Income Tax Rebate in Detail
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| Regime Type |
Rebate Amt(INR) |
Is Tax > Rebate |
Result |
| Old Regime |
12,500.00 |
No |
Full-Rebate & Tax zero |
| Old Regime |
12,500.00 |
Yes |
No-Rebate & Total Tax |
| New Regime |
25,000.00 |
No |
Full-Rebate & Tax zero |
| New Regime |
25,000.00 |
Yes |
No-Rebate & Total Tax |
Explaination of above table:
In case of old regime the rebate amount is 12,500 but we need to verify whether you are eligible
for this tax rebate.
We just want to know whether your net Tax payable is
i)greater than the Rebate amount which is 12,500. In this case you are not eligible for tax rebate.
ii)lesser than or equal to the Rebate amount which is 12,500. In this case you are eligible for tax rebate.
In case of new regime the rebate amount is 25,000 but we need to verify whether you are eligible
for this tax rebate.
We just want to know whether your net Tax payable is
i)greater than the Rebate amount which is 25,000. In this case you are not eligible for tax rebate.
ii)lesser than or equal to the Rebate amount which is 25,000. In this case you are eligible for tax rebate.
| Note: 2 | If you have not got the Rebate then extra 4% of Total tax is collected from you, towards "Health & Education
Cess + Surcharge". |
| Note: 3 | As a Professional Tax (PT) INR 200 per month is deducted & anually it comes to 2400 INR. While putting the gross in Tax
caculator, deduct this amount as well. |
| Note: 4 | LTA & Gratuity calculations are not shown here but we will deal them separately. |
| Note: 5 | Home Loan Calculation details |
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