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What Are the Extra Tax Benefits I Can Take as a New Tax Regime Opt-in Under 30% Tax Bracket?

Milind

Milind Vadjikar  |142 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Sep 07, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more
Abhishek Question by Abhishek on Feb 05, 2024Hindi
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I have opted for new tax regime. What additional tax benefits/deductions can be availed. I was in 30% tax bracket.

Ans: No tax deductions are applicable in the new regime, except higher standard deduction of 75K.
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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Tax Expert - Answered on Feb 01, 2023

Asked by Anonymous - Feb 01, 2023Hindi
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Dear Sir, what is the difference between new and old tax regime as per new budget announced? What are the benefits? My annual salary is 10LPA
Ans: Hi
The difference between the old and new tax regime is that many deductions and exemptions are not available if an individual opts for the new tax regime.

Standard deduction, PT deduction, Mediclaim, Life Insurance, PF, NPS, Donations etc., are some of the common deductions that would not have been available to an individual opting for the new tax regime. The benefit that the individual would get by opting the new tax regime is that she / he would get lower rates of tax slab as compared to an individual opting for old tax regime.

With the new budget proposals, the FM intends to extend atleast 3 distinct benefits to individuals opting for the new tax regime.

1. Standard deduction would be available to be claimed
2. Slab rates of tax has been rationalized (improved) to give better tax relief to the individual
3. Individuals opting for new tax regime have got enhanced Nil tax window of Rs. 7 Lakhs as compared to old tax regime limit of Rs. 5 Lakhs. As your income even after the standard deduction would be above Rs. 7 Lakhs, this benefit is not really applicable to you.

If we look at an income of Rs. 10 Lakhs with standard deduction of Rs. 50000; you would pay Rs. 52,500 under the new tax regime (current budget proposal) as compared to Rs. 67,500 under the new tax regime (last year budget). So effectively comparing apple to apple, you have an additional saving of Rs. 15,000 in taxes

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Hii sir ! This is ritika and I love a boy and we are in relationship since 7 years but there are some behavior of him he always have doubt on me that I am dating another boy he always says that start you screenshare in WhatsApp I even do because I don't want to lose him and he saw all of things of my phone yesterday he again asking for that and I do and there was a tab of instagram which was belongs to my roommate it was her I'd open in my chrome browser where she only wants to delete the I'd which she did from my phone these instagram thing happened approx one year ago but when he saw this I told him that was not mine but he continuously said I am cheater I cheated with him again he was like I know you have two mobile phones and you cheated with me. I love him soo much but he cannot try to accept that . Even I don't talk to my male classmate because he didn't want ki main kisi boy se baat karu Is it fair , am I cheater ? I love him unconditionally I support him in all his career or decision but again he was like I cheated with him we are in long distance relationship but I can't cheat him . Literally I am feeling depressed ????
Ans: Dear Ritika,

Please understand that you did nothing wrong. Why would you even question yourself? You know you never cheated. It's his issue that he cannot trust. Yes, in a relationship we all try to comfort our partners but that too should be to a certain extent. And, in that process, if your mental health is being compromised, I don't see how it's a healthy relationship.

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Workplace Expert - Answered on Sep 16, 2024

Asked by Anonymous - Aug 23, 2024Hindi
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I want to write an email stating I want to resign from my current organisation and employer but I don't want to give a reason for leaving. Can you please suggest how I can do it?
Ans: Here's a format of the email you can use:

Subject: Resignation from [Your Position]

Dear [HR Manager's Name],

Please accept this as a notification of my resignation from my position as [Your Position] at [Company Name], effective [Last Day of Work].

I have thoroughly enjoyed my time at [Company Name] and appreciate the opportunities and experiences I have gained.

Thank you for your understanding.

Sincerely,
[Your Name]
[Your Contact Information]


Discussing Resignation with Your Manager:

When discussing your resignation with your manager, aim for a respectful and professional conversation. Here's how you can approach it:

• Be Direct and Brief: Clearly state your intention to resign and the effective date. Avoid going into lengthy explanations or dwelling on negative aspects of your role.

• Focus on the Positive: Emphasize the positive experiences and opportunities you've had at the company. This shows appreciation and maintains a professional tone.

• Avoid Giving Reasons: If you prefer not to disclose your reasons for leaving, simply state that you're pursuing a new opportunity. You don't owe your employer an explanation.

• Offer Assistance: Be willing to help with a smooth transition, such as training your replacement or completing ongoing projects. This demonstrates your professionalism and commitment to the company.

• Maintain a Positive Attitude: Even if you're leaving for reasons you're not comfortable sharing, try to maintain a positive and respectful demeanor throughout the conversation.

Dos and Don'ts:

• Do: Be polite and respectful, even if you're frustrated or disappointed.
• Do: Offer to help with the transition.
• Do: Express gratitude for the opportunities you've had.

• Don't: Badmouth the company or your colleagues.
• Don't: Get into arguments or heated discussions.
• Don't: Burn bridges by leaving on bad terms.

Remember, your resignation should be handled professionally to maintain a positive relationship with your employer and colleagues. By following these guidelines, you can have a respectful conversation and leave the company on good terms.

All the best!

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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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