What must be my complete tax deductions for utilizing the outdated tax regime?


A reader says, “I perceive that the brand new tax regime is healthier than the outdated one as a result of it does away with tax-deductible investments or purchases (80C, 80D, dwelling mortgage curiosity, and so forth). Nevertheless, I’m used to investing in such devices, and since I’ll proceed to make use of them, is there any solution to discover out the whole tax deductions mandatory for utilizing the outdated tax regime?”

The outdated tax regime could not exist sooner or later, or the federal government could make the brand new tax regime extra engaging. Therfore, the brand new tax regime is a horny selection for many who would not have a big dwelling mortgage curiosity element (plus different deductions).

Our free calculators are one of the best ways to find out which regime fits you.

Outdated tax regime vs new tax regime calculator (please let me know if there are any bugs). Credit: The calculator was authored by Vinay Vittal and modified for these with greater than 50L revenue by Balasubrahmanyan. I’ve mixed the 2 in the identical sheet.

Discovering out the whole tax deduction investments or purchases essential to go for the outdated tax regime continues to be attention-grabbing.

Salaried taxpayers:

In case your complete deductions (excluding customary deduction and employer contribution to NPS) are increased than those listed beneath in your wage stage, then the outdated tax regime is useful. Whether it is decrease, the brand new tax regime is useful.

Gross Earnings in Lakhs minus employer contribution to NPS if relevant Break-even deductions (excluding customary deduction and employer contribution to NPS) in Lakhs
8 1.625
8.5 1.875
9 2.125
9.5 2.375
10 2.5
10.5 2.625
11.5 2.875
12.5 3.125
14 3.25
14.5 3.5
15.5 3.75
17 3.75
18 3.75
25 3.75

Non-salaried taxpayers:

Gross Earnings in Lakhs Break-even deductions in Lakhs
7.5 1.625
8 1.875
8.5 2.125
9 2.375
9.5 2.5
10 2.625
10.5 2.875
11.5 3.125
12.5 3.25
14.25 3.5
14.5 3.75
15.5 3.75
17 3.75
18 3.75

We suggest younger earners go for the brand new regime. This manner, there is no such thing as a want to purchase any tax-saving merchandise.

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