INCOME TAX CHART

New Delhi, Feb 1 (PTI) Tax payers with annual income of up to Rs 7 lakh will save Rs 33,800 in taxes after Finance Minister increased the rebate under the new income tax regime.
     However, the old tax regime that comes with exemptions on certain investments and expenditures will remain attractive for tax payers who pay house rent or have a home loan.
     According to Deloitte India, Partner, Neeru Ahuja inidividuals who get house rent allowance (HRA) from their employer and pay rent for their accomodation are likely to pay lower tax under the old tax regime.
    In addition to HRA deductions, individuals can also claim deduction on interest on their home loan under old tax regime if the distance between the two accomodation is more than 40 kilometers, she said.
     As per EY, after all possible deductions--HRA exemption, standard deduction, Professional tax, Section 80C, Section 80CCD(1B) and Section 80D , available under old tax regime, an individual (upto 60 years) will have have to pay tax as per following chart:
    Gross Income-                         Rs 7,00,000
    Tax Payable:
    As per current Concessional tax regime         Rs 33,800
    As per proposed Concessional tax regime    Nil
    As per old tax regime                     Rs 22,901
    
     Gross Income-                         Rs 10,00,000
    Tax Payable:
    As per current Concessional tax regime         Rs 78,000
    As per proposed Concessional tax regime    Rs 54,600
    As per old tax regime                     Rs 31,221
         
    Gross Income-                         Rs 20,00,000
    Tax Payable:
    As per current Concessional tax regime         Rs 3,51,000
    As per proposed Concessional tax regime    Rs 2,96,400    
    As per old tax regime                     Rs 2,88,371
    
     Gross Income-                         Rs 35,00,000
    Tax Payable:
    As per current Concessional tax regime         Rs 8,19,000
    As per proposed Concessional tax regime    Rs 7,64,000    
    As per old tax regime                     Rs 7,26,211
    
     Gross Income-                         Rs 55,00,000
    Tax Payable:
    As per current Concessional tax regime         Rs 15,87,300
    As per proposed Concessional tax regime    Rs 15,27,240     
    As per old tax regime                     Rs 15,69,316
    
     For Senior Citizen between age of 60-80 years:
    
    Gross Income-                         Rs 7,00,000
    Tax Payable:
    As per current Concessional tax regime         Rs 33,800
    As per proposed Concessional tax regime        NIL
    As per old tax regime                     Rs 20,301
    
    Gross Income-                         Rs 10,00,000
    Tax Payable:
    As per current Concessional tax regime         Rs 78,000
    As per proposed Concessional tax regime    Rs 54,600
    As per old tax regime                     Rs 28,621
    
    Gross Income-                         Rs 20,00,000
    Tax Payable:
    As per current Concessional tax regime         Rs 3,51,000
    As per proposed Concessional tax regime    Rs 2,96,400
    As per old tax regime                     Rs 2,77,971
    
    Gross Income-                         Rs 35,00,000
    Tax Payable:
    As per current Concessional tax regime         Rs 8,19,000
    As per proposed Concessional tax regime    Rs 7,64,400
    As per old tax regime                     Rs 7,23,611
    
    Gross Income-                         Rs 55,00,000
    Tax Payable:
    As per current Concessional tax regime         Rs 15,87,300
    As per proposed Concessional tax regime    Rs 15,27,240
    As per old tax regime                     Rs 15,66,456
    
    For Super Senior Citizen (above 80 years):
    
    Gross Income-                         Rs 7,00,000
    Tax Payable:
    As per current Concessional tax regime         Rs 33,800
    As per proposed Concessional tax regime        NIL
    As per old tax regime                     Rs 9,901
    
     Gross Income-                         Rs 10,00,000
    Tax Payable:
    As per current Concessional tax regime         Rs 78,000
    As per proposed Concessional tax regime    Rs     54,600
    As per old tax regime                     Rs     18,221
    
    Gross Income-                         Rs 20,00,000
    Tax Payable:
    As per current Concessional tax regime         Rs 3,51,000
    As per proposed Concessional tax regime    Rs 2,96,400
    As per old tax regime                     Rs 2,77,971
    
     Gross Income-                         Rs 35,00,000
    Tax Payable:
    As per current Concessional tax regime         Rs 8,19,000
    As per proposed Concessional tax regime    Rs 7,64,400
    As per old tax regime                     Rs 7,13,211
    
     Gross Income-                         Rs 55,00,000
    Tax Payable:
    As per current Concessional tax regime         Rs 15,87,300
    As per proposed Concessional tax regime    Rs 15,27,240
    As per old tax regime                     Rs 15,55,016
    
    
    

(This story has not been edited by THE WEEK and is auto-generated from PTI)