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Mahesh Padmanabhan  |124 Answers  |Ask -

Tax Expert - Answered on Feb 01, 2023

Mahesh Padmanabhan has specialised in payroll, personal and corporate taxation for more than two and a half decades, enabling him to provide practical, realistic and correct advice to his clients.
He is a member of The Institute of Chartered Accountants of India and has a degree in cost accounting from the Institute of Cost Accountants of India.
He is also a qualified information systems auditor. ... more
Prasanna Question by Prasanna on Feb 01, 2023Hindi
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Hi Mahesh, how much will a person in the highest tax bracket save if her/his income is not taxable up to Rs 7 lakh of income? What other benefits will the new tax regime bring for the salaried in all the tax brackets?

Ans: Hi Prasanna
While the increase in limit from Rs. 5 Lakhs to Rs. 7 Lakhs is merely to accomodate the lower income segment and does not really make a difference to the highest tax bracket individuals. In this context, earlier, individuals whose income did not exceed Rs. 5 Lakhs had to pay Nil tax whether or not they opted for the new regime. The budget proposals has enhanced this limit to Rs. 7 Lakhs for individuals who opt for new tax regime but the earlier limit of Rs. 5 Lakhs would remain for individuals who opt for the old regime.

The slab rates for new tax regime have been tweaked to provide a small reduction in the tax liability as compared to the previous year.

Also, standard deduction benefit that was not available to an individual opting for new tax regime has now been allowed.

All in all, opting for new tax regime may now be beneficial.
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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My son has secured 85% in ICSE 12 th board with PCM, Eng n Mass communication. In PCM group he has secured 61% only hence not eligible for BITSAT, could not qualify JEE mains (20percentile). NDA not cleared. Appeared in WBJEE. Result awaited. Thru CUET, he wants to study English literature in the best colleges of India. He is very good at English n secured 98%. He is the only child, we want him to be technical graduate, so that he is employable and can take over from his father, who worked with ALFALAVAL, now has his own techmart company and is a dealer of ALFALAVAL a Swedish MNC in heavy Engg
Ans: Your son’s 98% in English and 85% overall in ICSE align strongly with BA English (Hons) at top CUET colleges like St. Stephen’s College (DU), Lady Shri Ram College, or Christ University, which prioritize language proficiency and holistic profiles. However, to balance technical employability, consider interdisciplinary programs such as BA English with Digital Humanities (DU) or Integrated BA+MA in English (EFLU Hyderabad), supplemented by certifications in technical writing, project management, or business analytics to align with your family’s engineering business. Alternatively, explore BSc in Computer Applications at Ambedkar University Delhi (via CUET’s General Test) or BA Economics with Data Science (JMI), blending analytical skills with humanities. If WBJEE results permit, Jadavpur University’s Comparative Literature offers flexibility to minor in technical electives. Prioritize institutions like DU or Christ University for their industry networks, enabling internships in tech-adjacent roles (content strategy, technical documentation) while maintaining literary rigor. All the BEST for your Son's Admission & a Prosperous Future!

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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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