Active Stocks
Thu Mar 28 2024 13:49:19
  1. Tata Steel share price
  2. 155.60 1.80%
  1. HDFC Bank share price
  2. 1,454.40 0.95%
  1. Power Grid Corporation Of India share price
  2. 277.00 2.20%
  1. ITC share price
  2. 430.30 0.54%
  1. State Bank Of India share price
  2. 754.80 2.83%
Business News/ Money / Personal Finance/  How much tax do you pay on your income?
BackBack

How much tax do you pay on your income?

Calculation of tax payable under the new and old regimes for two income levels- ₹10 lakh and ₹65 lakh-shows that you will have more post-tax income if you opt for the old regimes

Photo:,iStockPremium
Photo:,iStock

Not many taxpayers will benefit by switching to the new regime announced by the finance minister despite the fact that the new tax slab rates are lower are lower than the earlier ones for most people. Calculation of tax payable under the new and old regimes for two income levels- 10 lakh and 65 lakh-shows that you will have more post-tax income if you opt for the old regimes. This is primarily because, under the new regime, you can't avail of most deductions and exemptions, including standard deduction and the 1.5 lakh deduction under the Section 80C basket.

Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App