Ready Reckoner – Comparison of Income Tax for F.Y. 2020-21 under Existing & New Regime i.r.o. Normal, Senior & Super Senior Citizen

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Ready Reckoner – Comparison of Income Tax for F.Y. 2020-21 under Existing & New Regime i.r.o. Normal, Senior & Super Senior Citizen

Ready Reckoner - Comparison of Income Tax for F.Y. 2020-21 under Existing & New Regime calculated on Annual income starting from Rs.5 Lakh increas

Deduction of Income Tax for the FY 2021-22: Form No. 12BB Statement showing particulars of claims for deduction
Processing of returns with refund claims under section 143(1) of the Income-tax Act beyond the prescribed time limits in non-scrutiny cases
Reduction in rate of tax deduction at source (TDS) for the period from 14.05.2020 to 31.03.2021: OM Dtd. 05 Nov 2020

Ready Reckoner – Comparison of Income Tax for F.Y. 2020-21 under Existing & New Regime calculated on Annual income starting from Rs.5 Lakh increasing by Rs.50,000 upto Rs.10 Lakh  i.r.o. Below 60 Years (Normal Citizen), Between 60 Years to 79 Years (Senior Citizen) and Above 79 Years (Super Senior Citizen).  Three different tables in this regard are appended below. View: New Tax Regime केन्‍द्रीय बजट 2020-2021: नई वैकल्पिक आयकर व्‍यवस्‍था – कर योग्य आय का स्लैब – नई कर दरें  Hope this will be beneficial to plan the savings in current financial year and understanding to choose the option of Income Tax regime.  View  List of benefits available to Salaried Persons

ready-reckoner-comparison-of-income-tax-under-existing-new-regime-1

The official Income Tax calculator to compare tax under existing & new regime is available now.  At the end of this article the link of PDF of Ready reckoner of comparison of Income Tax for F.Y. 2020-21 under Existing & New Regime upto Rs. 30 Lakh Annual income i.r.o. Normal Citizen, Senior Citizen and Super Senior Citizen and the link of official calculator are provided.

 

Ready Reckoner – Comparison of Income Tax for F.Y. 2020-21 under Existing & New Regime

Age

Below 60 Years (Normal Citizen)

Estimated Annual Income (Not applicable for any Income with special rates) Less Exemptions/ Deductions (Deductions and Exemptions eligible as per Old regime) Compare Tax for F.Y. 2020-21 under Existing & New Regime
Tax Payable as per Old Regime Tax Payable as per New Regime Tax Benefit as per new Regime
 ₹ 5,00,000  ₹ Nil  ₹ Nil  ₹ Nil  ₹ Nil
 ₹ 5,50,000  ₹ Nil  ₹ 23,400  ₹ 18,200  ₹ 5,200
 ₹ 5,50,000  ₹ 50,000  ₹ Nil  ₹ 18,200  ₹ (-)18,200
 ₹ 6,00,000  ₹ Nil  ₹ 33,800  ₹ 23,400  ₹ 10,400
 ₹ 6,00,000  ₹ 50,000  ₹ 23,400  ₹ 23,400  ₹ Nil
 ₹ 6,00,000  ₹ 1,00,000  ₹ Nil  ₹ 23,400  ₹ (-)23,400
 ₹ 6,50,000  ₹ Nil  ₹ 44,200  ₹ 28,600  ₹ 15,600
 ₹ 6,50,000  ₹ 50,000  ₹ 33,800  ₹ 28,600  ₹ 5,200
 ₹ 6,50,000  ₹ 1,00,000  ₹ 23,400  ₹ 28,600  ₹ (-)5,200
 ₹ 6,50,000  ₹ 1,50,000  ₹ Nil  ₹ 28,600  ₹ (-)28,600
 ₹ 7,00,000  ₹ Nil  ₹ 54,600  ₹ 33,800  ₹ 20,800
 ₹ 7,00,000  ₹ 50,000  ₹ 44,200  ₹ 33,800  ₹ 10,400
 ₹ 7,00,000  ₹ 1,00,000  ₹ 33,800  ₹ 33,800  ₹ Nil
 ₹ 7,00,000  ₹ 1,50,000  ₹ 23,400  ₹ 33,800  ₹ (-)10,400
 ₹ 7,00,000  ₹ 2,00,000  ₹ Nil  ₹ 33,800  ₹ (-)33,800
 ₹ 7,50,000  ₹ Nil  ₹ 65,000  ₹ 39,000  ₹ 26,000
 ₹ 7,50,000  ₹ 50,000  ₹ 54,600  ₹ 39,000  ₹ 15,600
 ₹ 7,50,000  ₹ 1,00,000  ₹ 44,200  ₹ 39,000  ₹ 5,200
 ₹ 7,50,000  ₹ 1,50,000  ₹ 33,800  ₹ 39,000  ₹ (-)5,200
 ₹ 7,50,000  ₹ 2,00,000  ₹ 23,400  ₹ 39,000  ₹ (-)15,600
 ₹ 7,50,000  ₹ 2,50,000  ₹ Nil  ₹ 39,000  ₹ (-)39,000
 ₹ 8,00,000  ₹ Nil  ₹ 75,400  ₹ 46,800  ₹ 28,600
 ₹ 8,00,000  ₹ 50,000  ₹ 65,000  ₹ 46,800  ₹ 18,200
 ₹ 8,00,000  ₹ 1,00,000  ₹ 54,600  ₹ 46,800  ₹ 7,800
 ₹ 8,00,000  ₹ 1,50,000  ₹ 44,200  ₹ 46,800  ₹ (-)2,600
 ₹ 8,00,000  ₹ 2,00,000  ₹ 33,800  ₹ 46,800  ₹ (-)13,000
 ₹ 8,00,000  ₹ 2,50,000  ₹ 23,400  ₹ 46,800  ₹ (-)23,400
 ₹ 8,00,000  ₹ 3,00,000  ₹ Nil  ₹ 46,800  ₹ (-)46,800
 ₹ 8,50,000  ₹ Nil  ₹ 85,800  ₹ 54,600  ₹ 31,200
 ₹ 8,50,000  ₹ 50,000  ₹ 75,400  ₹ 54,600  ₹ 20,800
 ₹ 8,50,000  ₹ 1,00,000  ₹ 65,000  ₹ 54,600  ₹ 10,400
 ₹ 8,50,000  ₹ 1,50,000  ₹ 54,600  ₹ 54,600  ₹ Nil
 ₹ 8,50,000  ₹ 2,00,000  ₹ 44,200  ₹ 54,600  ₹ (-)10,400
 ₹ 8,50,000  ₹ 2,50,000  ₹ 33,800  ₹ 54,600  ₹ (-)20,800
 ₹ 8,50,000  ₹ 3,00,000  ₹ 23,400  ₹ 54,600  ₹ (-)31,200
 ₹ 8,50,000  ₹ 3,50,000  ₹ Nil  ₹ 54,600  ₹ (-)54,600
 ₹ 9,00,000  ₹ Nil  ₹ 96,200  ₹ 62,400  ₹ 33,800
 ₹ 9,00,000  ₹ 50,000  ₹ 85,800  ₹ 62,400  ₹ 23,400
 ₹ 9,00,000  ₹ 1,00,000  ₹ 75,400  ₹ 62,400  ₹ 13,000
 ₹ 9,00,000  ₹ 1,50,000  ₹ 65,000  ₹ 62,400  ₹ 2,600
 ₹ 9,00,000  ₹ 2,00,000  ₹ 54,600  ₹ 62,400  ₹ (-)7,800
 ₹ 9,00,000  ₹ 2,50,000  ₹ 44,200  ₹ 62,400  ₹ (-)18,200
 ₹ 9,00,000  ₹ 3,00,000  ₹ 33,800  ₹ 62,400  ₹ (-)28,600
 ₹ 9,00,000  ₹ 3,50,000  ₹ 23,400  ₹ 62,400  ₹ (-)39,000
 ₹ 9,50,000  ₹ Nil  ₹ 1,06,600  ₹ 70,200  ₹ 36,400
 ₹ 9,50,000  ₹ 50,000  ₹ 96,200  ₹ 70,200  ₹ 26,000
 ₹ 9,50,000  ₹ 1,00,000  ₹ 85,800  ₹ 70,200  ₹ 15,600
 ₹ 9,50,000  ₹ 1,50,000  ₹ 75,400  ₹ 70,200  ₹ 5,200
 ₹ 9,50,000  ₹ 2,00,000  ₹ 65,000  ₹ 70,200  ₹ (-)5,200
 ₹ 9,50,000  ₹ 2,50,000  ₹ 54,600  ₹ 70,200  ₹ (-)15,600
 ₹ 9,50,000  ₹ 3,00,000  ₹ 44,200  ₹ 70,200  ₹ (-)26,000
 ₹ 9,50,000  ₹ 3,50,000  ₹ 33,800  ₹ 70,200  ₹ (-)36,400
 ₹ 10,00,000  ₹ Nil  ₹ 1,17,000  ₹ 78,000  ₹ 39,000
 ₹ 10,00,000  ₹ 50,000  ₹ 1,06,600  ₹ 78,000  ₹ 28,600
 ₹ 10,00,000  ₹ 1,00,000  ₹ 96,200  ₹ 78,000  ₹ 18,200
 ₹ 10,00,000  ₹ 1,50,000  ₹ 85,800  ₹ 78,000  ₹ 7,800
 ₹ 10,00,000  ₹ 2,00,000  ₹ 75,400  ₹ 78,000  ₹ (-)2,600
 ₹ 10,00,000  ₹ 2,50,000  ₹ 65,000  ₹ 78,000  ₹ (-)13,000
 ₹ 10,00,000  ₹ 3,00,000  ₹ 54,600  ₹ 78,000  ₹ (-)23,400
 ₹ 10,00,000  ₹ 3,50,000  ₹ 44,200  ₹ 78,000  ₹ (-)33,800

 

 

Age

Between 60 Years to 79 Years (Senior Citizen)

Estimated Annual Income (Not applicable for any Income with special rates) Less Exemptions/ Deductions (Deductions and Exemptions eligible as per Old regime) Compare Tax for F.Y. 2020-21 under Existing & New Regime
Tax Payable as per Old Regime Tax Payable as per New Regime Tax Benefit as per new Regime
 ₹ 5,00,000  ₹ Nil  ₹ Nil  ₹ Nil  ₹ Nil
 ₹ 5,50,000  ₹ Nil  ₹ 20,800  ₹ 18,200  ₹ 2,600
 ₹ 5,50,000  ₹ 50,000  ₹ Nil  ₹ 18,200  ₹ (-)18,200
 ₹ 6,00,000  ₹ Nil  ₹ 31,200  ₹ 23,400  ₹ 7,800
 ₹ 6,00,000  ₹ 50,000  ₹ 20,800  ₹ 23,400  ₹ (-)2,600
 ₹ 6,00,000  ₹ 1,00,000  ₹ Nil  ₹ 23,400  ₹ (-)23,400
 ₹ 6,50,000  ₹ Nil  ₹ 41,600  ₹ 28,600  ₹ 13,000
 ₹ 6,50,000  ₹ 50,000  ₹ 31,200  ₹ 28,600  ₹ 2,600
 ₹ 6,50,000  ₹ 1,00,000  ₹ 20,800  ₹ 28,600  ₹ (-)7,800
 ₹ 6,50,000  ₹ 1,50,000  ₹ Nil  ₹ 28,600  ₹ (-)28,600
 ₹ 7,00,000  ₹ Nil  ₹ 52,000  ₹ 33,800  ₹ 18,200
 ₹ 7,00,000  ₹ 50,000  ₹ 41,600  ₹ 33,800  ₹ 7,800
 ₹ 7,00,000  ₹ 1,00,000  ₹ 31,200  ₹ 33,800  ₹ (-)2,600
 ₹ 7,00,000  ₹ 1,50,000  ₹ 20,800  ₹ 33,800  ₹ (-)13,000
 ₹ 7,00,000  ₹ 2,00,000  ₹ Nil  ₹ 33,800  ₹ (-)33,800
 ₹ 7,50,000  ₹ Nil  ₹ 62,400  ₹ 39,000  ₹ 23,400
 ₹ 7,50,000  ₹ 50,000  ₹ 52,000  ₹ 39,000  ₹ 13,000
 ₹ 7,50,000  ₹ 1,00,000  ₹ 41,600  ₹ 39,000  ₹ 2,600
 ₹ 7,50,000  ₹ 1,50,000  ₹ 31,200  ₹ 39,000  ₹ (-)7,800
 ₹ 7,50,000  ₹ 2,00,000  ₹ 20,800  ₹ 39,000  ₹ (-)18,200
 ₹ 7,50,000  ₹ 2,50,000  ₹ Nil  ₹ 39,000  ₹ (-)39,000
 ₹ 8,00,000  ₹ Nil  ₹ 72,800  ₹ 46,800  ₹ 26,000
 ₹ 8,00,000  ₹ 50,000  ₹ 62,400  ₹ 46,800  ₹ 15,600
 ₹ 8,00,000  ₹ 1,00,000  ₹ 52,000  ₹ 46,800  ₹ 5,200
 ₹ 8,00,000  ₹ 1,50,000  ₹ 41,600  ₹ 46,800  ₹ (-)5,200
 ₹ 8,00,000  ₹ 2,00,000  ₹ 31,200  ₹ 46,800  ₹ (-)15,600
 ₹ 8,00,000  ₹ 2,50,000  ₹ 20,800  ₹ 46,800  ₹ (-)26,000
 ₹ 8,00,000  ₹ 3,00,000  ₹ Nil  ₹ 46,800  ₹ (-)46,800
 ₹ 8,50,000  ₹ Nil  ₹ 83,200  ₹ 54,600  ₹ 28,600
 ₹ 8,50,000  ₹ 50,000  ₹ 72,800  ₹ 54,600  ₹ 18,200
 ₹ 8,50,000  ₹ 1,00,000  ₹ 62,400  ₹ 54,600  ₹ 7,800
 ₹ 8,50,000  ₹ 1,50,000  ₹ 52,000  ₹ 54,600  ₹ (-)2,600
 ₹ 8,50,000  ₹ 2,00,000  ₹ 41,600  ₹ 54,600  ₹ (-)13,000
 ₹ 8,50,000  ₹ 2,50,000  ₹ 31,200  ₹ 54,600  ₹ (-)23,400
 ₹ 8,50,000  ₹ 3,00,000  ₹ 20,800  ₹ 54,600  ₹ (-)33,800
 ₹ 8,50,000  ₹ 3,50,000  ₹ Nil  ₹ 54,600  ₹ (-)54,600
 ₹ 9,00,000  ₹ Nil  ₹ 93,600  ₹ 62,400  ₹ 31,200
 ₹ 9,00,000  ₹ 50,000  ₹ 83,200  ₹ 62,400  ₹ 20,800
 ₹ 9,00,000  ₹ 1,00,000  ₹ 72,800  ₹ 62,400  ₹ 10,400
 ₹ 9,00,000  ₹ 1,50,000  ₹ 62,400  ₹ 62,400  ₹ Nil
 ₹ 9,00,000  ₹ 2,00,000  ₹ 52,000  ₹ 62,400  ₹ (-)10,400
 ₹ 9,00,000  ₹ 2,50,000  ₹ 41,600  ₹ 62,400  ₹ (-)20,800
 ₹ 9,00,000  ₹ 3,00,000  ₹ 31,200  ₹ 62,400  ₹ (-)31,200
 ₹ 9,00,000  ₹ 3,50,000  ₹ 20,800  ₹ 62,400  ₹ (-)41,600
 ₹ 9,50,000  ₹ Nil  ₹ 1,04,000  ₹ 70,200  ₹ 33,800
 ₹ 9,50,000  ₹ 50,000  ₹ 93,600  ₹ 70,200  ₹ 23,400
 ₹ 9,50,000  ₹ 1,00,000  ₹ 83,200  ₹ 70,200  ₹ 13,000
 ₹ 9,50,000  ₹ 1,50,000  ₹ 72,800  ₹ 70,200  ₹ 2,600
 ₹ 9,50,000  ₹ 2,00,000  ₹ 62,400  ₹ 70,200  ₹ (-)7,800
 ₹ 9,50,000  ₹ 2,50,000  ₹ 52,000  ₹ 70,200  ₹ (-)18,200
 ₹ 9,50,000  ₹ 3,00,000  ₹ 41,600  ₹ 70,200  ₹ (-)28,600
 ₹ 9,50,000  ₹ 3,50,000  ₹ 31,200  ₹ 70,200  ₹ (-)39,000
 ₹ 10,00,000  ₹ Nil  ₹ 1,14,400  ₹ 78,000  ₹ 36,400
 ₹ 10,00,000  ₹ 50,000  ₹ 1,04,000  ₹ 78,000  ₹ 26,000
 ₹ 10,00,000  ₹ 1,00,000  ₹ 93,600  ₹ 78,000  ₹ 15,600
 ₹ 10,00,000  ₹ 1,50,000  ₹ 83,200  ₹ 78,000  ₹ 5,200
 ₹ 10,00,000  ₹ 2,00,000  ₹ 72,800  ₹ 78,000  ₹ (-)5,200
 ₹ 10,00,000  ₹ 2,50,000  ₹ 62,400  ₹ 78,000  ₹ (-)15,600
 ₹ 10,00,000  ₹ 3,00,000  ₹ 52,000  ₹ 78,000  ₹ (-)26,000
 ₹ 10,00,000  ₹ 3,50,000  ₹ 41,600  ₹ 78,000  ₹ (-)36,400

 

 

Age

Above 79 Years (Super Senior Citizen)

Estimated Annual Income (Not applicable for any Income with special rates) Less Exemptions/ Deductions (Deductions and Exemptions eligible as per Old regime) Compare Tax for F.Y. 2020-21 under Existing & New Regime
Tax Payable as per Old Regime Tax Payable as per New Regime Tax Benefit as per new Regime
 ₹ 5,00,000  ₹ Nil  ₹ Nil  ₹ Nil  ₹ Nil
 ₹ 5,50,000  ₹ Nil  ₹ 10,400  ₹ 18,200  ₹ (-)7,800
 ₹ 5,50,000  ₹ 50,000  ₹ Nil  ₹ 18,200  ₹ (-)18,200
 ₹ 6,00,000  ₹ Nil  ₹ 20,800  ₹ 23,400  ₹ (-)2,600
 ₹ 6,00,000  ₹ 50,000  ₹ 10,400  ₹ 23,400  ₹ (-)13,000
 ₹ 6,00,000  ₹ 1,00,000  ₹ Nil  ₹ 23,400  ₹ (-)23,400
 ₹ 6,50,000  ₹ Nil  ₹ 31,200  ₹ 28,600  ₹ 2,600
 ₹ 6,50,000  ₹ 50,000  ₹ 20,800  ₹ 28,600  ₹ (-)7,800
 ₹ 6,50,000  ₹ 1,00,000  ₹ 10,400  ₹ 28,600  ₹ (-)18,200
 ₹ 6,50,000  ₹ 1,50,000  ₹ Nil  ₹ 28,600  ₹ (-)28,600
 ₹ 7,00,000  ₹ Nil  ₹ 41,600  ₹ 33,800  ₹ 7,800
 ₹ 7,00,000  ₹ 50,000  ₹ 31,200  ₹ 33,800  ₹ (-)2,600
 ₹ 7,00,000  ₹ 1,00,000  ₹ 20,800  ₹ 33,800  ₹ (-)13,000
 ₹ 7,00,000  ₹ 1,50,000  ₹ 10,400  ₹ 33,800  ₹ (-)23,400
 ₹ 7,00,000  ₹ 2,00,000  ₹ Nil  ₹ 33,800  ₹ (-)33,800
 ₹ 7,50,000  ₹ Nil  ₹ 52,000  ₹ 39,000  ₹ 13,000
 ₹ 7,50,000  ₹ 50,000  ₹ 41,600  ₹ 39,000  ₹ 2,600
 ₹ 7,50,000  ₹ 1,00,000  ₹ 31,200  ₹ 39,000  ₹ (-)7,800
 ₹ 7,50,000  ₹ 1,50,000  ₹ 20,800  ₹ 39,000  ₹ (-)18,200
 ₹ 7,50,000  ₹ 2,00,000  ₹ 10,400  ₹ 39,000  ₹ (-)28,600
 ₹ 7,50,000  ₹ 2,50,000  ₹ Nil  ₹ 39,000  ₹ (-)39,000
 ₹ 8,00,000  ₹ Nil  ₹ 62,400  ₹ 46,800  ₹ 15,600
 ₹ 8,00,000  ₹ 50,000  ₹ 52,000  ₹ 46,800  ₹ 5,200
 ₹ 8,00,000  ₹ 1,00,000  ₹ 41,600  ₹ 46,800  ₹ (-)5,200
 ₹ 8,00,000  ₹ 1,50,000  ₹ 31,200  ₹ 46,800  ₹ (-)15,600
 ₹ 8,00,000  ₹ 2,00,000  ₹ 20,800  ₹ 46,800  ₹ (-)26,000
 ₹ 8,00,000  ₹ 2,50,000  ₹ 10,400  ₹ 46,800  ₹ (-)36,400
 ₹ 8,00,000  ₹ 3,00,000  ₹ Nil  ₹ 46,800  ₹ (-)46,800
 ₹ 8,50,000  ₹ Nil  ₹ 72,800  ₹ 54,600  ₹ 18,200
 ₹ 8,50,000  ₹ 50,000  ₹ 62,400  ₹ 54,600  ₹ 7,800
 ₹ 8,50,000  ₹ 1,00,000  ₹ 52,000  ₹ 54,600  ₹ (-)2,600
 ₹ 8,50,000  ₹ 1,50,000  ₹ 41,600  ₹ 54,600  ₹ (-)13,000
 ₹ 8,50,000  ₹ 2,00,000  ₹ 31,200  ₹ 54,600  ₹ (-)23,400
 ₹ 8,50,000  ₹ 2,50,000  ₹ 20,800  ₹ 54,600  ₹ (-)33,800
 ₹ 8,50,000  ₹ 3,00,000  ₹ 10,400  ₹ 54,600  ₹ (-)44,200
 ₹ 8,50,000  ₹ 3,50,000  ₹ Nil  ₹ 54,600  ₹ (-)54,600
 ₹ 9,00,000  ₹ Nil  ₹ 83,200  ₹ 62,400  ₹ 20,800
 ₹ 9,00,000  ₹ 50,000  ₹ 72,800  ₹ 62,400  ₹ 10,400
 ₹ 9,00,000  ₹ 1,00,000  ₹ 62,400  ₹ 62,400  ₹ Nil
 ₹ 9,00,000  ₹ 1,50,000  ₹ 52,000  ₹ 62,400  ₹ (-)10,400
 ₹ 9,00,000  ₹ 2,00,000  ₹ 41,600  ₹ 62,400  ₹ (-)20,800
 ₹ 9,00,000  ₹ 2,50,000  ₹ 31,200  ₹ 62,400  ₹ (-)31,200
 ₹ 9,00,000  ₹ 3,00,000  ₹ 20,800  ₹ 62,400  ₹ (-)41,600
 ₹ 9,00,000  ₹ 3,50,000  ₹ 10,400  ₹ 62,400  ₹ (-)52,000
 ₹ 9,50,000  ₹ Nil  ₹ 93,600  ₹ 70,200  ₹ 23,400
 ₹ 9,50,000  ₹ 50,000  ₹ 83,200  ₹ 70,200  ₹ 13,000
 ₹ 9,50,000  ₹ 1,00,000  ₹ 72,800  ₹ 70,200  ₹ 2,600
 ₹ 9,50,000  ₹ 1,50,000  ₹ 62,400  ₹ 70,200  ₹ (-)7,800
 ₹ 9,50,000  ₹ 2,00,000  ₹ 52,000  ₹ 70,200  ₹ (-)18,200
 ₹ 9,50,000  ₹ 2,50,000  ₹ 41,600  ₹ 70,200  ₹ (-)28,600
 ₹ 9,50,000  ₹ 3,00,000  ₹ 31,200  ₹ 70,200  ₹ (-)39,000
 ₹ 9,50,000  ₹ 3,50,000  ₹ 20,800  ₹ 70,200  ₹ (-)49,400
 ₹ 10,00,000  ₹ Nil  ₹ 1,04,000  ₹ 78,000  ₹ 26,000
 ₹ 10,00,000  ₹ 50,000  ₹ 93,600  ₹ 78,000  ₹ 15,600
 ₹ 10,00,000  ₹ 1,00,000  ₹ 83,200  ₹ 78,000  ₹ 5,200
 ₹ 10,00,000  ₹ 1,50,000  ₹ 72,800  ₹ 78,000  ₹ (-)5,200
 ₹ 10,00,000  ₹ 2,00,000  ₹ 62,400  ₹ 78,000  ₹ (-)15,600
 ₹ 10,00,000  ₹ 2,50,000  ₹ 52,000  ₹ 78,000  ₹ (-)26,000
 ₹ 10,00,000  ₹ 3,00,000  ₹ 41,600  ₹ 78,000  ₹ (-)36,400
 ₹ 10,00,000  ₹ 3,50,000  ₹ 31,200  ₹ 78,000  ₹ (-)46,800

Note:

This Comparison is only meant to provide a basic idea of the estimated impact of the new Income Tax provisions. Refer to the Income Tax Provisions for the actual provisions and eligibility.

All tax calculations (includes cess) are excluding Surcharge & Total Eligible Exemptions / Deductions are assumed to be Zero in New Regime

View/Download Ready Reckoner – Comparison of Income Tax under Existing and New Regime (PDF)

Please visit Official Calculator available at Income Tax of India Website

https://www.incometaxindiaefiling.gov.in/Tax_Calculator/index.html?lang=eng

Income Tax Rates is available at Budget 2020- Income Tax Relief for Individuals.  Please feel free to comment to improve the article.

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