FOR SENIOR CITIZEN

Tax planning 222 views 2 replies

INCOME TAX PRACTITIONER

1329 Points Joined August 2012

For sen.citizen if tax calculated for Rs.1028240/- under new regime for f.year 2022-23,

upto 500000 means 10000/- or 12500/- need to add?

calculation as under

upto 500000- 12500/-

5-7.5 L 25000/-

7.5 -10 37500/-

10-12 5648/-

total 80648/- or (12500-2000=10000) 78648/-

Replies (2)

SEO Sai Gr. Hosp.

197720 Points Joined July 2016

For Sr. Ctz., up to Rs. 5 lakhs... Tax will be Rs. 12,500/- (new Tax regime)

Total tax payable = 80648 + 3226 (cess) = 83,874/-

Under old tax regime same will be 1,23,211/-

Savings of Rs. 39,337/- under new regime.

Chartered Accountant

86500 Points Joined April 2011

Tax is of 80648 as in new regime basic exemption limit is 2.5 lakhs instead of 3 lakhs

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