Home > Money > Question

Sign In | Create an account

Language:

Now in हिन्दी too

Need Expert Advice?Our Gurus Can Help

Mihir Tanna |1043 Answers |Ask -Follow

Tax Expert - Answered on Sep 16, 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 16, 2023Hindi

Listen

Money

Hi Mihir, My salary is 35 lacs annually and I have no home loan interest to claim for tax exemption. Should I opt for old regime or new regime will be better for me?

Ans: Old tax regime is beneficial to assessee if substantial amount of deduction/exemption is claimed. From information provided, i understand that new tax regime is likely to be beneficial for you.

For exact calculation, you can refer to 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.

MoneyReply

You may like to see similar questions and answers below

Sanjeev Govila |458 Answers |Ask -Follow

Financial Planner - Answered on Feb 03, 2023

Question by Vijay - Feb 01, 2023Hindi

Listen

Money

Hello sir, Upto this financial year I am paying tentatively Rs238000/- appx as income tax, with annual income about 1650000/- in old tax regime. Whether I should stick to old regime or opt for new one? I don't have housing loan

Ans: Same answer as given earlier: The tax slabs themselves are very broad and your benefits depend on what sections of Income Tax Act are you taking benefit of like 80C, 80G, 80D, 80E, 24B, and HRA.

Instead of looking at broad tax slabs, please calculate yourself at this calculator as pertaining to yourself and you will be able to decide which tax regime is better for you:-
https://cleartax.in/paytax/TaxCalculator

Mihir Tanna |1043 Answers |Ask -Follow

Tax Expert - Answered on Feb 28, 2023

Question by Chandan - Feb 09, 2023Hindi

Listen

Money

I have salary+ other source(FD , S/B interest) income of 30 lacs p.a. Which regime is better for me.. I don't have any home loan or nps, So considering only 80C , what will be the tax burden in old and new regime..

Ans: Person having taxable income around 30 lacs 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

In future, you can calculate the tax from following link :

https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx

Milind Vadjikar |1175 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 29, 2024

Question by Ravi - Aug 01, 2024Hindi

Listen

Money

I Have Home loan, getting HBA interest deduction in income and medical health insurance also. Whether new tax regime is better or old tax regime ? RAVI

Ans: Hello;

As per a thumb rule, if your annual total deduction is above 3.7 L in a financial year then old regime is better for you.

Best wishes;

Mihir Tanna |1043 Answers |Ask -Follow

Tax Expert - Answered on Feb 13, 2025

Asked by Anonymous - Feb 12, 2025Hindi

Listen

Money

Dear Sir. My salary per month is Rs1,20,000. The only investment I have made is two houses for which I am paying Rs45000 EMI every Month. Since I am paying debts the following is the breakup, Monthly Salary: Rs1,20,000 Housing Loan EMI: Rs 45,000 Paying my friends who lend money + personal Loan: Rs 35,000 (which will not be considered for TAX) For Another six months I have to pay to finish the loans and Pay friends. Jewel Loan - 7lakh remaining Monthly EMI: Rs10,000 (which will not be considered for TAX) Monthly household expenses + Kids Van fees + Kids Music class Fees: Rs.25000 SIP Monthly-Not Tax saving SIP's : Rs.5,000 (From OCT 2024 -Feb 2025 Saved Rs.25,000 so far.) Total: 45000 + 35000 + 10000 + 25000 + 5000 = Rs. 1,20,000 Since this is my state of my expenses. Please tell me should I opt for Old Tax Regime or New Tax Regime. Thank you Sir.

Ans: As you dont have any deductions u/s 80C 80D 80CCD, new tax regime is likely to be beneficial for you

Latest Questions

Ravi Mittal |572 Answers |Ask -Follow

Dating, Relationships Expert - Answered on Apr 15, 2025

Asked by Anonymous - Apr 15, 2025Hindi

Listen

Relationship

Hello, I was in a relationship for nearly 5 months, but my boyfriend ended things because he felt insecure about my friendship with my best friend. He never told me that at that time, but two months after the breakup, he messaged me saying that his insecurity about my best friend was the real reason we parted ways. After we broke up I ended up with a rebound with my best friend because I was heartbroken and things started off physical between us. Now I'm confused what's right or wrong or what should I do next?

Ans: Dear Anonymous,
I understand that it must be difficult to lose a long-term relationship. Also, when you had a rebound, you were in an emotionally vulnerable place. Your friend could have politely rejected any advances because you might not have been in the right head space to think- then again, I do not want to jump to conclusions and place the blame on someone. Now, about your confusion- if you think that continuing this with your best friend can ruin your friendship, you might want to rethink it. If you think there are feelings involved, you should talk clearly about it and start by mentioning that whether they feel the same way about you or not will not affect your friendship. Once you get clarity on what page you both are on, you can start thinking about what's the next step.

Hope this helps

Milind Vadjikar |1175 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Apr 15, 2025

Asked by Anonymous - Apr 12, 2025Hindi

Listen

Money

I'm 40 years old with 20 lakh in savings and the ability to invest 25,000 per month. My primary goal is long-term wealth creation, possibly targeting financial freedom or building a substantial corpus for retirement, my child's education, or other future needs. I'd like to understand how I can best structure my investments to maximize returns while balancing risk. Should I focus on mutual funds, stocks, fixed income instruments, or a combination of these? What asset allocation would be ideal for someone my age, and how should I adjust it over time? Also, are there any tax-saving strategies I should consider along the way?

Ans: Hello;

You may start a monthly sip of 12.5 K each into a flexicap type mutual fund and a multi asset allocation type mutual fund.

You may select any fund from the top performance quartile in the respective categories.

Assuming modest return of 10% it may grow into a sum of around 1.91 Cr after 20 years.

These funds will manage the asset allocation for you depending on market scenario so no tweaking required to be done at your end.

As you reach closer to your goal the gains made should be transferred to safe heaven to avoid market volatility impact.

Happy Investing;

Mayank Chandel |2200 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Apr 15, 2025

Asked by Anonymous - Mar 17, 2025Hindi

Listen

Career

Can i get admission in nit at 95.66 percentile?(EWS)

Ans: Hi
You may get Civil Engineering, Chemical Engineering, Metallurgical Engineering, Production Engineering etc in lower or newer NITs

Biotechnology, etc.

Mayank Chandel |2200 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Apr 15, 2025

Asked by Anonymous - Apr 14, 2025Hindi

Listen

Career

Mujhe 12th m 46 percentage aaya hai to mai kon sa course choose karu jisse mai padh skti hu(course medical m hona chahiy) .....please suggest me and guide me)

Ans: Hi, these can be your options
1. Diploma in Medical Laboratory Technology (DMLT)
Duration: 2 years

Scope: Hospital labs, diagnostic centers

Eligibility: 10+2 pass (Science stream preferred)

2. Diploma in Radiology / X-Ray Technician
Duration: 1-2 years

Scope: Radiology labs, diagnostic centers

Eligibility: 10+2 pass with Science

3. Diploma in Operation Theatre (OT) Technician
Duration: 1-2 years

Scope: OT assistant in hospitals

Eligibility: 10+2 pass

4. Diploma in Nursing Assistant / General Duty Assistant
Duration: 6 months – 1 year

Scope: Hospitals, old-age homes, clinics

Eligibility: 10+2 pass

5. Diploma in Physiotherapy
Duration: 2 years

Eligibility: 10+2 pass (Science preferred)

6. Diploma in Pharmacy (D.Pharm)
Duration: 2 years

Scope: Medical stores, hospitals, pharma companies

Eligibility: 10+2 with Science (PCB/PCM)

Note: Some colleges allow admission with lower percentage also.

Other Allied Health Science Courses (Some may require entrance)
Bachelor of Hospital Administration (BHA)

B.Sc. in Medical Imaging Technology

B.Sc. in Medical Laboratory Technology

B.Sc. in Dialysis Therapy

B.Sc. in Optometry

B.Sc. in Nursing (Kahi jagah pe thoda high percentage chahiye hota hai)

Mayank Chandel |2200 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Apr 15, 2025

Asked by Anonymous - Apr 14, 2025Hindi

Listen

Career

Namaste sir me 12th boards me 1st time appear me fail hui thi phir 2025 me reappear kiya and 75% up kar liya and me 2024 and 2025 dono me mains me hi qualify ni hu to me jee advanced 2026 ke liye eligible hu?and mains 2024 and 2025 dono diya tha but dono me qualify tak ni hu please give me right guidence

Ans: Hello
Aap 12th board exam pehli baar 2024 me di thi (even if fail ho gayi thi), toh aapka pehla attempt 2024 maana jaayega.
JEE Advanced ke rules ke mutabik, aap 12th ke baad sirf 2 consecutive years tak JEE Advanced de sakte ho.
Iska matlab:
2024 (1st chance)
2025 (2nd and last chance)

Toh 2026 me aap JEE Advanced ke liye eligible nahi hongi, chahe aapne 2025 me 12th improve karke 75% le liya ho.

Mayank Chandel |2200 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Apr 15, 2025

Asked by Anonymous - Apr 15, 2025Hindi

Listen

Career

My daughter is preparing for her IIM entrance and also pursuing 2nd year graduation in B.Com. (Hons.). Can you please guide regarding the timelines of her preparation like by when should her course be complete and then how many times she should do the course revision. Her exam will fall due around November 2025. Thanks.

Ans: Hi
Ideally syllabus should complete by June end. And then strengthening of weak concepts till August.

September to October 2025- Mock & Revision Phase
Target: Intense mocks and revision
Mocks: 2–3 full-length mocks per week
Revise shortcuts, formulas, and key strategies
Analyze all mocks in depth – learn from errors.

Milind Vadjikar |1175 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Apr 15, 2025

Question by Prashanth - Apr 15, 2025Hindi

Listen

Money

Sir namaste, Invested in bajaj Allianz Life ace plan 600000 last year received 240000 .PPT 10YRS will receive 240000 till 49 yrs and maturity at 50th year 17623300 , with 6600000 life cover. Is this a good plan as guaranteed or should I split 2L /2L/2L each into stocks /MF /and guaranteed.by cancelling my 2 nd premium I will loose 360000 as I am terminating this policy.8 % returns is good for long-term? Sir ur valuable advise how to invest for retirement?

Ans: Hello;

Request you to elaborate policy term, payback(regular and final), annual premium and your age.

Traditional insurance policies never provide return higher then 5.5-6% and you seem to be claiming 8% return.

Any which way coupling insurance with investment is a blunder of mammoth proportions.

People get carried away with words like guaranteed, profit sharing, bonus rather then rationally trying to estimate the rate of return from such undesirable investments.

I reserve my final comment on this until you furnish me with the above requested details.

Thanks;

Mayank Chandel |2200 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Apr 15, 2025

Question by Hemali - Apr 14, 2025Hindi

Listen

Career

Namaste sir me 12th boards me 1st time appear me fail hui thi phir 2025 me reappear kiya and 75% up kar liya and me 2024 and 2025 dono me mains me hi qualify ni hu to me jee advanced 2026 ke liye eligible hu?

Ans: Hello Hemali
Aap 12th board exam pehli baar 2024 me di thi (even if fail ho gayi thi), toh aapka pehla attempt 2024 maana jaayega.
JEE Advanced ke rules ke mutabik, aap 12th ke baad sirf 2 consecutive years tak JEE Advanced de sakte ho.
Iska matlab:
2024 (1st chance)
2025 (2nd and last chance)

Toh 2026 me aap JEE Advanced ke liye eligible nahi hongi, chahe aapne 2025 me 12th improve karke 75% le liya ho.

Dr Anshuman Manaswi |36 Answers |Ask -Follow

Plastic-Aesthetic Surgeon, Emergency Care Consultant - Answered on Apr 15, 2025

Asked by Anonymous - Mar 20, 2025Hindi

Listen

Health

I have read about people undergoing mini facelifts after the age of 50. I want to know more about eye bag reduction surgery for myself. Is it safe? What are the complications? I want to understand before consulting a surgeon. Can surgery help reduce wrinkles and face lines too? What would be the approximate cost of this procedure in India?

Ans: Eyebags reduction surgeries are safe. In good hands the results are satisfying and hardly any complication.
Yes, surgeries ( Facelift, brow lift, forehead lift neck lift etc do significantly reduce the wrinkles.

Cost will depend upon the surgeon's experience.

Milind Vadjikar |1175 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Apr 15, 2025

Question by Parag - Apr 15, 2025Hindi

Listen

Money

at the age of 50, i have 1 cr in mutual funds and stocks, I want to retire after 5 years. I want SWP of 1.5 lac rupees per month for 20 years till my age of 75, will this possible? for next 5 years I will do SIP of 75k per month

Ans: Hello;

You will need a minimum corpus of 5.5 Cr so as to generate post-tax monthly income of 1.5 L+ at a sustainable SWP rate of 4%.

With your current corpus and additional sip for 5 years you are expected to achieve a corpus of ~2.2 Cr.

This highlights a gap of 3.3 Cr which you may fund through other resources.

A modest return of 10% is considered from MF investment.

Best wishes;

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.

Video Reply
Audio Reply

WhatsApp
Facebook
Twitter
Copy link

Delete

Close

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus

Sign up

email

uname

mobile no

Country Code

Mobile number

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

LOGIN

x