Tax Calculation on ₹50 Lakh Income Under New Tax Slabs for 2025-26
Step-by-Step Calculation (As per New Tax Regime)
- Total Income: ₹50,00,000
- Standard Deduction: ₹50,000 (for salaried individuals)
- Taxable Income: ₹50,00,000 – ₹50,000 = ₹49,50,000
Tax Calculation:
- Up to ₹3 lakh: 0%
- ₹3-6 lakh: 5% = ₹15,000
- ₹6-9 lakh: 10% = ₹30,000
- ₹9-12 lakh: 15% = ₹45,000
- ₹12-15 lakh: 20% = ₹60,000
- Above ₹15 lakh: 30% = ₹34,50,000 × 30% = ₹10,35,000
Total Tax: ₹15,000 + ₹30,000 + ₹45,000 + ₹60,000 + ₹10,35,000 = ₹11,85,000
Surcharge: 4% of ₹11,85,000 = ₹47,400
Total Tax Payable: ₹11,85,000 + ₹47,400 = ₹12,32,400
Exemptions and Rebates:
- Section 87A Rebate: Not applicable (only for income up to ₹7 lakh)
- Standard Deduction: ₹50,000 (for salary income)
- No other deductions available under the new regime
Important Notes:
- This calculation is based on the 2023-24 tax slabs
- The government may introduce new rules for 2025-26
- Consult a CA for accurate calculations
- Tax-saving options:
- Investment in NPS (additional ₹50,000 exemption)
- Medical insurance (Section 80D)
Tax-Saving Tips:
- Opting for the old tax regime may provide more deductions
- Fully utilize House Rent Allowance (HRA)
- Claim interest on home loan (Section 24)