Tax

1. NEW TAX SCHEME VS EXISTING
SCHEME
WEF 01 APR 23
AS PER BUDGET ANNOUNCEMENT
ON 01 FEB 23
By
Lt Col S Vikas Bali

2. PARTICULARS TAX IN EXISTING
REGIME
TAX IN NEW REGIME
GROSS SALARY 15,000,00 15,000,00
STANDARD DEUDCTION -50,000 -50,000
INCOME UNDER HEAD
SALARY
14,50,000 14,50,000
CHAPTER VIA DEDUCTIONS -1,50,000 -
NPS/80CCD -50,000 -
HOUSING LOAN INTEREST
/SECTION 24
-2,000,00 -
MEDICLAIM 25,000 -
INCOME UNDER HEAD
SALARY
10,25,000 14,50,000
INCOME TAX 1,22,500 1,40,000
CESS @4% 4900 5,600
TOTAL TAX 1,27,400 1,45,600
BENEFICIAL : OLD
By Lt Col S Vikas Bali

3. PARTICULARS TAX IN EXISTING
REGIME
TAX IN NEW REGIME
GROSS SALARY 20,000,00 20,000,00
STANDARD DEUDCTION -50,000 -50,000
INCOME UNDER HEAD
SALARY
19,50,000 19,50,000
CHAPTER VIA DEDUCTIONS -1,50,000 -
NPS/80CCD -50,000 -
HOUSING LOAN INTEREST
/SECTION 24
-2,000,00 -
MEDICLAIM -25,000 -
INCOME UNDER HEAD
SALARY
15,25,000 19,50,000
INCOME TAX 2,72,500 2,85,000
CESS @4% 10900 11,400
TOTAL TAX 2,83,400 2,96,400
BENEFICIAL : OLD
By Lt Col S Vikas Bali

4. PARTICULARS TAX IN EXISTING
REGIME
TAX IN NEW REGIME
GROSS SALARY 25,000,00 25,000,00
STANDARD DEUDCTION -50,000 -50,000
INCOME UNDER HEAD
SALARY
24,50,000 24,50,000
CHAPTER VIA DEDUCTIONS -1,50,000 -
NPS/80CCD -50,000 -
HOUSING LOAN INTEREST
/SECTION 24
-2,000,00 -
MEDICLAIM -25,000 -
INCOME UNDER HEAD
SALARY
20,25,000 24,50,000
INCOME TAX 4,22,500 4,35,000
CESS @4% 16,900 17,400
TOTAL TAX 4,39,400 4,52, 400
BENEFICIAL : OLD
By Lt Col S Vikas Bali

5. PARTICULARS TAX IN EXISTING
REGIME
TAX IN NEW REGIME
GROSS SALARY 30,000,00 30,000,00
STANDARD DEUDCTION -50,000 -50,000
INCOME UNDER HEAD
SALARY
29,50,000 29,50,000
CHAPTER VIA DEDUCTIONS -1,50,000 -
NPS/80CCD -50,000 -
HOUSING LOAN INTEREST
/SECTION 24
-2,000,00 -
MEDICLAIM -25,000 -
INCOME UNDER HEAD
SALARY
25,25,000 29,50,000
INCOME TAX 5,72,500 5,85,000
CESS @4% 22,900 23,400
TOTAL TAX 5,95,400 6,08,400
BENEFICIAL : OLD
By Lt Col S Vikas Bali

6. PARTICULARS TAX IN EXISTING
REGIME
TAX IN NEW REGIME
GROSS SALARY 35,000,00 35,000,00
STANDARD DEUDCTION -50,000 -50,000
INCOME UNDER HEAD
SALARY
34,50,000 34,50,000
CHAPTER VIA DEDUCTIONS -1,50,000 -
NPS/80CCD -50,000 -
HOUSING LOAN INTEREST
/SECTION 24
-2,000,00 -
MEDICLAIM -25,000 -
INCOME UNDER HEAD
SALARY
30,25,000 34,50,000
INCOME TAX 7,22,500 7,35,000
CESS @4% 28,900 29,400
TOTAL TAX 7,51,400 7,64,400
BENEFICIAL : OLD
By Lt Col S Vikas Bali

7. • BUT NEW TAX REGIME DOESN’T GIVE ANY
DEDUCTION LIKE FOLLOWING :
– LTC
– HRA
– HOME LOAN U/S 24
– CHILDREN SCHOOL FEE
– FD ALLOWANCES
– OUTFIT/UNIFORM ALLCE
SOMETHING WHICH YOU
MUST NOT FORGET ….
 If you don’t have housing loan or even NPS,
New Scheme is beneficial.
 Roughly on a LTC claim(177 A/B/C) of Rs 1
Lakh, Rs 30000 tax will be deducted. So cater
for same in your calculations.

8. • DSOP/AFPP/PPF FINAL PAYMENT/
WITHDRAWAL.
• SUKANYA SAMRIDHI SCHEME FINAL
PAYMENT INCL INTEREST.
• MATURITY OF LIFE INSURANCE POLICY.
• WITHDRAWAL/MATURITY NPS.
• COMMUTATION OF PENSION.
• GRATUITY.
EXEMPTION FROM TAX :
NEW TAX SCHEME

9. DISCLAIMER….
 This is just a referal slides for guidelines for we fauzi
to understand.
 Exact figures may vary a bit as per your
savings/investment.
 Don’t forget to activate or choose old scheme on
PCDA website(Whenever PCDA updates the site)
 If you don’t choose any option, you will be migrated
to new scheme automatically