Lakhs 30% ₹ 6 - 9 Lakhs 10%
    ₹ 9 - 12 Lakhs 15%
    ₹ 12 - 15 Lakhs 20%
    > ₹ 15 Lakhs 30%

    Income Old Tax Regime


    Income Range Value (₹) Standard Extra Net Taxable
    Deduction Deductions* Income
    ₹ 0 - 2.5 Lakhs ₹240,000 ₹50,000 ₹0 ₹190,000
    ₹ 2.5 - 3 Lakhs ₹270,000 ₹50,000 ₹0 ₹220,000
    ₹ 3 - 5 Lakhs ₹480,000 ₹50,000 ₹0 ₹430,000
    ₹ 5 - 6 Lakhs ₹580,000 ₹50,000 ₹50,000 ₹480,000
    ₹ 6 - 7 Lakhs ₹650,000 ₹50,000 ₹50,000 ₹550,000
    ₹ 7 - ₹ 9 Lakhs ₹850,000 ₹50,000 ₹200,000 ₹600,000
    ₹ 9 - 10 Lakhs ₹1,000,000 ₹50,000 ₹200,000 ₹750,000
    ₹ 10 - 12 Lakhs ₹1,050,000 ₹50,000 ₹250,000 ₹750,000
    ₹ 12 - 15 Lakhs ₹1,400,000 ₹50,000 ₹300,000 ₹1,050,000
    > ₹ 15 Lakhs ₹1,550,000 ₹50,000 ₹350,000 ₹1,150,000

    # Tax Calculations are without Surcharge and Cess

    *Extra Deductions
    HRA Exemption
    Loss from House Property
    Deductions Under Sec 80C
    Deductions Under Sec 80D
    Other Deductions
    Calculator By - AssetYogi

    Remarks

    If Net Taxable
    Income < ₹ 7
    If Net Taxable
    Lakhs
    Income > ₹ 7
    If Net Taxable
    Lakhs
    Income < ₹ 7
    If Net Taxable
    Lakhs
    Income > ₹ 7
    Lakhs

    e New Tax Regime (2023)


    Tax @ Old Standard Net Taxable Tax @ New Better
    Slabs # Deduction Income Slabs #
    ₹0 ₹50,000 ₹190,000 ₹0 Both
    ₹0 ₹50,000 ₹220,000 ₹0 Both
    ₹0 ₹50,000 ₹430,000 ₹0 Both
    ₹0 ₹50,000 ₹530,000 ₹0 Both
    ₹22,500 ₹50,000 ₹600,000 ₹0 New Regime
    ₹32,500 ₹50,000 ₹800,000 ₹35,000 Old Regime
    ₹62,500 ₹50,000 ₹950,000 ₹52,500 New Regime
    ₹37,500 ₹50,000 ₹1,000,000 ₹60,000 Old Regime
    ₹127,500 ₹50,000 ₹1,350,000 ₹120,000 New Regime
    ₹157,500 ₹50,000 ₹1,500,000 ₹150,000 New Regime

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