output.txt

FY 2022-23 (AY 2023-24) TAX CALCULATION

1. Income from salary

1.1 Input
You have selected the old regime
Annual income entered is Rs 11.5 lakh

1.2 Output
Health & Education cess (New regime) is Rs 11500.0.
Health & Education cess (Old regime) is Rs 6300.0.

You have to pay Rs 180180.0 under old tax regime
You have to pay Rs 328900.0 under new tax regime
You will save Rs 148720.0 under new regime


2. DEDUCTION CALCULATION

2.1 Input
80CCE Deduction : Rs 150000
80D Deduction Medical : Rs 25000
80E Deduction for interest on education loan : Rs 40000
80G Deduction for donations to specified funds or institutions : Rs 10000
80TTA Deduction for interest income from savings account (for non-senior citizens) : Rs 5000
80TTB Deduction for interest income from deposits (for senior citizens) : Rs 0
24B Home loan deduction : Rs 150000

2.2 Output
Your total deductions under the old regime Section 80 is Rs 380000