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Mihir Tanna  |964 Answers  |Ask -

Tax Expert - Answered on Feb 05, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
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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I am Sanjeev Kumar, aged 58, working with a reputed public limited company at a senior level. Our company mandates annual health check up from reputed hospitals in Delhi and I am covered under a floater medical insurance plan. I was diagnosed with Atrial fibrillation more than a couple of years ago and taking two tablets per day (one Beta blocker and one blood thinner) as a precaution as per doctor. Otherwise I am physically fit and active (I successfully run half marathon for last more than 10 years). I intend to have another medical indurance as I am approaching retirement age but insurance companies are reluctant to provide me the same. Please advise what type of medical insurance cover I should have (for self and my wife, 55 yrs) and from which companies! Is online plan okay?
Ans: Hello;

If you have a known illness of the heart unfortunately hardly any general insurance company will come forward to cover you despite other positives.

Because insurance works on probability and when they reckon that probability of claim, in future based on current information, may be high they refuse to underwrite such risks.

Since you are an employee of a public sector company, I suppose your employer may have some group mediclaim plan or coverage for the retirees as well.

Take that coverage even if you have to pay and undergo a waiting period.

Alternatively you may earmark some fixed sum 8-10 L as medical contingency fund for yourself.

For your spouse you should opt for a minimum 25 L healthcare cover from companies such as HDFC Ergo, ICICI Lombard, Bajaj Allianz, SBI General etc which do not entirely depend on healthcare insurance as the only business segment.

Best wishes;

...Read more

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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