I'm a contract employee of Corporate company. My CTC is 15.5 Lakh. Please give me details of I.Tax of Old and New regime.
Ans: Even if Person avail major tax benefits (Deduction of housing loan repayment of 2 lacs, Life insurance premium/Tax saver MF 1.5 lacs , Mediclaim 20k) and earn salary income of Rs15,50,000, new tax regime will be beneficial and standard deduction is available. For salary of 15,50,000, tax liability under old regime will be 151500 plus applicable cess and under new regime 150000 plus applicable cess.