Final Up to date on July 26, 2024 at 8:51 am
Finances 2024 has additional lowered the tax burden on these choosing the brand new tax regime. It has been clear for a few years now that the previous tax regime is unlikely to get any additional concessions. Additionally see: Finances 2024 modifies NPS deduction 80CCD(2) just for the New Tax Regime!
Tax payers can use our free device to learn the way a lot tax they should “save” (that’s make investments, spend or borrow in avenues that may scale back taxable earnings) within the previous tax regime to pay decrease than the brand new tax regime: Finances 2024: New Tax Regime vs Outdated Tax Regime Calculator: Test which is healthier.
Here’s a abstract of our findings.
| earnings in Lakhs | After Finances 2024 Your tax deductions (in lakhs) need to be greater than this to make use of the previous regime (incl commonplace deduction if salaried) | Earlier than Finances 2024 |
| 5 | 0 | 0.00 |
| 6 | 1.05 | 1.05 |
| 7 | 2.10 | 2.10 |
| 8 | 2.13 | 1.88 |
| 8.5 | 2.38 | 2.13 |
| 9 | 2.63 | 2.38 |
| 9.5 | 2.88 | 2.50 |
| 10 | 3.13 | 2.63 |
| 10.5 | 3.25 | 2.75 |
| 11.5 | 3.50 | 3.00 |
| 12.5 | 3.63 | 3.13 |
| 14 | 3.75 | 3.42 |
| 14.5 | 3.92 | 3.58 |
| 15.5 | 4.08 | 3.75 |
| 17 | 4.08 | 3.75 |
| 18 | 4.08 | 3.75 |
| 25 | 4.08 | 3.75 |
| 30 | 4.08 | 3.75 |
| 40 | 4.08 | 3.75 |
| 50 | 4.08 | 3.75 |
| 60 | 4.08 | 3.75 |
| 75 | 4.08 | 3.75 |
| 100 | 4.08 | 3.75 |
| 300 | 4.08 | 3.75 |
| 500 | 4.08 | 3.75 |
After Finances 2024 Your tax deductions (in lakhs) need to be greater than this to make use of the previous regime (incl commonplace deduction if salaried)
After price range 2024, from 15 lakhs to 500 lakhs (5 Crores) deductions need to be higher than Rs. 4.08 Lakhs for previous regime to be useful. It was Rs. 3.75 lakhs earlier than the price range.
For instance these with a big wage and subsequently EPF/NPS deductions greater than 1.5 Lakhs a yr, medical health insurance premiums near the utmost allowed (75,000 – 25,000 for self and Rs 50,000 for fogeys) plus a house mortgage curiosity near Rs. two lakhs or a big HRA exemption can go for the previous regime. It’s foolish to put money into a product (eg. NPS) solely to decide on the previous regime.
Use our free device to find out what’s going to be just right for you: Finances 2024: New Tax Regime vs Outdated Tax Regime Calculator: Test which is healthier.
We suggest utilizing the brand new tax regime besides in circumstances the place the previous regime organically results in important advantages.
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