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Mihir

Mihir Tanna  |850 Answers  |Ask -

Tax Expert - Answered on Sep 13, 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 - Sep 07, 2023Hindi
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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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