New tax regime vs old tax regime; find out which income bracket gains the most after Budget 2024 changes
1/5
Tax impact
Pick the case study nearest to your annual income to determine the Budget impact, according to a Times of India news report.
2/5
Annual income: Rs 7 lakh
Assumptions: Investments under section 80C is Rs 1.5 lakh
Income tax under:
Old tax regime: Rs 0
Post Budget new tax regime: Rs 0
Gain: Rs 0 -- No change
Income tax under:
Old tax regime: Rs 0
Post Budget new tax regime: Rs 0
Gain: Rs 0 -- No change
3/5
Annual income: Rs 20 lakh
Assumptions: Purchased an apartment, deduction of home loan interest is Rs 2 lakh, investments under section 80C is Rs 1.5 lakh, medical insurance premium is Rs 25,000.
Income tax under:
Old tax regime: Rs 2,96,400
Post Budget new tax regime: Rs 2,78, 200
Gain: Rs 18,200 -- 6.1% less tax under new tax regime
Income tax under:
Old tax regime: Rs 2,96,400
Post Budget new tax regime: Rs 2,78, 200
Gain: Rs 18,200 -- 6.1% less tax under new tax regime
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4/5
Annual income: Rs 40 lakh, family pension from wife Rs 10 lakh
Assumptions: Purchased an apartment, deduction of home loan interest is Rs 2 lakh, investments under section 80C is Rs 1.5 lakh, medical insurance premium is Rs 25,000.
Income tax under:
Old tax regime: Rs 12,48,800
Post Budget new tax regime: Rs 12,29,800
Gain: Rs 18,200 -- 1.5% less tax under new tax regime
Income tax under:
Old tax regime: Rs 12,48,800
Post Budget new tax regime: Rs 12,29,800
Gain: Rs 18,200 -- 1.5% less tax under new tax regime
5/5
Annual income: Rs 2.5 crore
Assumptions: Purchased an apartment, deduction of home loan interest is Rs 2 lakh, investments under section 80C is Rs 1.5 lakh, medical insurance premium is Rs 25,000.
Income tax under:
Old tax regime: Rs 86,11,200
Post Budget new tax regime: Rs 93,47,000
Loss: Rs 7,35,800 -- 8.5% more tax under new tax regime
Income tax under:
Old tax regime: Rs 86,11,200
Post Budget new tax regime: Rs 93,47,000
Loss: Rs 7,35,800 -- 8.5% more tax under new tax regime