My gross income is 15 lakhs. I invested 1.5 Lakh in tax saving FD. Please give calculation ìn new regime as well as old one for AY 2023-24 as well as for AY 2024-25

Ans: Person having taxable income of 28 lakhs and take deduction less than 4.25 lacs from housing loan/80C/80D, can opt for new tax regime as new slab rate is likely to be beneficial as per budget proposed for FY 2023-24

Ans: Hi
I am assuming that the petrol allowance and medical allowance would not be allowed as deduction by your employer as transport allowance & medical allowance had been done away with the introduction of Standard Deduction. Also, assuming that the home loan interest is on account of self occupied property.

Based on the above assumptions, it may be better to opt for the Old Tax Regime as the tax benefit would amount to about Rs. 23,000

Ans: Based on the information you have provided, you can calculate your tax liability under both the old tax regime and the new tax regime to see which one is more beneficial for you.

Under the old tax regime, you can claim deductions under Section 80C for your home loan principal repayment, ELSS, life insurance premium, tuition fees, and PPF, which amounts to a total deduction of up to INR 1.5 lakh. In addition, you can claim a deduction of up to INR 25,000 for medical insurance premium under Section 80D. Your total deductions would be INR 1.75 lakh, which reduces your taxable income to INR 10.25 lakh.

Your tax liability under the old tax regime would be as follows:

Up to INR 2.5 lakh: Nil
INR 2.5 lakh to INR 5 lakh: 5% of (taxable income - INR 2.5 lakh)
INR 5 lakh to INR 7.5 lakh: INR 12,500 + 10% of (taxable income - INR 5 lakh)
INR 7.5 lakh to INR 10 lakh: INR 37,500 + 15% of (taxable income - INR 7.5 lakh)
INR 10 lakh to INR 12.5 lakh: INR 75,000 + 20% of (taxable income - INR 10 lakh)
Above INR 12.5 lakh: INR 1,25,000 + 30% of (taxable income - INR 12.5 lakh)
Under the new tax regime, you cannot claim the deductions under Section 80C, Section 80D, and other sections. However, you can claim a standard deduction of INR 50,000. Your taxable income would be INR 11.1 lakh.

Your tax liability under the new tax regime would be as follows:

Up to INR 2.5 lakh: Nil
INR 2.5 lakh to INR 5 lakh: 5% of (taxable income - INR 2.5 lakh)
INR 5 lakh to INR 7.5 lakh: INR 12,500 + 10% of (taxable income - INR 5 lakh)
INR 7.5 lakh to INR 10 lakh: INR 37,500 + 15% of (taxable income - INR 7.5 lakh)
INR 10 lakh to INR 12.5 lakh: INR 75,000 + 20% of (taxable income - INR 10 lakh)
Above INR 12.5 lakh: INR 1,25,000 + 30% of (taxable income - INR 12.5 lakh)
Based on the above calculations, it seems like the old tax regime may be more beneficial for you as your taxable income would be lower due to the deductions under Section 80C and Section 80D. However, you should consult a tax expert or a financial advisor to make an informed decision based on your individual circumstances.

Ans: Assuming 18 lacs doesn't include any special rate income, tax liability for FY 24 25 based on proposed amendment (after standard deduction of 50000) will be 215800