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Anil Rego |373 Answers |Ask -Follow

Financial Planner - Answered on Aug 25, 2021

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 Dibyendu on Aug 25, 2021Hindi

Money

I am a 50-year-old teacher. I have an investment Rs 50,000 in NPS per FY and Rs 1,50,000 (80 C) along with standard deduction of Rs 50,000 and PTax. I guess my tax will be same in the regular tax regime and the new tax regime.

Can you kindly confirm my assumption?

Ans: We would need your income details to exactly calculate the same. But, with the given information, you will have almost similar tax implication on both tax regimes.

There are a number of tax calculators which you can use and accordingly decide which suits you better.

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.

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What happens to 80C and NPS benefit in the new tax regime? New tax regime : No income tax on income of 7 Lakhs. Old tax regime : No tax on income of 5 Lakhs + 1.5 Lakhs under 80C + 50K on NPS = 7 Lakhs

Ans: In New regime no exemptions were available, so 80 c and nps if done then tax benefits can be taken under old regime only

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Question by Neeraj - Feb 01, 2023Hindi

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Is NPS contribution exemption in new tax regime ? what is surcharge in new tax regime for income upto 20 Lakh ? How capital Gain is treated in new tax regime whose income is above and below 7 Lakh?

Ans: Hi Neeraj
Employer's contribution to NPS is allowed as deduction.

No surcharge on income of Rs. 20 Lakhs

The income (including capital gain) may need further evaluation or comparison as marginal relief concept would be applicable in working out the tax on regular income vis-a-vis capital gain income with special rates. It would be difficult to specify the best tax regime option without real comparison

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Question by Sanket - Feb 01, 2023Hindi

In case my annual income is 30 lakh and I have investment -1.5 lakh for 80c , what would be difference between old and new tax regime … any benefit or not ??

Ans: If taxable income of person is Rs.28,50,000 after claiming deduction of Rs.1,50,000 under 80C; tax liability will be Rs.6,67,500 plus cess under old regime. However, under new regime after proposal of Budget 2023 as per new slab rate tax liability will be Rs.6,00,000 so new regime is more beneficial.

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Asked by Anonymous - Feb 10, 2023Hindi

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My CTC is 28 lac, I am having home loan interest appx 1.5 lac and 80 C 1.5 savings. No NPS . Will new tax regime be benificial or old tax regime?

Ans: Person having taxable income of 28 lakhs 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

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Asked by Anonymous - Feb 13, 2023Hindi

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I have CTC of 23.10 L home loan principal of 3.50 lacs home loan interest of 2.50 lacs , 80 c investment of 1.50 lac, NPS investment of 50000, NPS deduction from employer 88200, claiming Petrol allowance 21600, medical allowance 15000 , books and periodicals allowance 36000 , Mediclaim of family and mother 60000 what will be my tax under old regime and new regime for financial year 2023-24

Ans: Hi
I am assuming that the petrol allowance and medical allowance would not be allowed as deduction by your employer as transport allowance & medical allowance had been done away with the introduction of Standard Deduction. Also, assuming that the home loan interest is on account of self occupied property.

Based on the above assumptions, it may be better to opt for the Old Tax Regime as the tax benefit would amount to about Rs. 23,000

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Sir , i am 57yrs old. within 1 yr i am retired. So pls guide me , how i invest 30 laks in swp system and how many return from here . Also request you suggest the mf name where i invest.

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Many thanks for your guidance

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Congratulations on your admission to KJ, one of the best colleges in Mumbai.
Electronics in VLSI and technology is an emerging branch with a bright future.
Your choice is good.
Best of luck for your future.

If you are dissatisfied with the reply, please ask again without hesitation.
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To know more on ‘ Careers | Education | Jobs’, ask / Follow Us here in RediffGURUS.

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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.

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