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Mihir Tanna | Answer |Ask -Follow

Tax Expert - Answered on Feb 27, 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

Asked by Anonymous - Feb 01, 2023Hindi

Money

For experienced professionals earning more than 50L per annum, basically there is no change correct ( under old regime). Is the new regime beneficial for professionals with higher income?

Ans: Person having taxable income around 25 lacs 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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I have few queries regarding IT. Can you provide comparison of old regime or new regime for Min 20 lakh salary?

Ans: The comparison of old and new tax regime with various options is shown below.

	Taxable Income-After Deduction			Tax Calculation - Old			Tax - New
Various Income Options	Option -1 (standard deduction, PT, 80C, 80D, Home Loan Int.)	Option -2 (standard deduction, PT, 80C, 80D)	Option -3 (standard deduction, PT, 80D)	Option -1	Option -2	Option -3
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Question by Lokesh - Feb 01, 2023Hindi

Do salaried get any benefit from this budget whose salary is greater than 50L and opted for old regime?

Ans: Hello Lokesh

As a financial advisor, I would advise you to consult a chartered accountant for specific tax planning advice. They have expertise and in-depth knowledge of tax laws and regulations and can provide you with personalized strategies to minimize your tax liability. I can assist you in creating a comprehensive financial plan, but for tax planning, it is best to consult a tax professional.

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Asked by Anonymous - Feb 03, 2023Hindi

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Hello Mahesh, for a person with a salary of more than 30 lakhs and just 80C investment and NPS investment ( Personal + Corporate ), is new regime better or the old one ?

Ans: Hi,
Corporate NPS u/s 80CCD(2) will be relevant in checking the efficacy of options. If we consider that Corporate NPS is outside the Rs. 30 Lakhs and assuming that 80C deduction is Rs. 1.50 Lakhs then the new tax regime is best for you.

You could check the comparison using the following link

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

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Question by Manoj - Mar 10, 2023Hindi

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Sir what is the difference between current and previous regime. Which is more beneficial for a salaried person.

Ans: Depends on the deductions you can claim

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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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