Akshay Poriya
((artical assistant))
(313 Points)
Replied 29 March 2020
Tax payable under old regime as under:
basic salary-35,00,000
+hra-1,80,000(15,000*12)(no deduction allowed as per rent is not more than 10% of salary, so, hra is full taxable)
=36,80,000
-standard deduction 50,000
gross total income=36,30,000
-deduction u/s80c=1,50,000
total taxable income=34,80,000
basic tax= 8,56,500(12,500+1,00,000+7,44,000)
health& education cess=34260
tax payable=890760
tax payable under new regime
salary-35,00,000
+hra-180,000
gross total income=36,80,000
total taxable income=36,80,000
basic tax=841500(12,500+25000+37500+50,000+62500+654000)
+health&education cess-33660
tax payable =875160
so, as per comparison
tax payable old regime:890760
tax payable new regime:875160
so, it is advisable to select new regime for tax payment for reducing extra tax payment of 15600 in compare to old regime