Recovery of tax

The income tax for a salaried person with a gross annual salary of Rs. 8 lakhs under the new regime after the post Budget would be Rs. 35,000 ¹. Here's the calculation: - *Up to Rs. 3 lakhs*: No tax - *Rs. 3 lakhs to Rs. 7 lakhs*: 5% of Rs. 4 lakhs = Rs. 20,000 - *Rs. 7 lakhs to Rs. 8 lakhs*: 10% of Rs. 1 lakh = Rs. 10,000 - *Total income tax*: Rs. 20,000 + Rs. 10,000 + Rs. 5,000 (cess) = Rs. 35,000 Note that these calculations are based on the new tax regime announced in Budget 2024 ².