‘Calculation of Tax’ in case of ‘Salaried Person’ under new Regime of Section 115BAC
| Particulars | Salary Rs. 10 Lakhs | Salary Rs. 10 Lakhs | Salary Rs. 20 Lakhs | Salary Rs. 20 Lakhs |
| New Regime | Old Regime | New Regime | Old Regime | |
| Basic Salary (50% of Gross Salary) | 5.00.000 | 5,00,000 | 10,00,000 | 10,00,000 |
| Add : Allowances | ||||
| Other Allowances | 2,00,000 | 2,00,000 | 4,00,000 | 4,00,000 |
| HRA | 2,00,000 | 2,00,000 | 4,00,000 | 4,00,000 |
| Leave Travel Concession (LTA) | 1,00,000 | 1,00,000 | 2,00,000 | 2,00,000 |
| Gross Salary (A) | 10,00,000 | 10,00,000 | 20,00,000 | 20,00,000 |
| 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) | 10,00,000 | 6,70,000 | 20,00,000 | 16,70,000 |
| Less : Loss under the head House Property | – | -2,00,000 | – | -2,00,000 |
| Gross Total Income | 10,00,000 | 4,70,000 | 20,00,000 | 14,70,000 |
| Less : Deduction under Chapter VI-A(C) | ||||
| Section 80C | – | 1,00,000 | 1,00,000 | |
| Section 80CCD(1B) | – | 50,000 | 50,000 | |
| Section 80CCD(2) | 50,000 | 50,000 | 50,000 | 50,000 |
| Section 80D | – | 50,000 | 50,000 | |
| Taxable Income (D) = (B-C) | 9,50,000 | 2,20,000 | 19,50,000 | 12,20,000 |
| Income Tax | 67,500 | – | 3,22,500 | 1,78,500 |
| Add : Surcharge | – | – | – | – |
| Add : Education Cess | 2,700 | – | 12,900 | 7,140 |
| Total Tax Liability (E) | 70,200 | – | 3,35,400 | 1,85,640 |
| Net Tax Savings / Loss | -70,200 | -1,49,760 |
Impact of New Scheme of Section 115BAC on ‘Salaried Person’
| Particulars | Salary Rs. 10 Lakhs | Salary Rs. 10 Lakhs |
| New Regime | Old Regime | |
| Basic Salary (50% of Gross Salary) | 5.00.000 | 5,00,000 |
| Add : Allowances | ||
| Other Allowances | 2,00,000 | 2,00,000 |
| HRA | 2,00,000 | 2,00,000 |
| Leave Travel Concession (LTA) | 1,00,000 | 1,00,000 |
| Gross Salary (A) | 10,00,000 | 10,00,000 |
| 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) | 10,00,000 | 6,70,000 |
| Less : Loss under the head House Property | – | -2,00,000 |
| Gross Total Income | 10,00,000 | 4,70,000 |
| Less : Deduction under Chapter VI-A(C) | ||
| Section 80C | – | 1,00,000 |
| Section 80CCD(1B) | – | 50,000 |
| Section 80CCD(2) | 50,000 | 50,000 |
| Section 80D | – | 50,000 |
| Taxable Income (D) = (B-C) | 9,50,000 | 2,20,000 |
| Income Tax | 67,500 | – |
| Add : Surcharge | – | – |
| Add : Education Cess | 2,700 | – |
| Total Tax Liability (E) | 70,200 | – |
| Net Tax Savings / Loss in New Tax Regime | -70,200 |
