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Mihir Tanna |991 Answers |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 gopal on Feb 13, 2023Hindi

Money

my ctc is 25.10 lacs ,80c rs.1.50,home loan int 2.00,hra 6.00, P.F 0.72,80eea 1.50,please advise which Tax Regime will be good for me, old or New?

Ans: Person having taxable income of 25.10 lakhs and take deduction less than 4.25 lacs from housing loan/80C/80D, can opt for new tax regime as new slab rate is likely to be beneficial as per budget proposed for FY 2023-24

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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Mihir Tanna |991 Answers |Ask -Follow

Tax Expert - Answered on Feb 23, 2023

Asked by Anonymous - Feb 10, 2023Hindi

Money

My CTC is 28 lac, I am having home loan interest appx 1.5 lac and 80 C 1.5 savings. No NPS . Will new tax regime be benificial or old tax regime?

Ans: Person having taxable income of 28 lakhs and take deduction less than 4.25 lacs from housing loan/80C/80D, can opt for new tax regime as new slab rate is likely to be beneficial as per budget proposed for FY 2023-24

Mahesh Padmanabhan | Answer |Ask -Follow

Tax Expert - Answered on Feb 13, 2023

Question by Vishal - Feb 10, 2023Hindi

Money

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

Sanjeev Govila | Answer |Ask -Follow

Financial Planner - Answered on Feb 14, 2023

Question by Arun - Feb 13, 2023Hindi

Money

my CTC is 36 lakhs and i take complete 80 C deduction of 1.5 lakhs, 80 D deduction of 25000 and interest on home loan of 2 lakhs , which tax regime is good for me

Ans: Ab initio it seems that the old tax remine will be better for you. Still, to be in the safer side, do check it here yourself please: https://cleartax.in/paytax/taxcalculator

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.

Latest Questions

Nayagam P P |4071 Answers |Ask -Follow

Career Counsellor - Answered on Jan 24, 2025

Question by Rambo - Jan 21, 2025Hindi

Career

Friends, My son is currently opting for Commerce with Computer group in Plus One and is considering the following courses: *B.Com.,* in 1. Business Process Services 2. ?Professional Accounting 3. ?Business Analytics 4. ?Business Process Management 5. ?Computer Applications 6. ?Fintech 7. ?International accounting(ACCA UK) 8. ?Self Finance 9. ?Strategic Finance (US CMA) 10. ?Cost & Accounting Mgmnt 11. ?E-Commerce 12. ?Financial System 13. ?Foreign Trade I seek your advice on the best course combination and future prospects. Could you please share your valuable suggestions and insights on the following: - Best course combinations for Commerce with Computer group - Career opportunities and growth prospects - Any additional courses or certifications that would enhance his career prospects

Ans: The Commerce with Computer group offers a wide range of courses for your son, based on his interests, strengths, and career goals. Some of the most promising options include a B.Com. in Business Analytics, which combines commerce and data analysis, and a B.Com. in Fintech, which focuses on technology-driven financial services. These courses offer career opportunities in sectors like e-commerce, IT, and financial services.

Additional certifications can enhance career prospects, such as ACCA UK certification, US CMA certification, and B.Com. in Computer Applications. These certifications will equip your Son with globally recognized accounting skills, allowing them to work in multinational corporations or abroad.

For a more tailored approach, your son can pursue certifications in accounting and finance, technology and business analytics, and management and strategy. Soft skills and global recognition can be achieved through IELTS or TOEFL courses.

To make an informed decision, you should discuss your son's interests, career goals, and job market, and focus on courses aligned with high-growth industries like analytics, fintech, or international finance.

All The BEST for Your Son's Prosperous Future.

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Nayagam P P |4071 Answers |Ask -Follow

Career Counsellor - Answered on Jan 24, 2025

Question by Durga - Jan 23, 2025Hindi

Career

Hi I'm teaching my daughter to do embroidery, tailoring and other vocational skills. Do you think it's worth spending her leisure time on this?

Ans: Madam, Teaching your daughter embroidery, tailoring, and other vocational skills can be beneficial for her. These skills encourage creativity, patience, and problem-solving, as well as practical life skills like designing clothes and home décor. They also provide relaxation and stress relief, making them a healthy alternative to screen time. If she excels, these skills could open doors to entrepreneurial opportunities in fashion or crafts. These activities often have cultural significance, allowing her to stay connected to her roots and traditions. Completing even small projects boosts self-confidence. To make it fun and relevant, let her choose modern designs or projects she feels excited about, participate in online communities, and teach her the business side of embroidery and tailoring. Balancing leisure time with other interests, academics, and rest is essential. Ultimately, if she enjoys learning these skills, it's a fantastic way to spend her leisure time. All the Best for Your Daughter's Prosperous Future.

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Nitin Narkhede |59 Answers |Ask -Follow

MF, PF Expert - Answered on Jan 23, 2025

Question by Prahlad - Jan 22, 2025Hindi

Money

Hi Sir, I am retired and 63 years old. Having 50 lacs in equity.1.5 cr MF, 25 lacs in SCSS.expected landproperty sale of 4.5 cr also having own house and no education or marriage expenses of children. Medical insurance of 10 lack for me and wife. However intended to buy a residential property of 3 cr to get relax from capital gain post selling the land. And same will be given to daughter later. Need monthly expenses of 1.25 lack. Since market is too volatile. Kindly suggest way forward.

Ans: Dear Pralhad,
To manage your finances post-retirement and handle market volatility, allocate the ?4.5 crore from your land sale strategically. Use ?3 crore to purchase a residential property to save on capital gains tax and gift it to your daughter later. Allocate the remaining ?1.5 crore into ?50 lakh in SCSS for secure returns (~?16,000/month), ?50 lakh in RBI Floating Rate Bonds or POMIS (~?30,000/month), and ?50 lakh in balanced mutual funds for moderate growth. For your existing assets, keep ?25 lakh in SCSS and divide the ?1.5 crore mutual funds portfolio into 60% balanced advantage or hybrid funds for stability and 40% debt funds for steady income. Maintain 20-25% equity exposure (?50 lakh) in large-cap or dividend-yield funds for growth. Combined with a ?20-30 lakh emergency fund, this ensures a stable monthly income of ?1.25 lakh while safeguarding against market risks and providing for your family's future. Consult a certified financial advisor for personalized tax-efficient strategy
Regards, Nitin Narkhede -Founder Prosperity Lifestyle Hub,
Free webinar https://bit.ly/PLH-Webinar

Nitin Narkhede |59 Answers |Ask -Follow

MF, PF Expert - Answered on Jan 23, 2025

Asked by Anonymous - Jan 22, 2025Hindi

Money

I am 40 year old have 1 daughter aged 8 years current monthly expenses 60 thousand. I have 30 lakh in PF, 25 lakh in stocks, 40 lakh in fd,50 lakh cash, 35 lakh gold, own apartment no loan, 4 crore in real-estate. Please suggest what should I do if I want to retire in the next 2 years.

Ans: Dear Friend,
To retire in 2 years, you’ll need a corpus of approximately ?2 crore to sustain your current monthly expenses of ?60,000, adjusted for inflation and assuming 30 years of retirement. Allocate ?2.5 crore to fixed-income instruments like SCSS, RBI Bonds, or debt mutual funds to generate a stable annual income (~?10 lakh). Retain ?50 lakh in stocks and equity mutual funds for growth and ?30 lakh in balanced mutual funds for stability. Keep ?20-30 lakh in liquid funds or FDs for emergencies.

For real estate, retain your primary residence and explore rental income from other properties. Consider selling one property to reinvest in diversified assets for liquidity. Allocate ?50 lakh for your daughter’s education through a mix of PPF and equity funds. Regularly review your portfolio to account for inflation and market changes. This plan ensures a comfortable retirement and financial security for your family.
Regards, Nitin Narkhede -Founder Prosperity Lifestyle Hub,
Free webinar https://bit.ly/PLH-Webinar

Nitin Narkhede |59 Answers |Ask -Follow

MF, PF Expert - Answered on Jan 23, 2025

Question by Rayulu - Jan 23, 2025Hindi

Money

Sir iam rayulu 47 years old. Iam invest in mutual fund s axis small cap 5000 ,quant small cap 5000, motilal oswal midcap 5000, nippond india growth fund 5000 and my wife account Nippon small cap 5000 and sbi contra 5000 paragpark flex cap 5000,HDFC flex cap 5000 how to create 1 crore in tem years pls suggest

Ans: Dear Rayulu,
To create ?1 crore in 10 years with your current mutual fund SIPs of ?40,000/month, you need a consistent 12% CAGR. At this rate, your corpus will grow to approximately ?92.7 lakhs. To bridge the gap, consider increasing your SIPs by ?2,000-?3,000/month or adding a 10% annual top-up.

Your portfolio is well-diversified but leans heavily on small-cap funds (Axis, Quant, Nippon). Balance it by adding large-cap or index funds like **UTI Nifty Index** or **Mirae Asset Large Cap** for stability. Monitor your portfolio annually and reallocate if funds underperform consistently for 2-3 years. Staying disciplined, increasing SIPs periodically, and maintaining a balanced portfolio will ensure you comfortably achieve your ?1 crore goal in 10 years.
Regards, Nitin Narkhede -Founder Prosperity Lifestyle Hub,
Free webinar https://bit.ly/PLH-Webinar

Milind Vadjikar |887 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Jan 23, 2025

Question by Parveen - Jan 23, 2025Hindi

Money

What is the future of Lic jeevan saral?I am paying premium since March 12.I will incur a loss of Rs 3 lacs approximately if I surrender the policy today as suggested by my agent.Please suggest what should I do? I am 54 years old and policy term is 28 years.

Ans: Hello;

My suggestion to you would be to surrender it as early as possible.

Even if you get your premiums back with some or nil return, it is okay.

Agent will tell you about loss because he will get impacted if you surrender the policy.

Recently IRDAI(Oct-2024)passed a diktat whereby the losses to investors surrendering their policy prematurely will be much lower then before.

Best wishes;
X: @mars_invest

Mayank Chandel |1972 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Jan 23, 2025

Question by Yug - Jan 02, 2025Hindi

Career

Sir i have telangana state sc caste certificate but I am in Maharashtra so for neet councelling do I have make central caste certificate from Telangana state sc certificate,and if we want to convert the state to central then how's the process

Ans: Hello Yug
the process is very simple, just go to the SETU center of your home town submit your documents, they will ask the documents of your father & grandfather as well and ask them to issue Caste certificate & Validity Central Format.

Milind Vadjikar |887 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Jan 23, 2025

Asked by Anonymous - Jan 23, 2025Hindi

Money

I am male,29, not yet married. Earn 80k, invest 28k in mf sip, 8k in emergency fund. Family pension 40k. My personal medical cover 3 lac and same amount cover from office. Term plan 50lac. In unforseen circumstances withdraw money from pension. We had medical benefit of cashless hospital treatment, but the same got withdrawn from long time now. Now we need to pay and claim reimbursement as per CGHS rate. My mother is 65. We don't have her medical cover as she has panel benefit but now it is not cashless. I want to cover for her hospitalisation. If I start medical cover now it is costing 1.5 lac to 1.8 lac for 50 lac cover. What should I do ?

Ans: Hello;

You may buy a base health insurance of 5 L for your Mother. (Should cost you ~20-25K/pa)

Then you may buy a super top up health cover for your Mom(~25 L).
It may cost you ~10-12 K/pa).

These are indicative costs for a person of 65 years of age with no disease, without GST. Actual costs may vary from company to company.

Do a thorough study of exclusions, room rent limit, other terms and conditions or consult an insurance advisor.

Also your term insurance is quite low(50 L) you should enhance it to 1 Cr now with the option to extend it to 2 Cr later when your responsibilities increase.

Best wishes;

Mayank Chandel |1972 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Jan 23, 2025

Asked by Anonymous - Jan 05, 2025Hindi

Career

Should i take admission in nit delhi civil engineering or not? DOES it have a good placement in civil?

Ans: Hi
NIT Delhi is a great choice with good placements you can go ahead with it.

Mayank Chandel |1972 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Jan 23, 2025

Asked by Anonymous - Jan 09, 2025Hindi

Career

Dear Sir My son is currently in 9th - CBSE board. His ultimate aim is getting into IIT. He wants to focus exclusively in national Olympiads Maths and science in Class 10th . He wants to know if there are some good dummy school for Class X - CBSE , which will enable his objective. If yes, will there be any eligibility issue for the same once he appears for JEE Mains after clearing 12th. I support his decision that in scenario if he doesn't clears JEE in 1st attempt, instead of then wasting 1 year at home, and again preparing for JEE, why don't he get the preparations underway from Class 10th onwards, sincerely prepare for olympiads thereby getting an edge in JEE preparation once he enters class 11th. Request your advise regarding availibility of 10th Dummy school and whether there will be some eligibility issue afterwards. Thanks and Regards Ashish

Ans: Hello Ashish Ji
it is not good and advisable for me to write this in detail on a public platform, I will help you with this if you can specify your city. In case of any queries & professional help, you can DM me through insta handle CAREERSTREETS.

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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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