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Comparison between New / Old Tax Regime Part 2

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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

Comparison between New / Old Tax Regime Part 1

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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:-                                                                  The Union Budget 2020 introduced a new personal tax regime for individual taxpayers. However, the option for such concessional tax regime requires the taxpayer to forego certain specified deductions. These deductions include standard deduction of Rs 50,000, deduction under section 80C of Rs 1.50 lakh and interest on self-occupied property of Rs 2 lakh which are availed by most taxpayers. As a result, the concessional tax regime may not always be beneficial.  Let’s see more about this new tax regime:- First of all let me specify here that, choosing of new/old tax regime may depend upon different situations, consideration of various tax points and varied from taxpayer-to-taxpayer.            Investor who may not wa