A reader says, “I perceive that the brand new tax regime is best than the outdated one as a result of it does away with tax-deductible investments or purchases (80C, 80D, house mortgage curiosity, and so on). Nevertheless, I’m used to investing in such devices, and since I’ll proceed to make use of them, is there any technique to discover out the overall tax deductions crucial for utilizing the outdated tax regime?”
The outdated tax regime could not exist sooner or later, or the federal government could make the brand new tax regime extra engaging. Therfore, the brand new tax regime is a horny alternative for individuals who shouldn’t have a big house mortgage curiosity element (plus different deductions).
Our free calculators are one of the best ways to find out which regime fits you.
Previous tax regime vs new tax regime calculator (please let me know if there are any bugs). Credit: The calculator was authored by Vinay Vittal and modified for these with greater than 50L revenue by Balasubrahmanyan. I’ve mixed the 2 in the identical sheet.
Discovering out the overall tax deduction investments or purchases essential to go for the outdated tax regime continues to be attention-grabbing.
Salaried taxpayers:
In case your complete deductions (excluding normal deduction and employer contribution to NPS) are greater than those listed under on your wage stage, then the outdated tax regime is helpful. Whether it is decrease, the brand new tax regime is helpful.
Gross Revenue in Lakhs minus employer contribution to NPS if relevant | Break-even deductions (excluding normal deduction and employer contribution to NPS) in Lakhs |
8 | 1.625 |
8.5 | 1.875 |
9 | 2.125 |
9.5 | 2.375 |
10 | 2.5 |
10.5 | 2.625 |
11.5 | 2.875 |
12.5 | 3.125 |
14 | 3.25 |
14.5 | 3.5 |
15.5 | 3.75 |
17 | 3.75 |
18 | 3.75 |
25 | 3.75 |
Non-salaried taxpayers:
Gross Revenue in Lakhs | Break-even deductions in Lakhs |
7.5 | 1.625 |
8 | 1.875 |
8.5 | 2.125 |
9 | 2.375 |
9.5 | 2.5 |
10 | 2.625 |
10.5 | 2.875 |
11.5 | 3.125 |
12.5 | 3.25 |
14.25 | 3.5 |
14.5 | 3.75 |
15.5 | 3.75 |
17 | 3.75 |
18 | 3.75 |
We suggest younger earners go for the brand new regime. This fashion, there isn’t any want to purchase any tax-saving merchandise.
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