Decide Old Vs New Tax Regime – easily by reading this!
Many of us are often perplexed as to which tax regime we must adhere to. There are two sorts of schemes in India (Old Vs New Tax Regime). Each scheme has its own set of advantages. However, it is our responsibility to determine which scheme is best for us. That is why we have included some real-life scenarios to assist you in making better decisions. Here is our article, in which we have presented you with some helpful ideas. We have covered for
- Individual who is a salaried employee and
- having any income from other sources.
Incomes Covered:
- Salary Income from multiple Employer.
- Dividend Income.
- Lottery, Gambling, crossword puzzles horse races, card games and betting in any form income.
- Income from subletting etc.
Scenario Old Scheme New Scheme Salary Rs. 1250000 Rs. 1250000 Deduction u/s 80C Rs. 45000 – Deduction u/s 80D (proof must be submitted to the employer) Rs. 22500 – Tax payable to the government Rs. 173940 Every month TDS deducted by the Employer as per section 192 Rs 14495) Rs. 130000. Including HEC (Every month TDS will be deducted by the Employer as per section 192 Rs 10830)
