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Mahesh Padmanabhan |124 Answers |Ask -Follow

Tax Expert - Answered on Feb 04, 2023

Mahesh Padmanabhan has specialised in payroll, personal and corporate taxation for more than two and a half decades, enabling him to provide practical, realistic and correct advice to his clients.
He is a member of The Institute of Chartered Accountants of India and has a degree in cost accounting from the Institute of Cost Accountants of India.
He is also a qualified information systems auditor. ... more

Question by Srinivasa on Feb 02, 2023Hindi

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As per new Tax regime, no tax upto 7 lakhs, but the slab is 0 - 3 lacs no Tax, 3 - 6 lacs 5â„… , etc., how this need to be distinguished

Ans: Hi Srinivasa
The slab rate of tax is applicable to all individuals opting for the new tax regime. However, individuals having income of upto Rs. 7 Lakhs could get a rebate of upto Rs. 25,000 and therefore pay Nil tax if they opt for the new regime. So essentially, the tax liability is always there but if the income is upto Rs. 7 Lakhs then you get the rebate and if the income exceeds Rs. 7 Lakhs then you get no rebate whatsoever and the tax based on the slab rate applies.

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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Asked by Anonymous - Jul 23, 2024Hindi

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Sir Iam having a taxable income of 18 lakhs last year and paid 360000 in new tax regime. As per the above what could be my tax as per new regime and new slabs Thanks

Ans: Assuming 18 lacs doesn't include any special rate income, tax liability for FY 24 25 based on proposed amendment (after standard deduction of 50000) will be 215800

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CAN YOU PLEASE GIVE CLARITY OIN NEW TAX SLABS PLEASE. IF A PERSON IS DRAWING A SALARY OF RS.48.00 LACS HOW MUCH TAX WILL BE DEDUCTED

Ans: Selection of tax regime will decide tax liability and depending on eligibility of amount of deduction/exemption, tax liability will be calculated.

Considering income of 48 lacs, under old tax regime gross tax liability will be Rs.13,02,600 and under new tax regime it will be Rs.10,60,800.

You can calculate tax liability, using advance income tax calculator available at following link:

https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator

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Question by Rajan - Feb 01, 2025Hindi

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Hello.sir, FM says no tax upto 12 laks but she has also said tax Slabs where there are slabs varying from 0 to 30percent , not clear what to infer. Is this for those whose income is overand above the 12laks per amnum

Ans: No tax upto 12 Lakhs is for those who opt New Regime. For Old regime and Income above 12 Lakhs, the tax slabs and rate are applicable

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Question by Abhiroop - Feb 01, 2025Hindi

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if my income is 30 lakhs, then the slabs for tax calculation under new regime is it like below: Rs. 1 - Rs. 4,00,000 - 0% Rs. 4,00,001 - Rs. 8,00,000 - 5% - 0 (DUE TO TIL 12 LAKH NO TAX REBATE) Rs. 8,00,001 - Rs. 12,00,000 - 10% - 0 (DUE TO TIL 12 LAKH NO TAX REBATE) Rs. 12,00,001 - Rs. 16,00,000 (with standard deduction of 75000) - 15%- 48750 Rs. 16,00,001 - Rs. 20,00,000 - 20%- 80000 Rs. 20,00,001 - Rs. 24,00,000 - 25%- 100000 Rs. 24,00,001 - Rs. 30,00,00 - 30%- 120000 IS MY UNDERSTANDING CORRECT?

Ans: No, if your taxable income is more than 12 lacs, rebate is not available

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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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