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New regime doub

B.R.Vinod kumar (Accounts Manager) (275 Points)

05 March 2024

Hi,

one of my staff salary is 8.5lakhs
as per new regime 7lakhs is exempt is applicable or not. and any standard deduction is applicable in new regime.

please share the details.

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14 Replies

RAJA P M ("Do the Right Thing...!!!") (127187 Points)
Replied 05 March 2024

Yes, Standard Deduction Rs 50k is available.

CA Rashmi Gandhi (Chartered Accountant) (86275 Points)
Replied 05 March 2024

Standard Deduction available of Rs 50000 and hence net taxable income will be 8 lakh and no other deduction will be available And tax liability of Rs. 35000+ ec+ interest

B.R.Vinod kumar (Accounts Manager) (275 Points)
Replied 06 March 2024

Hi, Rashmi madam, thanks for your reply. I read the
rules in clear tax, it mention the slap.

1) 0 - 3lakhs - Nil.
2) 3 - 6 lakhs - 5% 87 rebate applicable.
3) 6 - 7.5 - 10 % 87 rebate applicable.
4) 7.5 - 9lakhs - 10%.

I calculated up to 7lakhs no tax balance 50000 on standard deduction, taxable is 50000 on 10% is 5000+ 4% cess is applied.
can u tell me this is right?

sabyasachi mukherjee (26120 Points)
Replied 06 March 2024

Post computation

RAJA P M ("Do the Right Thing...!!!") (127187 Points)
Replied 06 March 2024

Originally posted by : sabyasachi mukherjee
	Post computation

Stupid Sabyasachi Mukherjee

B.R.Vinod kumar (Accounts Manager) (275 Points)
Replied 06 March 2024

Can you please update any one plz

CA Rashmi Gandhi (Chartered Accountant) (86275 Points)
Replied 06 March 2024

No it is not correct There is rebate of 25000/- in case your income is below 7lakh. So till 7 it is tax free but if the limit crossed then tax will be

0 on first 3 lakhs
15, 000 on next 3 lakhs
20, 000 on next 2 lakhs

So your total tax will be 35000+ec + interest

1 Like

RAJA P M ("Do the Right Thing...!!!") (127187 Points)
Replied 06 March 2024

Originally posted by : B.R.Vinod kumar
	Can you please update any one plz

Sir,

The Tax Liability is 35k + Cess as per Ms CA Rashmi Gandhi.

1 Like

B.R.Vinod kumar (Accounts Manager) (275 Points)
Replied 06 March 2024

Thanks

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86275 Points)
Replied 06 March 2024

Welcome 🙂🙂

Yasaswi Gomes new (Finance ) (4484 Points)
Replied 06 March 2024

35k+cess1400=36.4k is your total tax liability.

Anyones salary below 5lakhs is eligible for a rebate. Rebate is either 2000 or 100% charge on its tax liability which ever is less.

Upto 7 lakhs you will receive a tax relief (25k) but not in your case

RAJA P M ("Do the Right Thing...!!!") (127187 Points)
Replied 06 March 2024

Originally posted by : Yasaswi Gomes new
	35k+cess1400=36.4k is your total tax liability. Anyones salary below 5lakhs is eligible for a rebate. Rebate is either 2000 or 100% charge on its tax liability which ever is less. Upto 7 lakhs you will receive a tax relief (25k) but not in your case