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Mihir Tanna |948 Answers |Ask -Follow

Tax Expert - Answered on Feb 28, 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 Amal on Feb 02, 2023Hindi

Money

Will I get any home loan benefit from the new tax regime? A.Kalita, Guwahati

Ans: Tax Benefit of home loan is not available under new tax regime if loan is taken for self occupied house. Further, loss from let out property will not be allowed to set off/carried forward against any other income

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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Anil Rego |377 Answers |Ask -Follow

Financial Planner - Answered on Feb 05, 2023

Question by Sanket - Feb 01, 2023Hindi

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Housing loan interest related tax befits would continue in new tax benefits ??

Ans: Tax exemption is unavailable in the new tax regime on interest paid on home loans.

Mihir Tanna |948 Answers |Ask -Follow

Tax Expert - Answered on Feb 04, 2023

Question by Rakesh - Feb 02, 2023Hindi

In the new tax regime should I avail the tax exemputions under the 80C, Home loan interest, satndard deduction etc.

Ans: Under new tax regime, allowances/exemptions like House rent allowance, Leave Travel allowance, Helper allowance, Children education allowance, helper allowance, 80C, housing loan interest (on self occupied property) etc will not be allowed. However, as per changes proposed in Budget 2023, standard deduction will be available.

Mihir Tanna |948 Answers |Ask -Follow

Tax Expert - Answered on Feb 23, 2023

Asked by Anonymous - Feb 10, 2023Hindi

Money

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?

Ans: Person having taxable income of 28 lakhs and take deduction less than 4.25 lacs from housing loan/80C/80D, can opt for new tax regime as new slab rate is likely to be beneficial as per budget proposed for FY 2023-24

Tejas Chokshi | Answer |Ask -Follow

Tax Expert - Answered on Apr 25, 2023

Question by Ramesh - Feb 10, 2023Hindi

Money

My taxable income is 60 Lacs and no home loan, will it be beneficial to opt for new tax regime?

Ans: Whether or not it is beneficial for you to opt for the new tax regime depends on various factors such as your specific deductions, investments, and other incomes. Under the new tax regime, you cannot claim most deductions and exemptions, including the standard deduction, deduction for savings under Section 80C, deduction for interest on housing loan, and others.

However, if you have investments and expenses that are eligible for deductions under the old tax regime, it might be more beneficial for you to continue with the old tax regime. In general, if you have substantial deductions and exemptions, you might end up saving more tax under the old tax regime, whereas if you do not have many deductions and exemptions, the new tax regime might be more beneficial for you.

In your case, since you do not have a home loan or any other specific deductions that you can claim, it might be worthwhile to calculate your tax liability under both the old and new tax regimes and see which one results in lower tax liability for you. You can also take the help of a tax expert or use online tax calculators to make this comparison.

Latest Questions

Milind Vadjikar |396 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Oct 14, 2024

Asked by Anonymous - Oct 14, 2024Hindi

Money

I am 48 years old, I have an annual expense of approx 15 lakhs, a single kid who is currently in 9th standard. If I have to retire tomorrow, how much corpus should I have?

Ans: Hello;

You should have a minimum corpus of 3.75 Cr which if utilised to buy an immediate annuity would provide you a monthly payout of 1.31L(post tax) considering 6% annuity rate.

Happy Investing!!

Radheshyam Zanwar |987 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Oct 14, 2024

Asked by Anonymous - Oct 14, 2024Hindi

Career

What careed options are available after 12th commerce without maths

Ans: Hello.
There are a lot of options available after 12th commerce without mathematics. But it is highly recommended that, at least from a passing point of view, one should learn mathematics for more options. The entire mathematics is not needed for many courses but the applications of mathematics help to excel in some subjects.
Here are some options for you: (1) Law (2) Management (3) Finance (4) Hospitality (5) BBA (6) Hotel Management (7) CS (8) CA and many more. Explore your potential and interest in the relative field and choose the path.

If you are dissatisfied with the reply, please ask again without hesitation.
If satisfied, please like and follow me.
Thanks.

Radheshyam

Radheshyam Zanwar |987 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Oct 14, 2024

Question by Bhalchandra - Oct 14, 2024Hindi

Career

I have completed my 12th in 2013 and wish to give NEET Exam now in 2025-26. But I have less than 150 in PCB subjects, so not eligible for NEET. Can I give 12th in Maharashtra again. If yes then how? Is my plan feasible?

Ans: Hello Bhalchandra.
(1) You can appear for NEET 2025-2026.
(2) You can appear 12th again for Improvement.
(3) Approach your nearest college or board office to know how to enroll for improvement. Take your mark sheet with you when you visit the office.
(4) Your plan is not feasible. Yet, if you have decided to go for it, then you can go. Nothing is possible in the life.
What you have done after 2013, you did not mention. If you do not have any touch with science subjects after 2013, then it is recommended to drop the plan. Yet the final decision is yours. Best of luck for your future.

If you are dissatisfied with the reply, please ask again without hesitation.
If satisfied, please like and follow me.
Thanks.

Radheshyam

Radheshyam Zanwar |987 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Oct 14, 2024

Question by Satish - Oct 14, 2024Hindi

Career

My son is very talented in fine arts and has keen interest in it. What are professional career options he has which not only satiate his interest of arts but also earn him big money.

Ans: Hello Satish.
Glad to hear that your son is talented in Fine Arts! A student who is inclined toward fine arts is always a genius and extraordinary. Here are some career options for him:
(1) Graphic Designer (2) Art Director (3) Illustrator (4) Animator (5( Photographer (6) Art Teacher/Educator (7) Gallery Curator (8) Fine Artist (9) Art Therapist (10) Art Restoration:
To earn the big money, ask him to master "Graphic Design" and excel in some computer related programs in it. Set the goal to enter into advertising and marketing field to serve corporate sector. Ask him to learn the VXF technology to enter into T.V. and Film making line for promising and stable career option.

If you are dissatisfied with the reply, please ask again without hesitation.
If satisfied, please like and follow me.
Thanks.

Radheshyam

Milind Vadjikar |396 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Oct 14, 2024

Asked by Anonymous - Oct 12, 2024Hindi

Money

Hello Sir, I'm 44 years of age and want to plan for creating a corpus of 5 Cr by age of 60. I have 40L lying in savings which I want to invest in MFs and start with Monthly SIP as well apart from this. At 60 I'm looking to start a SWP, in regards to this could you please suggest which MFs should I invest in to achieve this goal and how should I diversify SIP and lumpsum investments? Thank you!!

Ans: Hello;

Please deploy the 40 L staggered over 6 months in pure equity mutual funds.

Also start a monthly sip of 40 K for 16 years.

You may allocate sip and lumpsum as follows:
1. Flexicap type mutual fund for eg. PPFAS flexicap fund[G] (25%)

2. Large and Midcap type mutual fund for eg. Kotak equity opportunities fund[G] (25%)

3. Midcap type mutual fund for eg. Nippon India Growth fund[G] (25%)

4. Smallcap type mutual fund for eg SBI small cap fund [G] (12.5%)

5. Thematic type mutual fund for eg Tata Digital fund[G] (12.5%)

Funds recommended are in top quartile in terms of performance in their respective category.

Both sip and lumpsum investments will yield you a corpus of 5 Cr+, 16 years from now, as desired.

After 55 you need to transfer your gains to liquid or ultra short duration debt funds to protect it against market volatility.

After retirement you move your corpus to conservative hybrid debt type mutual fund for eg. Kotak debt hybrid fund and do an SWP at the rate of 3% annually you may expect a monthly income of 1.25 L(pre-tax).

Happy Investing!!

*Investments in mutual funds are subject to market risks. Please read all scheme related documents carefully before investing.

Samraat Jadhav |2062 Answers |Ask -Follow

Stock Market Expert - Answered on Oct 14, 2024

Question by Anil - Oct 14, 2024Hindi

Money

whats in the next target of rvnl share

Ans: it can go toward 600 again

Ravi Mittal |352 Answers |Ask -Follow

Dating, Relationships Expert - Answered on Oct 14, 2024

Question by Rutuja - Oct 10, 2024

Relationship

Hello, I m 21 female I m in a long distance relationship with 32 year male.this person was behind me and always asked me to give him a chance to prove his love for me. At that period i was afaird of relationships as I didn't have courage to go against wish of my parents as i know they wolud never agree for love marriage,so that is fir sure i'll do arrange Marriage. All these things have been explained by my side to this person.He gad feelings for me thats what he showed to me even I felt a connection towards him, so we decided let's not commit anything anout marraige as we both wee not sure about these thing. After some time i realised these person has already made his mind ki he'll date me and he wanted to have everything that an relationship has but he will not marry me.But i m completely in love with.Even i told him about it ki I can't share him n won't be able to see him.with someone else.i just can't imagine myself without him. I fought with him even begged and cried but he always defend his self sayi g i told already ki he loves me and will keep loving me but will not marry me . He vists me after 6-9 months interval every time he visuts me he needs to have physical relationship. I don't know whether I m right or wrong but i feel like I m being used by him. I tried several time to end this relationship but i end up chasing him.Plz help me,guide me

Ans: Dear Rutuja,
If you have the slightest feeling that he doesn't share the same feelings for you as you do for him, or that he has wrong intentions, you have every right to end the relationship. In fact, that would be the right thing to do. I understand that it is difficult to break up with someone you love, but does he love you? Don't you think you deserve someone who loves you and does not make you feel as if you are being used?

Have a clear conversation with him- address all your concerns. If he still maintains his stand of not getting married to you, then let him know that you are not on the same page as him. Remember, for a relationship to work, your future goals need to align.

Best Wishes.

Ravi Mittal |352 Answers |Ask -Follow

Dating, Relationships Expert - Answered on Oct 14, 2024

Asked by Anonymous - Oct 10, 2024

Relationship

I am a girl who met a muy in a friendly chat app and been talking to him through text and calls since the past 6 months...he told me about his past 3 breakups which were online too and he didnt meet those girls.He told he loved my nature and loves me madly n cannot live without me..i was moving with him as a friend initially,but feeling turned into love gradually..he lied to me about his name too n i found many a times flirting and chatting with other girls.Still i have forgiven as he is my first love. Recently,I met with an accident and was in a serious condition ..my phone was with my relative and she told him about my condition when he put a message to me.He even asked my relatives about the hospital address n my relative has given it. He didn't turn up and was chatting online with other girls till early morning n continued later too by chatting n cracking jokes when i was in such a serious condition.A friend of mine told me about this. When i confronted him after my discharge,he told my relative didnt give the response which is a lie ..as the proof chatting with other girls is there..n later he didnt even text to know how am i for 2days.. I am an emotional girl ,attaching n detaching is a bit difficult thing...i am broken ..when he didnt love me ..what made him use the words like he cannot live without me n will marry me. He asked for a chance,i am fed up of his lies..i made him introduce to my parents also..When i am so true to him..why does he need to chat n flirt with other girls?..even after knowing my condition instead of meeting me..he was chatting.. We still didnt meet,thought of meeting n met with an accident Does he deserve an other chance or should i leave him,please suggest mam.Why is he doing so?.I even helped him small amounts financially too when he asked for.

Ans: Dear Anonymous,
I am very concerned about the last part of your question where you mentioned helping him financially. We ask all our dating app users not to discuss money let alone involve in a financial transaction with an online match. It gives me the impression that he might have been pursuing the relationship with you for monetary benefits; I am not saying that with surety but there is always a chance of that happening.

And now let's address your main concern- if you should give him another chance. I cannot decide that for you but let me ask you one thing- do you think you deserve to be with a person who did not care that you were in a critical condition and continued flirting with others? Even if we keep your accident aside, do you think it is a healthy relationship where one partner keeps flirting with people outside the relationship? I don't think so.

Please make the right choice and don't focus on momentary happiness, think about how this relationship will affect your future.

Best Wishes.

Ravi Mittal |352 Answers |Ask -Follow

Dating, Relationships Expert - Answered on Oct 14, 2024

Asked by Anonymous - Oct 10, 2024Hindi

Relationship

I was in livin relationship from past 2 years , and few days before our parents got to know about our relationship and due to family pressure I said her no , but I can't live without her , she's my everything and I lover her soo much . But I did my life biggest mistake by saying "No" . Now her love has turned into hate and anger and she'd blocked me from everywhere and her parents are not ready for marriage. Now what should I do , how can I show her what she means to me ? She'll will never talk to me

Ans: Dear Anonymous,
Give it some time. She is hurt. I am sure with time things will calm down slightly and only then you should approach her. Let her know that you panicked and said no; express in words that you regret doing the same. Say your sorries and give her time to forgive you. Speak to her parents as well and explain to them what happened. They are parents too; I am sure they will understand. And if you are ready, let them know that you will come clean to your parents and introduce her as your partner.

Don't worry, things will get better soon.

Best Wishes.

Ramalingam Kalirajan |6592 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Oct 14, 2024

Question by Avinash - Oct 14, 2024Hindi

Money

Sir My age is 37. How much amount i have to invest in SIP for 5 Cr Corpus in 20 years.

Ans: To achieve a corpus of Rs 5 crores in 20 years, you have two options based on different investment strategies:

Fixed SIP Method

If you invest Rs 55,000 monthly through a SIP for 20 years at an estimated 12% annual return, you can reach a corpus of Rs 5 crores.
This method involves investing a fixed amount throughout the investment period.
SIP with a Step-Up Option

Alternatively, you can start with a monthly SIP of Rs 26,000 and increase your SIP amount by 10% annually. With an expected return of 12% over 20 years, you can also accumulate Rs 5 crores.
This method is more flexible and accommodates income growth over time.
Choose the method that aligns with your financial situation and cash flow.

Best Regards,
K. Ramalingam, MBA, CFP
Chief Financial Planner
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

See more questions »

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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