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Anil Rego |377 Answers |Ask -Follow

Financial Planner - Answered on May 31, 2021

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Question by Prabu on May 31, 2021Hindi

Money

I have few queries regarding IT.

Can you provide comparison of old regime or new regime for Min 20 lakh salary?

Ans: The comparison of old and new tax regime with various options is shown below.

	Taxable Income-After Deduction			Tax Calculation - Old			Tax - New
Various Income Options	Option -1 (standard deduction, PT, 80C, 80D, Home Loan Int.)	Option -2 (standard deduction, PT, 80C, 80D)	Option -3 (standard deduction, PT, 80D)	Option -1	Option -2	Option -3
20,00,000	15,72,500	17,72,500	19,22,500	2,95,620	3,58,020	4,04,820	3,51,000

If you can claim various deductions mentioned above, old tax regime is a better option for tax saving.

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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For experienced professionals earning more than 50L per annum, basically there is no change correct ( under old regime). Is the new regime beneficial for professionals with higher income?

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Hello Mahesh, for a person with a salary of more than 30 lakhs and just 80C investment and NPS investment ( Personal + Corporate ), is new regime better or the old one ?

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Corporate NPS u/s 80CCD(2) will be relevant in checking the efficacy of options. If we consider that Corporate NPS is outside the Rs. 30 Lakhs and assuming that 80C deduction is Rs. 1.50 Lakhs then the new tax regime is best for you.

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https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx

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Sir My CTC is 22 lakhs My savings are PPF 1.5 Lakh per year VPF and PF 6.8 Lakh per annum NPS Rs 50000 per annum Mediclaim self 50000 per annum which scheme is beneficial old or new regime i have still two years service left

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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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