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How much tax should I pay with an income of 18 lakhs under the new tax regime?

Mihir Tanna |1053 Answers |Ask -Follow

Tax Expert - Answered on Jul 24, 2024

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 - Jul 23, 2024Hindi

Money

Sir Iam having a taxable income of 18 lakhs last year and paid 360000 in new tax regime. As per the above what could be my tax as per new regime and new slabs Thanks

Ans: Assuming 18 lacs doesn't include any special rate income, tax liability for FY 24 25 based on proposed amendment (after standard deduction of 50000) will be 215800

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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I have CTC of 23.10 L home loan principal of 3.50 lacs home loan interest of 2.50 lacs , 80 c investment of 1.50 lac, NPS investment of 50000, NPS deduction from employer 88200, claiming Petrol allowance 21600, medical allowance 15000 , books and periodicals allowance 36000 , Mediclaim of family and mother 60000 what will be my tax under old regime and new regime for financial year 2023-24

Ans: Hi
I am assuming that the petrol allowance and medical allowance would not be allowed as deduction by your employer as transport allowance & medical allowance had been done away with the introduction of Standard Deduction. Also, assuming that the home loan interest is on account of self occupied property.

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Dear sir my next salary will be around 26 lac how much tax will be taken by government per new slabs

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if my income is 30 lakhs, then the slabs for tax calculation under new regime is it like below: Rs. 1 - Rs. 4,00,000 - 0% Rs. 4,00,001 - Rs. 8,00,000 - 5% - 0 (DUE TO TIL 12 LAKH NO TAX REBATE) Rs. 8,00,001 - Rs. 12,00,000 - 10% - 0 (DUE TO TIL 12 LAKH NO TAX REBATE) Rs. 12,00,001 - Rs. 16,00,000 (with standard deduction of 75000) - 15%- 48750 Rs. 16,00,001 - Rs. 20,00,000 - 20%- 80000 Rs. 20,00,001 - Rs. 24,00,000 - 25%- 100000 Rs. 24,00,001 - Rs. 30,00,00 - 30%- 120000 IS MY UNDERSTANDING CORRECT?

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My relative has 2 residential houses (H1,H2) and 2 residential sites(S1,S2). She plans to sell house H2 and buy a residential flat H3 in my her spouse name. She plans to claime capital gains under Section 54. Later she plans to sell sites S1,S2 and buy a residential flat H4 in her name. She plans to captial gains exemption under section 54F. Since at point of sale of sites, she only has only house H1 in her name, she can claim exemption under section 54F. She seems to meet all the conditions for section 54, 54F. Is this possible?

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Question by arun - Feb 24, 2025

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we intend to dispose 2 prop. do v need to keep this amount in cg separately or in one a/c. if v intend buy prop in 2 years can v keep in fd saving or cg is compulsory. how many prop can b bought from deal. in my case I have already committed around 40% amount in a prop in instalments, for which I have already paid one instalment from my pocket. can I take this amount which is pre deal from deal. balance need to b kept in cg or sfd and if I invest in 2 yrs still I need cg. since my wife is also disposing her prop and if v acquire prop in 2 yrs do v need to invest in cg. if v buy a joint property can v both invest from our deal amount in a joint property. what will b tax liability.

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Dear Experts, I have sold my flat for Rs 73 lacs in Thane, Maharashtra. I would like to know whether I am eligible to pay capital gains? I had bought in 2016. Moreover how do I invest this amount, I am not intending to purchase any new property. So suggest any other way out. Thanks in advance.

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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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