Monday, September 5, 2022
Wednesday, March 30, 2022
Mid day Meal Manager
Mid-day Meal Manager
an easy approach for maintaining monthly Mid-day meal records
Download Link Below
Tuesday, February 15, 2022
Saturday, August 29, 2020
Old vs New Tax Regime
Comparison of 2 Tax Regimes (Old Vs New)
Old Tax Regime
• It
encourages investment in tax saving instruments
• Existing
income tax deductions are allowable
• Standard
deductions and Professional tax are deducted from income
• This tax
regime is more beneficial for income up to Rs.15 Lakh.
New Tax Regime
• It
discourages investments to save tax
• No
existing deductions are allowable
• No
deduction permissible for Standard Deduction & Professional tax
• This tax
regime is more beneficial for income above Rs.15 Lakh.
important highlights of the New Income Tax Regime for F.Y
2020-21
1. Standard Deduction on Salary income
is not allowed anymore;
2. Professional Tax also not allowed
under the new tax regime;
3. Deduction on account of Income from
House Property i.e. interest on the self-occupied house not allowed now;
4. Set off of carried forward losses and
Depreciation are not permitted now;
5. Deductions for any allowance are not
allowed now;
6. Main deductions U/S 80 C, 80 CCC, 80
D, 80E, 80 U, 80 G and etc. are not allowed under the new income tax regime.
Old Tax
Regime for General Taxpayers up to 60 Years of Age
Sl No Tax Slab( Tax
Rate Income Tax
1 Income up
to 2,50,000 0 Nil
2 2,50,00
to 5,00,000 5% Taxable Income X 5%
3 5,00,001
to 10,00,000 20% 12,500 + (TI –5,00,000)
X 20%
4 More than
10,00,000 30% 1,12,500 + (TI –10,00,000) X 30%
All Deductions are allowed under the Old Tax
Regime
New Tax
Regime for General Taxpayers up to 60 Years of Age
Sl No Tax Slab Tax
Rate Income Tax
1 Income up
to 2,50,000 0 Nil
2 2,50,00
to 5,00,000 5% Taxable Income X 5%
3 5,00,001
to 7,50,000 10% 12,500 + (TI –5,00,000)
X 10%
4 7,50,001
to 10,00,000 15% 37,500 + (TI –7,50,000)
X 15%
5 10,00,001
to 12,50,000 20% 75,000 + (TI –10,00,000)
X 20%
6 12,50,001
to 15,00,000 25% 1,25,000 + (TI –12,50,000)
X 25%
7 More than
15,00,000 30% 1,87,500 + (TI –15,00,000)
X 30%
No Deductions are allowed as per New Tax Regime
