Set to a ₹12 lakh salary. Add your own income and deductions.
A ₹12 lakh salary pays no income tax in the new regime. After the ₹75,000 standard deduction, the taxable income is ₹11.25 lakh, and the rebate for taxable income up to ₹12 lakh cancels the ₹52,500 of slab tax. In fact any salary up to ₹12.75 lakh is tax-free.
A ₹12 lakh salary pays no income tax in the new regime. After the ₹75,000 standard deduction, the taxable income is ₹11.25 lakh, and the rebate for taxable income up to ₹12 lakh cancels the ₹52,500 of slab tax. In fact any salary up to ₹12.75 lakh is tax-free.
In the old regime the same salary pays ₹1,63,800 with no deductions, or about ₹1,01,400 with ₹2.25 lakh of 80C, 80D and NPS. The new regime wins unless you have very large deductions.
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Yes, in the new regime, for a resident individual whose only income is the salary.
It is added to your income. If the taxable total goes over ₹12 lakh, tax applies, with marginal relief so the tax never exceeds the amount above ₹12 lakh.
If you choose the new regime and your projected taxable income stays within ₹12 lakh, there should be no TDS on salary.
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