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Mahesh Padmanabhan |124 Answers |Ask -Follow

Tax Expert - Answered on Feb 13, 2023

Mahesh Padmanabhan has specialised in payroll, personal and corporate taxation for more than two and a half decades, enabling him to provide practical, realistic and correct advice to his clients.
He is a member of The Institute of Chartered Accountants of India and has a degree in cost accounting from the Institute of Cost Accountants of India.
He is also a qualified information systems auditor. ... more

Asked by Anonymous - Feb 09, 2023Hindi

Money

Hi, My CTC is 19 lakh per annum and have 1.5 lakh under 80C deduction. What would be my tax liability if I take the old tax regime or is it better to switch to new tax regime. Kindly advise.

Ans: Hi
New tax regime would be better for you as you could reduce your tax bill by about Rs. 70,000

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 CTC is 19 Lac and I am using all deductions applicable like 80c/1.50 Lac, Home lian int/1.50 Lac, NPS/50000/, mediclaim/25000, should I opt new or old tax regime.

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Question by Vishal - Feb 10, 2023Hindi

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hi Sir , My CTC is 36 L . If I opt complete deduction under 80 C/D - 1.5 L Home Loan amount 1.49 L. HRA - 30,000 pm. LTA - 50k Then please advise which Tax Regime will be good for me, old or New?

Ans: Hi Vishal
Assuming that you would have tax investment of Rs. 1.50 Lakhs, Home Loan Interest of Rs. 1.49 Lakhs, HRA exemption of Rs. 3 Lakhs & you are claiming LTA exemption of Rs. 50,000 then the old tax regime may be better for you as that may reduce your tax bill by about Rs. 85,000.

If any of the above assumptions are not correct then the opinion may change accordingly

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Question by XYZ - Apr 14, 2023Hindi

Money

Hi, my CTC is 1,841,903 and I would like to know if the old or the new tax regime might be better for me. I tend to make 80C investments.

Ans: Hi

As not much details are available, would suggest that you check the best option using the tax calculator by clicking the following link

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

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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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