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Calculate my tax liability after Budget 2023?

Mihir

Mihir Tanna  |1039 Answers  |Ask -

Tax Expert - Answered on Feb 17, 2025

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, 2025Hindi
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Hello sir, my Salary income is Rs.18 lacs and have total deduction of around Rs.4.50 lacs which includes Home loan interest, 80C, 80D and NPS. Please advise tax liability as today's budget under old tax regime and new tax regime.

Ans: Considering standard deduction of 75k, interest on self occupied home of 2 lacs, 80C deduction of 1.5 lacs, 80D of 50k, 25k NPS contribution by employer and employee each; taxable income will reduce to 13 lacs in old regime and under new tax regime it will be reduced to 17 lacs. Accordingly, tax liability as per proposed amendment for FY 25-26 will be Rs.145600 under new and Rs.210600 under old scheme
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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