New Tax Regime vs Old Tax Regime|Income Tax Calculation between 5 Lakh to 12 Lakh.(With Calculation)

Published: 28 January 2024
on channel: Accounting & Gst Insights
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New Tax Regime vs Old Tax Regime FY-2023- 2024|Which is better for For Salaried Employees? (With Calculation)

Income Tax Calculation between 5 Lakh to 12 Lakh.

New Tax Regime vs Old Tax Regime, Which is better base on your income and investment.

In this video we will see New Tax Regime vs Old Tax Regime which is better (Old Tax Regime vs New Tax Regime) with income tax slab rates FY 2023-24. We will see the income tax calculation process with the help income tax calculator with examples of base your income and investment.

New Tax Regime Slab Rates for FY 2023-24 are as follows:
Rs. 0 to Rs. 3 Lakh Income = 0% Tax
Rs. 3 Lakh to Rs. 6 Lakh Income = 5% Tax
Rs. 6 Lakh to Rs. 9 Lakh Income = 10% Tax
Rs. 9 Lakh to Rs. 12 Lakh Income = 15% Tax
Rs. 12 Lakh to Rs. 15 Lakh Income = 20%
Tax Rs. 15 Lakh and above Income = 30% Tax

Old Tax Regime Slab Rates for FY 2023-24 are as follows:
Rs. 0 to Rs. 2.5 Lakh Income = 0% Tax
Rs. 2.5 Lakh to Rs. 5 Lakh Income = 5% Tax
Rs. 5 Lakh to Rs. 10 Lakh Income = 20% Tax
Rs. 10 Lakh and above Income = 30% Tax

New vs Old Tax Regime Intro
-Income Tax Slab Rates FY 2023-24 & AY-2024-25
-Deductions Allowed to Save Income Tax
-Old Tax Regime vs New Tax Regime Calculation
-Income Tax on Rs. 12 Lakh Income with new regime & with old regime
-Summary of Old Tax Regime & New Tax Regime Calculations
-Using Tax Rebate u/s 87A for ZERO Tax
-New Tax Regime vs Old Tax Regime Conclusion


Tax rebate 87A limit for taxable income in old tax regime is Rs. 5 lakh and with new tax regime the limit is Rs. 7 lakh up to which no income tax need to be paid.

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Download excel sheet Link: -
https://docs.google.com/spreadsheets/...


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