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Mahesh Padmanabhan | Answer |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

Asked by Anonymous - Feb 02, 2023Hindi

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My salary is around 30LPA. Which one -Old or New IT is better?

Ans: Hi
You have not stated if you have any tax saving investment, which would change the entire decision of choosing the tax regime option.

Assuming that you have tax saving investment in the range of Rs. 0 - Rs. 200,000, you would have a tax savings in the range of Rs. 115,000 and Rs. 54,000. Hence it may be better to opt the new tax regime

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 a government employee.My income is more than 18 lacs. Which option is better old or new one. Thanking you in anticipation.

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.

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For a person earning 40 lakhs per year, with an 80CC of 1.5 lakhs and an 80D of 25000 rupees, which is the best regime to choose new or old?

Ans: As a thumb rule - if you are saving more than 110000/- on taxes through various tax saving schemes - have carry forward losses - then remain with the old regime - otherwise shift over. (Disclaimer : The views given are personal. Please consult your CA or Investment Advisor/Tax Consultant before acting on my views)

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Asked by Anonymous - Apr 10, 2023Hindi

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Salary is Rs 28,50,000. Investments would be : Contribution to 80C - Rs 1.5L, NPS-50K, HR Paid - 5.7L per year, 80D Medical : Insurance Premium for self and spouse : Rs 19108 and for parents : Rs 50K. Which regime should be better to select : Old or New?

Ans: In the absence of salary structure, it is not possible to claim HRA exemption. You can calculate the same at https://incometaxindia.gov.in/Pages/tools/house-rent-allowance-calculator.aspx

Considering income and quantum of deductions, old regime is likely to be beneficial and after calculation of HRA exemption, you can check the same at https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator

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Question by Mohtashim - Apr 22, 2023Hindi

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Gross Salary is Rs 1500000. Investments are 80C - 150000, NPS -50K, House rent is 390000. Which regime should be best for me? New or Old?

Ans: Hi Mohtashim
Would suggest that use the following link calculator to check the better option. You would need to keep the HRA exemption readily available to work out the benefit

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

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i have lots of saving 80c 150000 home loan 200000 which one is better new or old ITR

Ans: We can not standardize in favour of any option. Income & Tax Saving options vary in case of all individuals. Let us be specific before deciding in favour of any option.
Calculate your tax liability under both options & then decide in favour of the option, where tax liability is minimum.
Most welcome for any further clarifications. Thanks.

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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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