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Hey Everyone,
I am doing a part time MBA program and for one of the coursework I am trying to understand the challenges people faced while transitioning from WFH to Back to office model.
I've created a small questionnaire and will really appreciate if you can spare 10 minutes of your time for the same.
https://forms.gle/88RvEWMhGdbRN2ob9
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For 15 lakhs, tax is Rs 187500/-.
Beyond that, for every rupee, 30% tax.
This is new regime, and excluding Health & Education Cess.
NB:- No investment deductions allowed under new regime.
Well.. I'm afraid that wouldn't be possible. If you wanna claim such deductions, then you cannot pay tax under new slabs. You will have to pay tax under old regime.
Under old regime, for 20lpa,
you get 50000 standard deduction;
Some 60000 as HRA deduction (conditions apply);
Under 20000 as TA deduction etc.
Then you can also claim mediclaim, LIC premium and like deductions.. (there are some)
However, under old slab, tax for 15 lakhs would be Rs. 262500/- 🙁
And then 30% for every rupee above that.
So I would advise you to opt for new regime now, in case you don't have any tax exempt investments.
And then, at the time of filing your returns, calculate tax under both scheme. And file under the one which is most beneficial for you.