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/-
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.
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
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