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Mihir Tanna |1018 Answers |Ask -Follow

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

Question by Ramesh on Feb 02, 2023Hindi

My gross income is 15 lakhs. I invested 1.5 Lakh in tax saving FD. Please give calculation ìn new regime as well as old one for AY 2023-24 as well as for AY 2024-25

Ans: If taxable income of person is Rs.15,00,000 after claiming deduction of Rs.1,50,000 under 80C; tax liability will be Rs.217500 plus cess under old regime for AY 23-24 and 24-25. However, under new regime before Budget 2023 tax liability was Rs.1,87,500 (for AY 23-24) after proposal of Budget 2023 as per new slab rate tax liability will be Rs.1,50,000.

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 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?

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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

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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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