Set to a ₹15 lakh salary. Add your own income and deductions.
On a ₹15 lakh salary the new regime tax is ₹97,500 including cess. The taxable income is ₹14.25 lakh after the ₹75,000 standard deduction: nil up to ₹4 lakh, ₹20,000 on the next ₹4 lakh, ₹40,000 on the next ₹4 lakh and ₹33,750 on the last ₹2.25 lakh, plus 4% cess.
On a ₹15 lakh salary the new regime tax is ₹97,500 including cess. The taxable income is ₹14.25 lakh after the ₹75,000 standard deduction: nil up to ₹4 lakh, ₹20,000 on the next ₹4 lakh, ₹40,000 on the next ₹4 lakh and ₹33,750 on the last ₹2.25 lakh, plus 4% cess.
In the old regime the same salary pays ₹2,57,400 with no deductions and about ₹1,87,200 with ₹2.25 lakh of deductions. You would need roughly ₹5.45 lakh of old-regime deductions for the two to break even.
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About ₹8,125 a month in the new regime.
Only if HRA, 80C, 80D, home loan interest and other deductions together come to roughly ₹5.45 lakh or more. Enter yours to check.
Yes, up to 14% of basic pay. It lowers the taxable income in both regimes.
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