Home > Money > Question

Sign In | Create an account

Language:

Now in हिन्दी too

Need Expert Advice?Our Gurus Can Help

Anil Rego |373 Answers |Ask -Follow

Financial Planner - Answered on Jul 26, 2024

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Question by MOHAN on Jul 26, 2024Hindi

Money

40 lacs income p.a. which regime is better

Ans: Hi,
For the income mentioned by you, assuming that one takes all the deductions available under old tax regime, the old tax regime allows you to save some tax but not by a huge margin. Also, please note that going forward the Government might make more changes in the new tax regime to benefit larger interests. I hope this answers your question
Best Regards,
Anil Rego,
Founder & CEO,
Right Horizons

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

MoneyReply

You may like to see similar questions and answers below

Mihir Tanna |933 Answers |Ask -Follow

Tax Expert - Answered on Feb 15, 2023

Question by Ani - Feb 01, 2023Hindi

Money

For an annual income of 30 lakhs and with 80C deduction of 1.5 lakhs PPF and nothing much on other deductions. Which regime would be better?

Ans: For person earning income of 30 lakhs and deduction of PPF of 1.5 lacs, tax liability under old regime will be Rs.667500 and under new tax regime it will be Rs.600000 as per Budget proposal for FY 23-24. So new tax regime more beneficial as all tax benefits are not taken.

Mihir Tanna |933 Answers |Ask -Follow

Tax Expert - Answered on Feb 15, 2023

Question by ravindra - Feb 03, 2023Hindi

Money

Sir My gross salary is rs 9 lacs. Which regime should I opt for.

Ans: For person not taking advantage of all tax saver investments/deductions, new tax regime is beneficial as per proposal of Budget for FY 23-24.

Mihir Tanna |933 Answers |Ask -Follow

Tax Expert - Answered on Feb 05, 2023

Question by Sibajyoti - Feb 04, 2023Hindi

Money

A Sr Citizen having Pension income of â‚¹820000 & interest income of â‚¹600000. Opted for old regime so far. NOW which regime will be beneficial? BSJ

Ans: For a Pensioner not availing any tax benefits (Deduction of housing loan repayment, Life insurance premium, Mediclaim, Tax saver mutual fund etc), new tax regime will be beneficial and standard deduction is available under both regime for pensioner.

Vivek Lala |277 Answers |Ask -Follow

Tax, MF Expert - Answered on Mar 10, 2023

Question by Vijay - Feb 05, 2023Hindi

Money

I have 36L as salary income, i also have 1.5 lakhs on 80c insurance and vpf additional of 50k.Can you please help to distinguish which regime is better to opt going forward.

Ans: New regime is better

Mihir Tanna |933 Answers |Ask -Follow

Tax Expert - Answered on Feb 28, 2023

Question by Chandan - Feb 09, 2023Hindi

Money

I have salary+ other source(FD , S/B interest) income of 30 lacs p.a. Which regime is better for me.. I don't have any home loan or nps, So considering only 80C , what will be the tax burden in old and new regime..

Ans: Person having taxable income around 30 lacs and take deduction less than 4.25 lacs from housing loan/80C/80D, can opt for new tax regime as new slab rate is likely to be beneficial as per budget proposed for FY 2023-24

In future, you can calculate the tax from following link :

https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx

Latest Questions

Dr Dipankar Dutta |555 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on Sep 08, 2024

Question by Prakash - Sep 07, 2024Hindi

Career

My son joined 1st year EEE, what is the additional/parallel course available

Ans: He can do DS from IIT Madras. In NPTEL site many free courses are available. He can do any course best on his interest.

Dr Dipankar Dutta |555 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on Sep 08, 2024

Question by T - Sep 07, 2024Hindi

Career

Steps/tips/strategies to be follwed by a first year Engineering student till last year

Ans: What is your stream?

Dr Dipankar Dutta |555 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on Sep 08, 2024

Asked by Anonymous - Jun 19, 2024Hindi

Career

Dear sir, my son is getting EEE in Manipal Main campus and CSE in SRM main campus. What should we opt for. Please suggest.

Ans: Go for CSE in SRM Main Campus

Dr Dipankar Dutta |555 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on Sep 08, 2024

Question by Ashwin - Sep 07, 2024Hindi

Career

Sir ssn cse or vit cse or mrsit cse or bmsce cse which one to prefer

Ans: The order of preference is
VIT CSE
BMSCE CSE
SSN CSE
MSRIT CSE

Milind Vadjikar |62 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 07, 2024

Question by Jijabrao - Nov 12, 2023Hindi

Money

I am meber of EPFO, DEC 1995 TO MARCH 1999 , THEN BREAK & AGAIN JOIN TO EPFO FROM 8 FEB 2006 TILL TODAY, & I HAVE GOT UAN NUMBER FROM FEB 2006 BUT FROM DEC 95 TO MARCH 1999 , THERE WAS NO PROVISON FOR UAN NUMBER, THEN HOW CAN MY LAST SERVICE ADD WITH PRESNT UAN NUMBER

Ans: You may have physical PF slips, documents from your employer which provide details of your EPF account during 1995 to 1999. If you have these records then you can visit EPFO and furnish application to link(merge) this account with your current UAN. They may need a letter from your employer during that phase, attesting the facts about your EPF account.

Milind Vadjikar |62 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 07, 2024

Question by BASAVARAJ - Nov 12, 2023Hindi

Money

Epf pension calculated on last 60 months average salary or else the method epfo

Ans: Yes EPS pension is calculated based on average basic salary of previous 60 months and pensionable service period.

Based on a predetermined formula involving these two factors EPS pension is determined.

Milind Vadjikar |62 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 07, 2024

Question by Nandkumar - Aug 06, 2024Hindi

Money

I am retired but working as Engineering Consultant. From consutancy I have got income of about Rs 4.00 Lakh. But I get Family pension of Rs 1600.00 per month . So can get standard deduction of Rs 50000.00 for FY 23-24

Milind Vadjikar |62 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 07, 2024

Asked by Anonymous - Apr 23, 2024Hindi

Money

I had been working since 1984 to 2019.but there was no EPF facility till I worked 1990. From 1991 to 2001, EPF was there but no details are available with me..Company is also closed...How I will get epf benefit from this company.From the service of 2001 to 2019, now co. is asking pf slips from the emplyees. Theh have the details frm 2009 to 2019.. Please advise how i wll get all these documents Now iam retired too

Ans: Your case is peculiar. Plz. seek help from a lawyer specializing in labour laws/EPF regulations who could guide you to get your EPF money back.

Milind Vadjikar |62 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 07, 2024

Question by Balachandran - Feb 25, 2024Hindi

Money

can loss under intraday trading set off with the profit in LTCG and STCG?

Milind Vadjikar |62 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 07, 2024

Asked by Anonymous - Aug 14, 2024Hindi

Money

Sir, I had lost my Job during Covid Pandemic in the year 2020 and I had recently got all of my EPFO credited in my account for the last 10 years 6 months.. The EPF was being maintained by the Company's trust. I had asked the respective manager about my EPS(Pension) then he said that they only maintained the EPF amount and the EPS is maintained by the EPFO. Sir Can you tell me how can I access my EPS fund? Do I need any documents or prerequisites from the Company I last worked with or the company which maintained my EPF? Please provide me all the relevant information about my EPS amount and how can I withdraw it.

Ans: Since you worked for more then 10 years EPFO may not allow you to withdraw EPS. Depending on your age 50/58 you may be eligible to receive pension through EPS. Get the scheme certificate from your employer regarding EPS contributions. Have an active UAN linked to your Aadhar & Bank account so that you file claim for receiving EPS pension thru your assigned EPF office.

See more questions »

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Video Reply
Audio Reply

WhatsApp
Facebook
Twitter
Copy link

Delete

Close

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus

Sign up

email

uname

mobile no

Country Code

Mobile number

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

LOGIN

x