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Mihir Tanna | Answer |Ask -Follow

Tax Expert - Answered on Feb 23, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Question by rakesh on Feb 02, 2023Hindi

Money

my annual income is 15 LPA from next year . I don't have home loan but currently investing in ELSS & NPS etc. so which tax scheme will be good for tax saving in next year

Ans: Person getting salary of Rs.15 lakh, claiming deduction of 80C of 1.5 lakh, NPS 50k, standard deduction of 50k is advised to opt for new tax regime, as tax liability is expected to be lower with new slab rate proposed for FY 23-24 under new tax regime

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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my annual salary is 15 lac , i save 1.5 lac , 50000 NPS, not claiming HRA, which tax regime should i use for less tax

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You may save about Rs. 50,000 by choosing the new tax regime

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Question by Hit - Feb 14, 2023Hindi

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Hi Sir Hope you are doing well. My CTC is 27 LPA, I Invest 1.5L in 80C, 50K in NPA, 85K School fees, My Age is 45 and planning to take home loan of 40L, No Other liabilities. Request to pls tell which tax regime should i go for? Thanks In Advance.

Ans: Assuming your loan of 40L with duration of 15yrs , the EMI will be 40k approx with interest component being 3.36L for the first year. The Old regime will still be beneficial in this case.

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Question by Shyam - Apr 10, 2023Hindi

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Sir my income is 32 lakh per annum, i dont have home loan, i invest 50k in nps. Have health insurance premium ok 30k per year. Which tax regime should i opt for this year?

Ans: Dear Shyam,

Thank you for reaching out with your query. Based on the information provided, your annual income is INR 32 lakh, you invest INR 50,000 in NPS, and have a health insurance premium of INR 30,000 per year. To determine the most suitable tax regime for you, we'll need to compare your tax liability under both the New and Old Tax Regimes, considering the deductions you're eligible for.

Under the Old Tax Regime, you can claim deductions for your NPS investment (Section 80CCD) and health insurance premium (Section 80D). Your taxable income would be INR 31,20,000 (32,00,000 - 50,000 - 30,000). The tax liability would be:

Nil on the first INR 2.5 lakh
5% on the next INR 2.5 lakh (INR 12,500)
20% on the next INR 2.5 lakh (INR 50,000)
20% on the next INR 2.5 lakh (INR 50,000)
30% on the remaining INR 21.2 lakh (INR 6,36,000)
Total tax liability under the Old Regime: INR 7,48,500

Under the New Tax Regime, you won't be able to claim deductions for your NPS investment and health insurance premium. Your taxable income would be INR 32,00,000. The tax liability would be:

Nil on the first INR 3 lakh
5% on the next INR 3 lakh (INR 15,000)
10% on the next INR 3 lakh (INR 30,000)
15% on the next INR 3 lakh (INR 45,000)
20% on the next INR 3 lakh (INR 60,000)
30% on the remaining INR 17 lakh (INR 5,10,000)
Total tax liability under the New Regime: INR 6,60,000

Comparing the tax liabilities under both regimes, you would save INR 88,500 by opting for the New Tax Regime. It's important to note that you will have to forgo the deductions mentioned, but in your case, the savings in tax outweigh the deductions. Therefore, I would recommend opting for the New Tax Regime for this financial year.

Please note that this is just an analysis based on the information you provided, and it's always a good idea to consult a tax professional for personalized advice.

I hope this helps!

Best regards,

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Question by Anand - Apr 11, 2023Hindi

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Hi my salary annualy is 11 lakh. which tax regime should i opt for? I am paying home loan 12k per Month,LIC 24k ,ULIP30k yearly. Able to save Monthly MF12k non ELSS.

Ans: New scheme is likely to be beneficial for you. Interest on housing loan is allowed to adjust against income from salary under old scheme upto Rs.2 lacs p.a. Further, principal repayment of housing loan and tax saver MF are allowed to deduct u/s 80C upto Rs.1.5 lacs p.a.

You compare tax liability under both regime at https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx

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Ans: You have a structured approach to investing. You are planning for retirement and your daughters' higher education.

A well-diversified portfolio helps in risk management and long-term growth. Let’s evaluate your current investments.

Retirement Portfolio Review
You are 44 years old and plan to retire at 52.

Your monthly SIP is Rs 14,000.

Your portfolio has large-cap, mid-cap, small-cap, hybrid, and thematic funds.

Positives
You have exposure to all market segments.

You are investing in equity for long-term growth.

You have a mix of aggressive and stable funds.

Areas of Improvement
Too many funds increase complexity.

Small-cap exposure is high, increasing risk.

Thematic funds may not align with retirement goals.

Recommendations
Reduce small-cap fund exposure for stability.

Consider increasing large-cap and hybrid allocation.

Thematic funds are unpredictable; review their role in your portfolio.

Higher Education Portfolio Review
Your elder daughter is 10 years old.

Your younger daughter is 5 years old.

You are investing Rs 5,000 per month for each child.

Positives
You are saving early, giving your investments time to grow.

You have diversified across equity, gold, and international markets.

Areas of Improvement
Gold funds do not generate high returns over time.

Index funds have limitations and do not adjust to market conditions.

Too many funds reduce portfolio efficiency.

Recommendations
Reduce gold fund exposure and increase equity allocation.

Replace index funds with actively managed funds.

Keep a balance between large-cap and mid-cap funds.

Final Insights
Your investment approach is disciplined and future-focused.

Reducing unnecessary funds will simplify your portfolio.

A balanced mix of large-cap, mid-cap, and hybrid funds will provide stability.

Regular reviews with a Certified Financial Planner will ensure alignment with your goals.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

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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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