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Mihir Tanna  |876 Answers  |Ask -

Tax Expert - Answered on Feb 04, 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
Dos Question by Dos on Feb 01, 2023Hindi
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My CTC on paper is 15.5lacs but company is paying only 45% roughly approx only 6.5lacs under head of token part salary due to it's financial instability since covid with balance reflecting in books as dues. Till date when used to get full salary I used to file returns as per old regime with exemptions as it made better sense As per the new tax relief and present token salary advance payment head do I shift to new regime and get entitlemt of no tax as actually receiving less than 7lacs as per bank statement...sounds complicated..but if it goodselfs cld provide ur expertise in light of same pls...

Ans: Salary earned but not received will also be taxable in the year in which it is earned. If person earn income from salary of Rs.15,50,000, new regime will be beneficial as per new slab rate. However, if person is paying housing loan and making tax saver investment; old tax regime will be more beneficial after taking deduction of Rs 2,00,000 for interest on housing loan + Rs1,50,000 for 80C+ Rs.20,000 for mediclaim + Rs.50,000 for salary standard deduction.
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