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Mihir Tanna |580 Answers |Ask -Follow

Tax Expert - Answered on Sep 13, 2023

Asked by Anonymous - Sep 07, 2023

Money

Hello sir My salary is 773000 which Includes 99000 as hra . Should I choose new or old tax regime. Suppose I make and less of 36000 annually. Please give me input for both new and old tax regime.

Ans: Old tax regime is likely to be beneficial for the taxpayer if substantial amount is claimed as deduction/exemption.

In given case, if we assume that you are eligible for HRA exemption of Rs.99000, tax liability on taxable salary of Rs.674000 under old regime for FY 23-24 will be Rs.49192. Whereas under new tax regime, with salary of Rs.773000 tax liability is likely to be Rs.33592.

For calculation, you can use Income tax calculator available at https://incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.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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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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