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Confused 74-year-old: New tax regime or stick with old? 80C benefits?

Milind Vadjikar |1238 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 29, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Question by Matta on Aug 16, 2024Hindi

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I am of 74 years, recent 2024-25 A.Y we field in (new regime) let us continue in future or any change in Old one 80c & any benefits in not applicable in my a/c

Ans: Individuals with an income from business or profession are not eligible to switch income tax regimes every year.

However, individuals having income from sources other than business or profession can switch their regimes every year based on amount of deductions allowed.

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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I have few queries regarding IT. Can you provide comparison of old regime or new regime for Min 20 lakh salary?

Ans: The comparison of old and new tax regime with various options is shown below.

	Taxable Income-After Deduction			Tax Calculation - Old			Tax - New
Various Income Options	Option -1 (standard deduction, PT, 80C, 80D, Home Loan Int.)	Option -2 (standard deduction, PT, 80C, 80D)	Option -3 (standard deduction, PT, 80D)	Option -1	Option -2	Option -3
20,00,000	15,72,500	17,72,500	19,22,500	2,95,620	3,58,020	4,04,820	3,51,000

If you can claim various deductions mentioned above, old tax regime is a better option for tax saving.

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Asked by Anonymous - Feb 02, 2023Hindi

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If i Choose New Regime for F.Y.22-23 after that i can go for old regime for F.Y.2023-24

Ans: Person having income (other than business income) can change tax regime .

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Question by Prajwal - Feb 03, 2023Hindi

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My Salary is around 16 Lacs what would be best for me Should i go for new Regime or follow old Tax methods using 80 C

Ans: Hi Prajwal , In case you are able to exhaust fully the deductions available under sec 80 C and 80 D , Home loan principal and home loan interest and NPS then old regime suits you more but if there is no such tax saving done by you then at your salary new regime is best

Mahesh Padmanabhan |124 Answers |Ask -Follow

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Asked by Anonymous - Feb 03, 2023Hindi

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Hello Mahesh, for a person with a salary of more than 30 lakhs and just 80C investment and NPS investment ( Personal + Corporate ), is new regime better or the old one ?

Ans: Hi,
Corporate NPS u/s 80CCD(2) will be relevant in checking the efficacy of options. If we consider that Corporate NPS is outside the Rs. 30 Lakhs and assuming that 80C deduction is Rs. 1.50 Lakhs then the new tax regime is best for you.

You could check the comparison using the following link

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

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Question by Shankaranarayanan - Feb 04, 2023Hindi

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Sir My CTC is 22 lakhs My savings are PPF 1.5 Lakh per year VPF and PF 6.8 Lakh per annum NPS Rs 50000 per annum Mediclaim self 50000 per annum which scheme is beneficial old or new regime i have still two years service left

Ans: As you are taking benefits of Rs.2 lakhs (1.5 lakhs for PPF, 50K for NPS, 50K for mediclaim), new tax regime is likely to be beneficial as per budget proposed for FY 2023-24

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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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