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25 Lakhs Salary | New Tax Regime vs. Old: What's Best?

Milind Vadjikar | Answer |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 Sharad on Aug 07, 2024Hindi

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My annual salary is 25 lakhs, which regime is better to file ITR

Ans: As per a study if your deductions are more then 3.75 L per year then old regime suits you else new regime is suitable for you.

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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For a salaried person whose annual income is in between 25 - 30 Lack & Savings is more than 200000/- including 50000/- investment in NPS, which scheme of filing itr is good Old or New?

Ans: Considering an average Salary of Rs.27,50,000.00, with Tax savings u/s 80-C (Rs.1,50,000.00) & 80-CCD(1b)cc (Rs.50,000.00), your approximate tax liability is likely to be as under :
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am Sr. citizen, my income form other sources 2lakh after 80c deduction, but STCG is around 6 lakh, which regime is beneficial old/new to file ITR

Ans: Dear Sir,
for FY 2024-25,
Assuming STCG is from Listed shares/MF etc. Total Income is 8 Lakhs
New Regime Tax Rs.104000
Old Regime after claiming 80C (already mentioned by you) and additionally 80 TTB Rs.50000 - Tax shall be Rs.93600

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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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