Old vs New Tax regime with calculations | Calculate Income tax for 2024

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Old Tax Regime:
Offers numerous deductions and exemptions (e.g., HRA, 80C, 80D).
Suitable for taxpayers with significant investments and savings.
More complex with detailed documentation and planning required.
Lower tax slabs but potential for substantial tax savings with proper planning.
New Tax Regime:
Provides lower tax rates with no deductions or exemptions.
Simpler and easier for taxpayers with fewer investments.
Beneficial for those without significant investments or tax-saving expenses.
Encourages straightforward tax filing with fewer documents needed.
NEW TAX REGIME:
- No Income Tax on Income between Rs. 0 to Rs. 3 lacs
- 5% Tax on Income between Rs. 3 lacs to Rs. 6 lacs
- 10% Tax on Income between Rs. 6 lacs to Rs. 9 lacs
- 15% Tax on Income between Rs. 9 lacs to Rs. 12 lacs
- 20% Tax on Income between Rs. 11 lacs to Rs. 15 lacs
- 30% Tax on Income above Rs. 15 lacs

OLD TAX REGIME:
- No Income Tax on Income between Rs. 0 to Rs. 2.5 lacs
- 5% Tax on Income between Rs. 2.5 lacs to Rs. 5 lacs
- 20% Tax on Income between Rs. 5 lacs to Rs. 10 lacs
- 30% Tax on Income above Rs. 10 lacs

Time stamp:-
0:00 Introduction
0:43 Excel bundle tool
1:12 Old Vs new Tax regime
3:34 Tax slab 5L &7L salary
7:17 Odin school course
8:17 Tax slab 15L salary
12:15 Tax calculator
13:49 Deduction and exemption
17:59 HRA calculations
20:09 Tax calculator
23:16 Tips for Tax deductions

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