Sec.115BAC-‘Calculation of Tax’ in case of ‘Salaried Person’

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ParticularsSalary Rs. 10 LakhsSalary Rs. 10 LakhsSalary Rs. 20 LakhsSalary Rs. 20 Lakhs
 New RegimeOld RegimeNew RegimeOld Regime
Basic Salary (50% of Gross Salary)5.00.0005,00,00010,00,00010,00,000
Add : Allowances    
Other Allowances2,00,0002,00,0004,00,0004,00,000
HRA2,00,0002,00,0004,00,0004,00,000
Leave Travel Concession (LTA)1,00,0001,00,0002,00,0002,00,000
Gross Salary (A)10,00,00010,00,00020,00,00020,00,000
Less : Deductions    
HRA (monthly Rent is Rs.25,000)-2,00,000-2,00,000
LTA (Rs.80,000 is Exempt from Tax)-80,000-80,000
Standard Deduction-50,000-50,000
Taxable Salary (B)10,00,0006,70,00020,00,00016,70,000
Less : Loss under the head House Property-2,00,000-2,00,000
Gross Total Income10,00,0004,70,00020,00,00014,70,000
Less : Deduction under Chapter VI-A(C)    
Section 80C1,00,000 1,00,000
Section 80CCD(1B)50,000 50,000
Section 80CCD(2)50,00050,00050,00050,000
Section 80D50,000 50,000
Taxable Income (D) = (B-C)9,50,0002,20,00019,50,00012,20,000
Income Tax67,5003,22,5001,78,500
Add : Surcharge
Add : Education Cess2,70012,9007,140
Total Tax Liability (E)70,2003,35,4001,85,640
Net Tax Savings / Loss -70,200 -1,49,760

Impact of New Scheme of Section 115BAC on ‘Salaried Person’

ParticularsSalary Rs. 10 LakhsSalary Rs. 10 Lakhs
 New RegimeOld Regime
Basic Salary (50% of Gross Salary)5.00.0005,00,000
Add : Allowances  
Other Allowances2,00,0002,00,000
HRA2,00,0002,00,000
Leave Travel Concession (LTA)1,00,0001,00,000
Gross Salary (A)10,00,00010,00,000
Less : Deductions  
HRA (monthly Rent is Rs.25,000)-2,00,000
LTA (Rs.80,000 is Exempt from Tax)-80,000
Standard Deduction-50,000
Taxable Salary (B)10,00,0006,70,000
Less : Loss under the head House Property-2,00,000
Gross Total Income10,00,0004,70,000
Less : Deduction under Chapter VI-A(C)  
Section 80C1,00,000
Section 80CCD(1B)50,000
Section 80CCD(2)50,00050,000
Section 80D50,000
Taxable Income (D) = (B-C)9,50,0002,20,000
Income Tax67,500
Add : Surcharge
Add : Education Cess2,700
Total Tax Liability (E)70,200
Net Tax Savings / Loss -70,200

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