Old Tax Below 60Years
| Total Income | Rate of Tax |
| Upto Rs.2,50,000 | Nil |
| 2,50,001 to 5,00,000 | 5% |
| 5,00,001 to 10,00,000 | 20% |
| Above 10,00,000 | 30% |
Old Tax regime above 60years and below 80years
| Total Income | Rate of Tax |
| Upto Rs.3,00,000 | Nil |
| 3,00,001 to 5,00,000 | 5% |
| 5,00,001 to 10,00,000 | 20% |
| Above 10,00,000 | 30% |
Old Tax regime above 80years
| Total Income | Rate of Tax |
| Upto Rs 5,00,000 | Nil |
| 5,00,001 to 10,00,000 | 20% |
| Above 10,00,000 | 30% |
New tax regime for all age group
| Total Income | Rate of Tax |
| Upto Rs.3,00,000 | Nil |
| 3,00,001 to 6,00,000 | 5% |
| 6,00,001 to 9,00,000 | 10% |
| 9,00,001 to 12,00,000 | 15% |
| 12,00,001 to 15,00,000 | 20% |
| Above 15,00,000 | 30% |
| Claiming of Exemptions or Deductions Allowed or Not | Old Tax Regime | New Tax Regime |
| Standard Deduction of Rs.50,000 for Salaried and Pensioner | Allowed | Allowed |
| Deduction for Professional Tax paid | Allowed | Not Allowed |
| House Rent Allowance Exemption | Allowed | Not Allowed |
| Leave Travel Concession | Allowed | Not Allowed |
| Deduction of Interest on Self Occupied House Property up to 2 Lacs | Allowed | Not Allowed |
| Deduction of Interest on Let Out Property up to 2 Lacs | Allowed | Allowed |
| Deduction for Family Pension Up to Rs. 15000 | Allowed | Allowed |
| Employer's Contribution to NPS | Allowed | Allowed |
| Employee's (own) Contribution to NPS | Allowed | Not Allowed |
| Deduction Under Section 80C to 80U Example: Provident Fund, LIC Premium, Mutual Fund, HL Principal Repayment, Medical Insurance, Donation, Interest on Education Loan, Physically Handicapped Deduction etc. 80 TTA (Interest on Saving Accounts Upto Rs.10,000) 80 TTB (Interest on Savings, FDR, others for senior citizens upto Rs.50,000) | Allowed | Not Allowed |
| Health and Education Cess | Charged | Charged |
| Rebate under Section 87A | 12500 | 25000 Sub. to MR |
| AMT | Applicable | Not Applicable |
| Contributions to Agniveer Corpus Fund | Allowed | Allowed |
Post a Comment