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How much tax do you pay on your income?

03-Feb-2020

Not many taxpayers will benefit by switching to the new regime announced by the finance minister despite the fact that the new tax slab rates are lower are lower than the earlier ones for most people. Calculation of tax payable under the new and old regimes for two income levels- 10 lakh and 65 lakh-shows that you will have more post-tax income if you opt for the old regimes. This is primarily because, under the new regime, you can’t avail of most deductions and exemptions, including standard deduction and the 1.5 lakh deduction under the Section 80C basket.

How much tax do you pay on your income

 

Source : Live Mint

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