The Union Budget 2020 introduced a new personal income tax regime for individual taxpayers. However, the option for this concessional tax regime came with a cost, it required the taxpayer to forego certain specified deductions. These include standard deduction of Rs 50,000, deduction under section 80C of Rs 1.50 lakh and interest on self-occupied property of Rs 2 lakh, deductions which are availed by most taxpayers. As a result, the concessional tax regime may not always be beneficial. To aimed, Compare Old and New Tax Regiem side by side This Calculator Developed in Public Interest.
There are two column for New and Old Tax regime. Fill your Income and deductions on each side as per instruction.
For Old Tax regiem select your Age Group ( <60, 60-80, >80)
For Salary Input: In New Tax Regiem fill Gross Salary Income: Basic+HRA+Sp.Allow+LTA+Other
In Old Tax Regiem fill Gross Salary Income: (Basic+HRA+Sp.Allow+LTA) Less (Exmp.HRA+AllowableLTA+50000 Std.Ded)
In between There are 4 common Input fields like Business Income, Other Interest etc...
You change any value in any field Calculation will display automatically at Top and Bottom of the table. Also there is "Calculate & Compare TAX" Button at bottom.
You can print comparsion by click Print button.