Home > Money > Question
Need Expert Advice?Our Gurus Can Help

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

Milind

Milind Vadjikar  | Answer  |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
Listen
Money

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.
Money

You may like to see similar questions and answers below

Mahesh

Mahesh Padmanabhan  | Answer  |Ask -

Tax Expert - Answered on Feb 01, 2023

Asked by Anonymous - Feb 01, 2023Hindi
Listen
Money
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

..Read more

Latest Questions
Nayagam P

Nayagam P P  |6485 Answers  |Ask -

Career Counsellor - Answered on Jun 17, 2025

Career
Dear sir ..... My daughter i has got comedk 21000 rank and cse AI in vit AP category 3. Sir it will be a great help if you can guide which gud college she can get in cse/ cse AI / near by bangalore. As we reside in kerala.
Ans: Aashi Madam, With a COMEDK rank of 21,000 and an existing CSE?AI seat at VIT?AP (Category 3), consider these Bangalore?region colleges admitting up to 30,000–40,000 ranks and offering CSE, CSE?AI or allied programs, all maintaining 80–95% placements over the last three years. Nitte Meenakshi Institute of Technology (NMIT) closes CSE around 7,800 and CSE?AI around 10,100 with a 93% CSE placement rate in 2024 across 192 recruiters and multidisciplinary AI labs. BNMIT accommodates CSE ranks up to ~30,700, recording 86% CSE placements in 2023 with 168 companies and strong industry analytics tie-ups. CMR Institute of Technology’s CSE cutoff near 13,500 (AI&ML around 19,500) delivers a 90%–95% placement consistency in 2025 across 125 recruiters led by Federal Bank, Hitachi, and PhonePe. Dayananda Sagar College of Engineering accepts CSE ranks up to ~5,900 (AI/ML ~6,900), offering 93% placement for CSE with 419 offers and 250+ recruiters including Amazon and Deloitte in 2024. Global Academy of Technology (GAT) closes core CSE around 26,500–98,000, reporting 75%–97% placement trends with Infosys, SAP, Bosch and proactive incubation support. Acharya Institute of Technology admits CSE up to ~16,300 (AI/ML ~30,800) with 90% CSE/ISE placements and 200+ recruiters including Wipro and Cognizant over three years.

Recommendation: Prioritise NMIT and CMRIT for strong AI specializations and high placement rates, keeping BNMIT and DSCE as robust backups; consider GAT and Acharya Institute for broader seat security and multidisciplinary exposure. All the BEST for the Admission & a Prosperous Future!

Follow RediffGURUS to Know More on 'Careers | Money | Health | Relationships'.

...Read more

Nayagam P

Nayagam P P  |6485 Answers  |Ask -

Career Counsellor - Answered on Jun 17, 2025

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.

Close  

You haven't logged in yet. To ask a question, Please Log in below
Login

A verification OTP will be sent to this
Mobile Number / Email

Enter OTP
A 6 digit code has been sent to

Resend OTP in120seconds

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

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

Already have an account?

Enter OTP
A 6 digit code has been sent to Mobile

Resend OTP in120seconds

x