Section 115BAC of Income Tax Act: What is 115bac? Eligibility, Deduction & Calculation

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Annual Income	New Income Tax Slab Rate
Nil to ₹2.5 lakh	Exempted
Above ₹2.5 lakh to ₹5 lakh	5%
Above ₹5 lakh to ₹7.5 lakh	10%
Above ₹7.5 lakh to ₹10 lakh	15%
Above ₹10 lakh to ₹12.5 lakh	20%
Above ₹12.5 lakh to ₹15 lakh	25%
Above ₹15 lakh	30%

Parameters	Resulting amount (₹)	Old regime (₹)
Salary	1250000	1250000
Less: Standard Deduction	50000	50000
Less: Professional Tax	2400	2400
Gross Total Income	1197600	1197600
Less: Deduction Under Section 80C	150000	150000
Total Income	1047600	1047600
Income Tax	-	126780
Add: Education Cess at 4%	-	5071
Total Tax	-	131851

Parameters	Resulting amount (₹)	New regime (₹)
Salary	1250000	1250000
Less: Standard Deduction	50000	-
Less: Professional Tax	2400	-
Gross Total Income	1197600	1250000
Less: Deduction Under Section 80C	150000	-
Total Income	1047600	-
Income Tax	-	125000
Add: Education Cess at 4%	-	5000
Total Tax	-	130000

Parameters	Resulting amount (₹)	Old regime (₹)
Salary	1000000	1000000
Less: Standard Deduction	50000	50000
Less: Professional Tax	2400	2400
Gross Total Income	947600	947600
Less: Deduction Under Section 80C	150000	150000
Total Income	797600	797600
Income Tax	-	72020
Add: Education Cess at 4%	-	2881
Total Tax	-	74901

Parameters	Resulting amount (₹)	New regime (₹)
Salary	1000000	1000000
Less: Standard Deduction	50000	Nil
Less: Professional Tax	2400	Nil
Gross Total Income	947600	1000000
Less: Deduction Under Section 80C	150000	Nil
Total Income	797600	1000000
Income Tax	-	75000
Add: Education Cess at 4%	-	3000
Total Tax	-	78000

Section 115BAC of Income Tax Act

What Is Section 115BAC of the Income Tax Act?

What Are the New Slab Rates as per Section 115BAC of the Income Tax Act?

What Are the Eligibility Criteria for the New Tax Regime on Section 115BAC?

What Are the Exemptions and Deductions Under Section 115BAC of the Income Tax Act?

What Are the Deductions Not Applicable Under Section 115BAC of the Income Tax Act?

What Is the Difference between Old and New Tax Regime on Section 115BAC?

When is the New Regime Better?

When Is the Old Regime Better?

Frequently Asked Questions

✓ Can one switch from a new to an old income tax regime?

✓ Is the new income tax regime mandatory?

More article about Income Tax in India

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