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Mihir Tanna |580 Answers |Ask -Follow

Tax Expert - Answered on Sep 16, 2023

Asked by Anonymous - Sep 16, 2023

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.

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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.

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Hi, my annual income of 9 lakhs which regime is better to opt. I am also paying housing loan of 1.8 lacs per year. Please let me know

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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..

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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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