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Old Vs New Tax Regime calculator
Should you stay in the old tax regime or switch to the new tax regime? Use the Old Vs New Tax Regime calculator to find out.
| Tax Slab | ||||
|---|---|---|---|---|
| Old Regime | New Regime | |||
| Upto 2.5 Lakhs | 0 | Upto 3 Lakhs | 0 | |
| 2.5 Lakhs upto 5 Lakhs | 5% | 3 Lakhs upto 6 Lakhs | 5% | |
| 5 Lakhs upto 10 Lakhs | 20% | 6 Lakhs upto 9 Lakhs | 10% | |
| Above 10 Lakhs | 30% | 9 Lakhs upto 12 Lakhs | 15% | |
| 12 Lakhs upto 15 Lakhs | 20% | |||
| 15 Lakhs and above | 30% | |||
| Exemptions | ||
|---|---|---|
| Section | Products included for exemptions | Limit |
| 80C | Employee's share of PF contribution | Rs. 1,50,000 |
| Voluntary Provident Fund | ||
| Public Provident Fund | ||
| Children's Tuition Fees | ||
| National Savings Certificate | ||
| 5 Year Fixed Deposit | ||
| Senior Citizen Savings Scheme | ||
| Unit Linked Investment Plan | ||
| Sukanya Samriddhi Scheme | ||
| Life Insurance Premium Payment | ||
| Annuity Plans | ||
| 80CCD1 | Employee’s contribution to NPS account (maximum up to Rs 1,50,000) | |
| 80CCD(2) | Employer’s contribution to NPS account | Max 10% of Basic |
| 80CCD 1B | Employees additional contribution to NPS | Rs.50,000 |
| 80TTA(1) | Interest Income from Savings account | Rs.10,000 |
| 80E | Interest on education loan | Full Interest |
| 80EE | Interest on home loan for first time home owners | Rs.50,000 |
| 80GG | For rent paid when HRA is not received from employer | Not Applicable |
| 80D | Medical Insurance – Self, spouse, children Medical Insurance – Parents more than 60 years old or (from FY 2015-16) uninsured parents more than 80 years old |
– Rs. 25,000 – Rs. 50,000 |
| 24 | Home Loan Interest | Rs.2,00,000 |
| 80G | Donations towards Social causes | varies from 50 % to 100% |
Disclaimer: You clearly understand that the purpose of the calculator is to clarify the tax calculated between old and the new tax regime.You are adviced to consult your tax consultant / Chartered Account. While, every care has been taken in preparing the Training Materials and the Documentation to ensure accuracy at the time of publication and creation, however, the Licensor assumes no responsibility for any errors, which may arise The training material is supplied for your private information and education only. You are strictly prohibited from altering, copying or commercially distributing the same.