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Advait Arora |1263 Answers |Ask -Follow

Financial Planner - Answered on Apr 06, 2023

Advait Arora has over 20 years of experience in direct investing in stock markets in India and overseas.
He holds a masters in IT management from the University Of Wollongong, Australia, and an MBA in marketing from Charles Strut University, NewCastle, Australia.
Advait is a firm believer in the power of compounding to help his clients grow their wealth.... more

Question by Mugalur on Apr 05, 2023Hindi

Money

Namasthe sir. I am Mr Mugalur. Can I request you kindly to clarify the following points ; I am a Pensioner aged 81 years. If I opt for IT new regime, in addition to standard deduction of Rs 50, 000, can I avail other rebates like : (1) disability rebate of Rs 75,000 u\s 80-U, (2) interest on F D up to Rs 50,000 (2) health insurance premium of Rs 25,000. Government has sanctioned me 20% of my basic pension as an allowance for crossing 80 years of age. Though this amount is added to my total pension, this amount is not merged with the earlier basic pension. Instead this amount is shown seperately under the heading “others” Now I want to know whether this allowance can be counted as rebate for getting I T exemption.

Ans: Very intresting question Mugalur. I believe a tax consultant will be about to analyse this better. Also pl make sure you are on the right side of law when asking for any IT exemptions.

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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Question by D - Feb 06, 2023Hindi

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I am a senior citizen using old system as can claim 80C, 80D & 80TTB all together exemption of Rs 250000 1 Should I continue with old system if income after deducting exemption is arpund Rs 10 Lakhs ? 2 As salaried class has been offered Std deduction of Rs 50000, will senior citizens be at disadvantage vis a vis Salaried class if senioe chanes over to new regime ?

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Question by Mugalur - Mar 24, 2023Hindi

Money

1) Sir, I am a Super Senior citizen 81years aged I have heard that for 2023-24 year for 5 lakhs to 7 lakhs income I T is 20% in excess of net income of 5 lakhs under old tax regime. Is this position correct 2) whether under this scheme deductions such as Std dedcn, 50,000 Disability rebate ,75,000 health ins premium i 20,000 is available . Requet you kindly to clarify @ the earliest

Ans: Dear Mr. Mugalur
The slab rate under the old tax regime for super senior citizen has not been changed and remain at 20% for income in the range of Rs. 5 Lakhs above to Rs. 10 Lakhs.

In case you are opting for the old tax regime all deductions that were available earlier are still available to you but that would not be the case if you opt for the new tax regime, where the deductions stated by you will not be available

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Question by Mugalur - Mar 31, 2023Hindi

Money

sir, under IT new tax regme, I am told that for pensioners standard deduction of Rs 50,000 is allowed kindly clarify wheher this position is correct. Further, Sir, under new regime deductions such as disability rebate of Rs 75 ,000 u\s 80 U and health insurance premium of Rs 20,000 are allowed Kindly advise me.

Ans: Hi Mugalur
In case you are referring to standard deduction for salary then yes for the pension income the standard deduction would be available.

The other deductions stated by you would not be available under the new tax 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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