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: If taxable income of person is Rs.15,00,000 after claiming deduction of Rs.1,50,000 under 80C; tax liability will be Rs.217500 plus cess under old regime for AY 23-24 and 24-25. However, under new regime before Budget 2023 tax liability was Rs.1,87,500 (for AY 23-24) after proposal of Budget 2023 as per new slab rate tax liability will be Rs.1,50,000.