15 Lakh Income Tax Calculator New Regime

Calculate your income tax for ₹15 lakh under the new tax regime introduced by the Indian government. This calculator helps you understand your tax liability, deductions, and savings under the new regime compared to the old regime.

How to Use This Calculator

Enter your total income (₹15 lakh in this case) and select your age group. The calculator will show you:

Taxable income after standard deduction
Tax payable under the new regime
Comparison with the old regime
Savings under the new regime

Use the calculator to plan your tax strategy and maximize your savings.

New Tax Regime Basics

The new tax regime was introduced to simplify income tax calculation and provide tax benefits to salaried individuals. Key features include:

No deductions under Chapter VI-A (like HRA, LTA, etc.)
Standard deduction of ₹50,000
Tax rates apply to the entire income
No surcharge or cess on taxable income

Tax Calculation Formula

Taxable Income = Total Income - Standard Deduction (₹50,000)

Tax Payable = Taxable Income × Tax Rate

Old vs New Regime Comparison

Here's how the new regime compares to the old regime for ₹15 lakh income:

Parameter	Old Regime	New Regime
Standard Deduction	₹50,000	₹50,000
Taxable Income	₹14,50,000	₹14,50,000
Tax Rate	Varies (10% to 30%)	Varies (10% to 30%)
Tax Payable	₹1,45,000	₹1,45,000

The new regime simplifies the calculation but may result in higher tax liability for some individuals due to the elimination of certain deductions.

Worked Examples

Example 1: Salaried Individual

For a salaried individual with ₹15 lakh income:

Standard deduction: ₹50,000
Taxable income: ₹14,50,000
Tax rate: 30%
Tax payable: ₹4,35,000

Example 2: Self-Employed Professional

For a self-employed professional with ₹15 lakh income:

Standard deduction: ₹50,000
Taxable income: ₹14,50,000
Tax rate: 30%
Tax payable: ₹4,35,000

Frequently Asked Questions

Q: Is the new regime better than the old regime?

A: The new regime is simpler but may result in higher tax liability for some individuals. It's best to use the calculator to compare both regimes for your specific situation.

Q: Can I claim deductions under the new regime?

A: No, the new regime eliminates most deductions. Only the standard deduction of ₹50,000 is allowed.

Q: How do I switch to the new regime?

A: You can switch to the new regime by selecting it in your income tax return form. The calculator helps you understand the impact before making the switch.