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Old vs New vs Newer:
Stick To Old System Only If You Manage To Save A Major parts Of Your Pay
CHOICE BETWEEN DEDUCTIONS AND LOWER RATES
Income tax softwares by experts
If you take all deductions allowed under the old regime... as shown in the below
Interest on home Loan. 2 lakh
Investment under 80C 1.5 lakh
Investment in NPS under 80CCD 50,000
Mediclaim under 80D, including parents 50,000
LTA. . 75000
Standard Deduction. 50,000
ఈ విధంగా మీ డిడక్షన్స్ ఉన్నట్లయితే చెల్లించాల్సిన tax క్రింది table లో చూపడం జరిగినది.
| INCOME @ | DeductioN @ | HRA @ | TAXABLE INCOME (₹) | TAX UNDER OLD SYSTEM (₹) | TAX UNDER NEW SYSTEM (₹) |
|---|---|---|---|---|---|
| 12.75 lakh | 5.75 lakh | 3.82 lakh | 3.18 lakh | 3375 | NIL |
| 13 lakh | 5.75 lakh | 3.9 lakh | 3.35 lak | 4250 | 75,000 |
| 15 lakh | 5.75 lakh | 4.5 lakh | 4.75 lakh | 11250 | 1.05 lakh |
| 20 lakh | 5.75 lakh | 6 lakh | 8.25 lakh | 77500 | 2 lakh |
| 24 lakh | 5.75 lakh | 7.2 lakh | 11.05 lakh | 1.44 lakh | 3 lakh |
కావున మీరు మీ పే శాలరీ లో ఎక్కువ భాగాన్ని సేవ్ చేయగలిగితే మాత్రమే పాత సిస్టమ్కు కట్టుబడి ఉండండి
కావున 1) లక్షల్లో tax కట్టడము
లేదా
2) సేవింగ్స్ చేయడం ,హెల్త్ పాలసీలు తీసుకోవడం, 🏡 లోన్ తీసుకోవడం ద్వారా మన డబ్బులు మనకు ఉపయోగపడే విధంగా చూసుకోవడం
So friends decide which option you want to choose and plan immediately for the next financial year
The new tax regime pro posed in Budget-with a tax rebate of Rs 60,000 on income up to Rs 12 lakh (and Rs 12.75 lakh for salaried people)-leaves the old tax regime, with three slabs of 5%, 20%, an 30%, with little appeal, even with all the deductions against investments in tax savings scheme from gross income.
The finance ministry has long endeavoured to delink savings schemes from tax liability so that taxpayers can make an Independent and informed choice, solely to maximise their benefits.
For income up to Rs 12 lakh (Rs 12.75 lakh for salaried peo ple), new tax regime is better than the old even if one is avail ing maximum possible deduc tions of Rs 5,75,000 and 30% of salary as house rent allow ance (see chart). However, it is purely theoretical for some one earning Rs 12.75 lakh to Invest in tax savings schemes.avail HRA (Rs 3,82,500), and standard deduction. chalking it up to Rs 9,57,000.
However, as the tax incidences under the new scheme up sharply after the Rs 12 lakh level, the decision to pay tax under the old regime would make sense only if the taxpayer invests Rs 5.25 lakh in tax saving schemes.
Even if the taxpayer with income of Rs 13.75 lakh does not avail of HRA, his tax liabil ity at Rs 57,500 under old sys tem will be lower than the out-go of Rs 75,000 under the new regime Same is true for in-come up to Rs 15.75 lakh, where the tax liability without HRA in the old system will be lower than the new regime but the rider of Rs 5.25 lakh invest-ment in savings schemes holds. Even with HRA, old re gime would be a better choice.
The picture changes at in comes of Rs 20 lakh (Rs 20.75 lakh for salaried) where new tax regime will be beneficial over the old. Setting HRA aside, a taxpayer's liability on income of Rs 20 lakh will be Rs 2,40,000 under old system even after investing Rs 5.25 lakh in savings scheme, against Rs 2 lakh in the new system, where no deductions are allowed.
At the income level of Rs 24 lakh also, the taxpayer will save Rs 60,000 under the new regime Under the old system, his tax liability after investing the maximum possible of Rs 5.25 lakh in savings schemes will be Rs 3.60 lakh as against Rs 3 lakh in the old scheme.
Above the income of Rs 15,75.000, if a taxpayer is claim ing HRA of more than Rs 3 lakh, he should opt for old tax system provided he invests Rs5.25 lakh in savings schemes.
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