‘Calculation of Tax’ under new Tax Regime [Section 115BAC]

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‘Calculation of Tax’ in case of ‘Salaried Person’ under new Regime of Section 115BAC

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 80C1,00,0001,00,000
Section 80CCD(1B)50,00050,000
Section 80CCD(2)50,00050,00050,00050,000
Section 80D50,00050,000
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 in New Tax Regime -70,200

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