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67 and in 30% Tax Bracket: Old or New Tax Regime?

Milind Vadjikar |1051 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 29, 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

Question by Rajiv on Aug 03, 2024Hindi

Money

Am retired 67 years old and I fall in 30% tax bracket.Most of my income is from bank deposits,SCSS,mutual funds etc.I do not have any property in my name.Please advise whether old regime is better or new regime.Currently filing on basis of old regime.

Ans: Hello;

It depends on your total income and amount of deductions you claim in a financial year.

Best wishes;

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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Question by Rajiv - Aug 03, 2024Hindi

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Am retired 67 years old and I fall in 30% tax bracket.Most of my income is from bank deposits,SCSS,mutual funds etc.I do not have any property in my name.Please advise whether old regime is better or new regime.Currently filing on basis of old regime and claming deductions u/s 80c,80CCD1B),80TTB,80D& 80G

Ans: Hello;

It depends on your total income and amount of deductions you claim in a financial year.

Best wishes;

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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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