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Mahesh Padmanabhan  |120 Answers  |Ask -

Tax Expert - Answered on Feb 14, 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 13, 2023Hindi
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Money

I have CTC of 23.10 L home loan principal of 3.50 lacs home loan interest of 2.50 lacs , 80 c investment of 1.50 lac, NPS investment of 50000, NPS deduction from employer 88200, claiming Petrol allowance 21600, medical allowance 15000 , books and periodicals allowance 36000 , Mediclaim of family and mother 60000 what will be my tax under old regime and new regime for financial year 2023-24

Ans: Hi
I am assuming that the petrol allowance and medical allowance would not be allowed as deduction by your employer as transport allowance & medical allowance had been done away with the introduction of Standard Deduction. Also, assuming that the home loan interest is on account of self occupied property.

Based on the above assumptions, it may be better to opt for the Old Tax Regime as the tax benefit would amount to about Rs. 23,000
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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