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Mahesh Padmanabhan | Answer |Ask -Follow

Tax Expert - Answered on May 03, 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 03, 2023Hindi

Money

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

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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Salary is Rs 28,50,000. Investments would be : Contribution to 80C - Rs 1.5L, NPS-50K, HR Paid - 5.7L per year, 80D Medical : Insurance Premium for self and spouse : Rs 19108 and for parents : Rs 50K. Which regime should be better to select : Old or New?

Ans: In the absence of salary structure, it is not possible to claim HRA exemption. You can calculate the same at https://incometaxindia.gov.in/Pages/tools/house-rent-allowance-calculator.aspx

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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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