Showing posts with the label calculate tax

Comparison between New / Old Tax Regime Part 2

My Dear readers, followers, taxpayers & clients,   Welcome to my blog. Get yourself update with changes in tax structures.  Comparison between new income tax scheme & old tax scheme Part 2 :-         Welcome to Part 2 of Comparison between New / Old Tax Regime. In previous blog we saw the overall information about both new and old tax regimes. I hope, you got the idea from previous blog about these tax regimes.                                                                                                                       In this blog let’s see how the calculations done in these tax regimes. comparison between new and old tax regime by taking some cases:- Case 1) Assuming no tax deductions or exemption are claimed in the existing personal tax regime , the individual (income from business & prof.) with gross income of Rs 7.5 lakh would save tax of Rs 26,000 if he/she opts for the new personal tax regime. At Rs 10 lakh, the individual would save Rs