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    Only Fill Yellow Cells: Workings

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    vikrammoolchandani
    This document shows an individual's annual income, various tax deductions and exemptions, taxable income under the old tax rates, and a calculation of taxes owed under the new proposed tax rates. The new tax rates result in lower total taxes owed of Rs. 78,000 compared to Rs. 83,282 under the old rates, a savings of Rs. 5,282.

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    Only Fill Yellow Cells: Workings

    Uploaded by

    vikrammoolchandani
    17 views2 pages
    This document shows an individual's annual income, various tax deductions and exemptions, taxable income under the old tax rates, and a calculation of taxes owed under the new proposed tax rates. The new tax rates result in lower total taxes owed of Rs. 78,000 compared to Rs. 83,282 under the old rates, a savings of Rs. 5,282.

    Original Title

    New-Vs-Old-Tax-Slab-Calculator-2020-2021

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    This document shows an individual's annual income, various tax deductions and exemptions, taxable income under the old tax rates, and a calculation of taxes owed under the new proposed tax rates. The new tax rates result in lower total taxes owed of Rs. 78,000 compared to Rs. 83,282 under the old rates, a savings of Rs. 5,282.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    17 views2 pages

    Only Fill Yellow Cells: Workings

    Uploaded by

    vikrammoolchandani
    This document shows an individual's annual income, various tax deductions and exemptions, taxable income under the old tax rates, and a calculation of taxes owed under the new proposed tax rates. The new tax rates result in lower total taxes owed of Rs. 78,000 compared to Rs. 83,282 under the old rates, a savings of Rs. 5,282.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
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    Only Fill Yellow Cells W

    Annual Income (Rs) 1,000,000 Slab (Lower) Slab (Upper) Old Rates
    Standard Deduction 52,500 - 250,000 0%
    Section 80C 41,330 250,000 500,000 5%
    HRA 65,160 500,000 750,000 20%
    Home Loan Interest Payment - 750,000 1,000,000 20%
    Health Insurance 3,117 1,000,000 1,250,000 30%
    Other Exemptions 1 - 1,250,000 1,500,000 30%
    Other Exemptions 2 - 1,500,000 - 30%
    Other Exemptions 3 - - - -
    Other Exemptions 4 - - - -
    Total Exemption 162,107

    Taxable Income (Old) 837,893

    Results / Summary

    # Sensitivity: Internal Restricted


    Workings
    New Rates Slab Amount (Old) Tax (Old) Slab Amount (New) Tax (New)
    0% 250,000 - 250,000 -
    5% 250,000 12,500 250,000 12,500
    10% 250,000 50,000 250,000 25,000
    15% 87,893 17,579 250,000 37,500
    20% - - - -
    25% - - - -
    30% - - - -
    - Total 80,079 - 75,000
    - Cess 3,203 - 3,000
    Total Taxes 83,282 - 78,000

    Summary New Tax Slab results in Lower Taxes


    mmary Difference - 5,282
    You Are Better
    Off With? New Tax Slabs

    # Sensitivity: Internal Restricted

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