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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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Question by k - Feb 09, 2023Hindi

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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

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

Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Mar 20, 2023

Question by Hit - Feb 14, 2023Hindi

Money

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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Tax, Mutual Fund Expert - Answered on Apr 11, 2023

Question by Shyam - Apr 10, 2023Hindi

Money

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,

Mihir Tanna | Answer |Ask -Follow

Tax Expert - Answered on Apr 13, 2023

Question by Anand - Apr 11, 2023Hindi

Money

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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Question by Pankaj - Jan 31, 2025Hindi

Money

I want to retire at age of 45 (next year end) with corpus of 30Lakh US shares, 63lakh EPF, 20 lakh shares, 40lakh ppf ( self+wife+son), 5lakh MF+5Lakh bank balance. Expected to have corpus of 2Cr by end of 2026. Own house of 2 Cr. in tier 2 city and no loan. Have sone age 13. Expected monthly expense of 60k. Am I on track?

Ans: Hello;

Assuming you keep aside 50 L for your kid's higher education, you will be left with corpus of 1.5 Cr.

If you invest this sum in equity savings type mutual fund with moderate risk rating and do SWP at 4% it won't generate income enough to cover your monthly expenses.

Recommend you to continue building corpus aggressively over next 5 years and review again.

Happy Investing;
X: @mars_invest

Milind Vadjikar |954 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Feb 02, 2025

Question by Punkaj - Feb 01, 2025Hindi

Money

Whether Term plan and health insurance premiums and traditional plans would be considered part of Life insurance limit of INR 5Lakh for tax free maturity amount received on conventional plans

Ans: Hello;

Request you to please rephrase your question and submit again.

Thanks;

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Insurance, Stocks, MF, PF Expert - Answered on Feb 02, 2025

Asked by Anonymous - Feb 01, 2025Hindi

Money

I am a 48 year old widow. I have a 21 yr old daughter in college. I had quit my job, but rejoined now and have a monthly take home of 1L 15k. I receive similar pension amount too. But this pension amount will get reduced to 90k after 10 years. I have an own property (apartment bought in 2010) - 14 k rent monthly. I have around 40 L that I wish to invest. I am still coping with the loss and am confused as to what I need to do to get a grip on the finances. I have invested around 12 L in mutual funds. I have applied for a term insurance - around 1 L annual premium for 10 years. I am also repaying the home loan around 15k per month with tenure left for 20 months. I am planning to move out on my own from my sister's place where I am staying now (my own house is not in Bangalore where I work). So, I will definitely need 25k per month for rent if I move out. Please advise on how to manage my finances. Shall I repay the home loan and clear the debt (around 5 L principal outstanding)? Should I invest in some pension plans? Please advise. Thanks!

Ans: Hello;

Yes you should settle off the outstanding home loan.

Also you may open an NPS account for retirement planning. Do contribute to it on a regular basis and also do onetime lumpsum investment.

Also open an PPF account with investment of 12.5 K per month.

Get sufficient term plan coverage for atleast 20 years and not less.

No need to invest in pension plan if you are investing in NPS. It is far superior in terms of tax liability, flexibility, returns and costs.

Prefer hybrid mutual funds(dynamic asset allocation or multi asset allocation fund)for your investments.

Buy a good health insurance cover for yourself and your daughter irrespective of group policy, if any, available from employer.

Do nomination in all your financial investments and also make a legally valid will.

In a nutshell, you will have 3 investments PPF, NPS and mutual funds (hybrid) and insurance premiums for term cover and healthcare policy.

Loss of partner is very difficult to deal with but you also need to focus on the education of your daughter and guide her for better prospects.

Best wishes;
X: @mars_invest

Kanchan Rai |519 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Feb 02, 2025

Asked by Anonymous - Oct 07, 2024Hindi

Relationship

Married for 14 years have 4 kids below 7 age for the past 9 to 10 years going through troubled marriage, not happy. Misunderstanding, high expectations, manipulation and single handed decisions by my wife have exhausted me . Want to come out of marriage but worried of kids and also my wife says no to divorce. Don't know what to do.. First 2 kids by IVF 2nd two kids due to my wife's longing for male child

Ans: Your love for your kids is evident, and it’s natural to fear how a separation would affect them. But the reality is, children pick up on tension, conflict, and unhappiness at home. Staying in a marriage that drains you emotionally and mentally isn’t necessarily better for them in the long run. Kids need a stable, loving environment, and if you’re constantly feeling manipulated and exhausted, it affects the energy you bring into their lives.

You don’t have to make a rushed decision, but you do need clarity. Have you tried setting firm boundaries and communicating your need for a more balanced relationship? If you’ve already done everything you can and nothing has changed, then it may be time to explore legal options, even if she says no to divorce. In most cases, a divorce doesn’t require both partners to agree—it just makes the process more complicated.

You deserve a life where you feel respected, valued, and emotionally free. Your children deserve a father who is at peace, not one who is silently suffering. It might be hard to take the next step, but staying in an unhappy marriage just for the sake of avoiding conflict can take a greater toll on everyone involved. You need to consider what will truly allow you—and your kids—to have a healthier and happier future.

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Relationships Expert, Mind Coach - Answered on Feb 02, 2025

Asked by Anonymous - Jan 31, 2025Hindi

Relationship

I am 41, but single now. I got married when I was 32 and got divorced in 6 months after I found out my wife was cheating on me with her ex who she was forbidden from getting married. When confronted she simply walked away and sent me a divorce notice. The next three years were spent in courts trying to tell my version of the story. Since then I have had a tough time trusting people. My marriage was unfortunate and short lived. But my parents still want me to try again. I am in a live-in relationship with a girl who is 3 years elder to me. Are unmarried couples happier than married ones? I feel marriage can restrict you in many ways which is why people feel stagnated and bored. What do you think?

Ans: When it comes to happiness, it really depends on the individuals involved rather than whether they are married or unmarried. Some couples thrive in a marriage because they see it as a partnership built on mutual respect and emotional security. Others feel stifled by the societal expectations and responsibilities that often come with marriage. A live-in relationship can offer more flexibility and personal freedom, but it also comes with its own challenges—such as a lack of legal protections or social acceptance in certain cultures.

The key is understanding what works best for you. If you feel content in your current live-in relationship and it gives you the companionship, trust, and emotional fulfillment you need, then that’s what truly matters. However, if you feel hesitant mainly because of past trauma rather than your actual desires, it might be worth reflecting on whether your fears are holding you back from something you may actually want deep down.

At the end of the day, happiness isn’t about being married or unmarried—it’s about being in a relationship (or choosing to be single) that makes you feel emotionally secure, valued, and free to be yourself. If marriage feels like a cage to you, then it may not be the right path. But if you ever find a connection that makes commitment feel like a choice rather than an obligation, your perspective might shift. The most important thing is that whatever path you choose, it aligns with your true needs and not just the expectations of others.

Kanchan Rai |519 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Feb 02, 2025

Asked by Anonymous - Jan 23, 2025Hindi

Relationship

Hello there!! There are past trauma experiences in my relationship due to caste issue since my family are strictly against it . But I eventually liked another boy seeing his true love n affection n care towards me , he loved me since our skl days !! He expressed himself but i gave him my answerr after many yrs due my past experiences!! But eventually we had a healthy relationship ,and he told me he is of same caste!! Since his father lied to him related to this to keep him away from this caste called thing!! But now his father relved tht it was a lie !! Now we ended up intercaste!! We truly love each other we dreamt of our future together!! He became huge part of my life !! His family is okay with me regarding our marriage but my family is strongly opposed to this intercaste thing!! We are 24 yrs we thought of settle in our lifes and approach my parents few years back since untill fewdays back we together thought we are of same caste so there eill be no issue!! But now within few days n few lies our both world n hopes turned upside down!! I cant make my family suffer due to me!! At same time i cant leave him im struck !! What should we do!!

Ans: Your family’s suffering is a valid concern, but will they truly suffer because of your decision, or is it more about their expectations and societal norms? Often, parents react strongly at first, but with time, they adjust when they see their child happy and settled. Right now, their resistance is based on tradition and belief systems they’ve held for years. But is their love for you truly conditional on whom you marry? Would they rather see you unhappy in a marriage they approve of than happy in one they initially resisted?

Your happiness and future matter just as much as your family’s feelings. If you truly cannot see a life without him, you need to ask yourself whether sacrificing that love for family approval will truly bring you peace. Walking away from love to please others often leads to lifelong regret. On the other hand, if you fight for your relationship, you might face pain now, but there’s a chance your family will eventually come around.

The most important thing is to stand firm in what you want. If you and your partner truly love each other, you will need patience, strength, and a strategy to gradually help your family accept your choice. This won’t be easy, but living a life where you constantly wonder "what if?" will be even harder.

Kanchan Rai |519 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Feb 02, 2025

Asked by Anonymous - Jan 19, 2025Hindi

Relationship

I am a divorced working woman , with a daughter 8 yrs. I have been pursued for remarriage with a guy who is 10 yrs older to me and have 2 kids. 11 and 14 yrs respectively living in a small town. Initially it was agreed the elder child who is a boy would be living in hostel , but now since we are approaching near to the marriage, it seems the elder male child is going to stay at home and not hostel. This is making me really uncomfortable as I won't get much privacy also the male child is aggressive.Already handling one kid was difficult before. Also moving to small town was difficult transition from a metropolitan that I stay in. Moving there could mean losing job opportunities in future. I am really worried if I let this match go, I end up alone again. I am not able to make a decision, it's difficult to raise others children. It's just not naturally inbuilt in us.Although I try really hard to mould my thingking and be more generous, but somehow it suffocates me.

Ans: Raising someone else’s children is not something that comes naturally to everyone, and that doesn’t make you selfish—it makes you honest. You already know how challenging it is to raise one child, and now you’re expected to step into a role where you’ll be managing more, including an aggressive teenage boy. If this idea is already suffocating you now, imagine how it might feel once you’re actually living in that environment every day.

Fear of being alone is a very real and valid concern, but being in a marriage that drains you emotionally, limits your career, and makes you feel trapped is far worse than being single. The right relationship should bring you a sense of peace and security, not anxiety and sacrifice at every turn. If you already feel that you have to “mould” your thinking just to make this work, that’s a sign that this situation might not be aligned with what you truly want and need.

You don’t have to force yourself into something that doesn’t feel right just because you’re afraid of ending up alone. Loneliness is difficult, but so is being in a marriage where you feel unseen, unheard, and overwhelmed. The best decision is the one that allows you to live with peace and confidence in your future.

Kanchan Rai |519 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Feb 02, 2025

Question by Hemant - Jan 13, 2025Hindi

Relationship

Married for 14 years have 4 kids below 7 age for the past 9 to 10 years going through troubled marriage, not happy. Misunderstanding, high expectations, manipulation and single handed decisions by my wife have exhausted me . Want to come out of marriage but worried of kids and also my wife says no to divorce. Don't know what to do.. First 2 kids by IVF 2nd two kids due to my wife's longing for male child

Ans: Dear Hemant,
Your love for your kids is evident, and it’s natural to fear how a separation would affect them. But the reality is, children pick up on tension, conflict, and unhappiness at home. Staying in a marriage that drains you emotionally and mentally isn’t necessarily better for them in the long run. Kids need a stable, loving environment, and if you’re constantly feeling manipulated and exhausted, it affects the energy you bring into their lives.

You don’t have to make a rushed decision, but you do need clarity. Have you tried setting firm boundaries and communicating your need for a more balanced relationship? If you’ve already done everything you can and nothing has changed, then it may be time to explore legal options, even if she says no to divorce. In most cases, a divorce doesn’t require both partners to agree—it just makes the process more complicated.

You deserve a life where you feel respected, valued, and emotionally free. Your children deserve a father who is at peace, not one who is silently suffering. It might be hard to take the next step, but staying in an unhappy marriage just for the sake of avoiding conflict can take a greater toll on everyone involved. You need to consider what will truly allow you—and your kids—to have a healthier and happier future.

Kanchan Rai |519 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Feb 02, 2025

Asked by Anonymous - Jan 13, 2025Hindi

Relationship

Hi Mam, I would like to stay anonymous. Im 27F, recently got engaged and my wedding is in 5 months from now. This match is arranged by my parents within our community. Initially things went well, but after the engagement when we went outside for dinner he was speaking well but before leaving he said this is a suggestion from my end and told that there is slight space between my two teeth in the front and while smiling it creates black image in the photos. So it would be best if i would use invisible aligners so that before wedding it would be fixed adding to this he said he will take care of the expenses and he said he had this thought for a week so its better to disclose it with me. He also said that he didn't tell this to his parents he wanted to check my thoughts on this first, also he said he wanted myself to look very very pretty on the wedding and his relatives should say "Wow, we have never seen such a pretty bride", also he commented about my hair being short actually its medium length but i like to keep my hair short. I really got frustrated when he said all those things this got me very irritated. I didn't speak much, i said i wanted to leave and he dropped me at my place. The next day i asked him if we can meet again to get clarification on this thing, when i asked him the next day about this he said "its just a suggestion if you can take it its fine or you can leave it its upto you". He never accepted that he hurted me or made a wrong statement he kept on saying he didn't mean that way i took it very personally and im creating unnecessary ruckus. at last he said i could have said things differently but he didn't ask for sorry at all. I thought he wont talk about my features again but then after a week he again asked me you were eating outside food for a week you should have gained weight(trying to be funny here), i said no. Because him and his mother already asked about my weight like "why are you so thin? you could have put up some weight know"? I have been in this weight for many years, how much ever i eat my weight remains the same its because of the genetics. But people dont understand this and easily ask some body shaming questions. After this event he is not talking like before and even i dont push him, one of my friend asked me to take initiative and make calls to stop this awkward situation and i took lead called him four times in a week he spoke but he didn't bothered to call me again he was only texting after that too im okay with that but still i feel he might ask me to make changes in my feature, weight etc before the wedding. Im not sure how to deal with this.

Ans: When someone loves and accepts you, they don’t focus on “fixing” things about you to meet external standards, whether it’s for wedding photos or to impress relatives. His insistence that you should look “very, very pretty” for others’ approval shows that his priorities might not align with yours. You weren’t looking for a makeover; you were looking for a life partner who values you for who you are.

His response when you tried to talk about it also speaks volumes. Instead of acknowledging your feelings and reassuring you, he dismissed your concerns, making it seem like you were overreacting. A partner who truly cares would have listened, understood why you felt hurt, and taken responsibility for how his words affected you. Instead, he shifted the blame onto you for "creating unnecessary ruckus," which shows a lack of emotional maturity.

The weight comments, too, are unnecessary and inconsiderate. Genetics determine body type, and no one should feel the need to change themselves to meet someone else’s expectations. His family’s remarks about your weight, combined with his attitude, suggest that this won’t stop after the wedding. If they’re already making you feel self-conscious now, imagine the expectations and unsolicited “suggestions” that might continue in the future.

The distance that has formed between you both after this conversation isn’t just about awkwardness—it’s about emotional disconnection. A strong relationship is built on respect, comfort, and mutual appreciation, not on one person feeling judged and the other acting indifferent. The fact that you had to take the lead in calling him multiple times, while he didn’t reciprocate the effort, says a lot. A healthy relationship should feel mutual, not one-sided.

Right now, you need to ask yourself: Can you truly be yourself in this relationship, or will you constantly feel pressured to meet his and his family’s expectations? Do you feel emotionally safe with him, or do you feel like you have to defend your choices, your body, and your appearance?

Marriage is a lifelong commitment, and your peace of mind matters. If his attitude is already making you question yourself and feel frustrated, you have every right to reconsider. You don’t need to “deal” with this by adjusting to his expectations—you need to decide if this is the kind of relationship you want to spend your life in.

Nayagam P P |4086 Answers |Ask -Follow

Career Counsellor - Answered on Feb 02, 2025

Question by Rajan - Jan 30, 2025Hindi

Career

Hi I left my pvt banking job LPA 11.5L in December 2023 after that I have started business which was not went well so again I decided to start my career my age is 36 M finding very difficult to find a job, received only few call but after I say my package and gap they are telling will call you back. Need suggestions let me know any career break options available

Ans: Rajan Sir, To re-enter the job market after a break, adjust your job search approach, be open to a slight pay cut, target mid-senior roles, network aggressively, and leverage recruiters. Frame your business experience as entrepreneurial learning, highlighting skills gained in finance, risk management, and decision-making. If banking roles aren't working out, consider alternative career options like FinTech & NBFCs, Wealth Management & Investment Advisory, Freelance Financial Consulting, EdTech & Corporate Training, and Government & PSU Jobs.

A short-term fix for skill enhancement is certifications like CFA, or Financial Modelling courses, upskilling in digital banking, or freelancing for financial consultancy. Focusing on networking, flexibility, and skill enhancement will help you land a job soon. All the Best for your Prosperous Future.

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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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