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Mihir

Mihir Tanna  |801 Answers  |Ask -

Tax Expert - Answered on Feb 05, 2023

Mihir Tanna has more than 10 years of experience in direct taxation, including filing income tax returns.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Yam Question by Yam on Feb 03, 2023Hindi
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Sir, my present Gross salary is Rs. 81,205 per month. I want to know the tax liability for financial year 2023-24 as per old tax regime and new tax resume. Am I entitled to get a standard deduction in both the regime?

Ans: For a Person not availing any tax benefits (Deduction of housing loan repayment, Life insurance premium, Mediclaim, Tax saver mutual fund etc), new tax regime will be beneficial and standard deduction is available under both regime. For salary of 972300, tax liability under old regime will be 96960 plus applicable cess and under new regime 48345 plus applicable cess.
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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