Set to a ₹13 lakh salary. Add your own income and deductions.
A ₹13 lakh salary leaves ₹12.25 lakh of taxable income after the ₹75,000 standard deduction, just above the ₹12 lakh rebate limit. The slab tax would be ₹63,750, but marginal relief caps the tax at the income above ₹12 lakh, ₹25,000, so you pay ₹26,000 with cess.
A ₹13 lakh salary leaves ₹12.25 lakh of taxable income after the ₹75,000 standard deduction, just above the ₹12 lakh rebate limit. The slab tax would be ₹63,750, but marginal relief caps the tax at the income above ₹12 lakh, ₹25,000, so you pay ₹26,000 with cess.
Marginal relief fades out quickly: it stops mattering at about ₹12.7 lakh of taxable income, a ₹13.45 lakh salary. The old regime charges ₹1,95,000 with only the standard deduction and ₹1,24,800 with ₹2.25 lakh of deductions, so the new regime is far lower here.
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When taxable income goes a little over ₹12 lakh, the tax is limited to the amount above ₹12 lakh, so earning ₹1 more never costs more than ₹1 of tax.
About ₹2,167 a month in the new regime.
Yes, if it brings taxable income down to ₹12 lakh. An employer NPS contribution of ₹25,000 or more, within 14% of basic pay, does that in the new regime.
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