Mr. A. has on annual income of Rs 9, 00,000 . He is 50years old. He invests Rs premium of Rs 10, 000 /9000 in pf, pays and pays Rs. 20, 00, 000 for his children’s fees. He also mediclaim policy Calculate his pays Rs 5000 /for 000/taxable income & total tax he pays?
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Step-by-step explanation:
Without Exemptions/Deductions, the tax calculator shows those earning Rs 6 lakh annual income will have to pay Rs 23400 as tax as per the new regime. The tax payable under the old regime without exemptions and deductions will be Rs 33,800. Thus the total tax benefit as per new regime would be Rs 10,400.
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