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Samkit

Samkit Maniar  |174 Answers  |Ask -

Tax Expert - Answered on May 27, 2024

CA Samkit Maniar has eight years of experience in income tax, mergers and acquisitions and estate planning.
He has graduated from Mumbai’s N M College of Commerce and Economics and has completed his CA from The Institute of Chartered Accountants of India."... more
Asked by Anonymous - Mar 11, 2024Hindi
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My Salary income is 6LPA also I have STCG of 3LPA but now I have incurred loss of 1LPA. What tax planning should I do to save taxes as my total income is 8LPA. Should I go with old or new tax regime also what deduction should I opt for how much

Ans: Old regime will make more sense for you.

PPF / LIC / ELSS - 150000
MEDICLAIM - 50000
MEDICLAIM FOR SENIOR CITIZEN PARENTS - 25000
NPS - 50000
HRA at actuals. Housing loan / Student loan / Donation also at actuals.

Please take your CAs advice before moving ahead.
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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Ramalingam

Ramalingam Kalirajan  |7097 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 27, 2024

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My salary is around 29LPA. I am an unmarried male living in new delhi with my mother. I am really bad at tax planning hence asking here. How should I plan my taxes i.e. should I opt for new regime or old regime? I have recently lost about 50K against my variable. I just have one car loan which I will be closing in few months but apart from that I don't do any investments but can invest as adviced.
Ans: Effective tax planning can save you a significant amount of money. Let's evaluate whether the new or old tax regime is better for you and suggest suitable investment options.

Understanding Tax Regimes

Old Tax Regime: Offers various deductions and exemptions like 80C, 80D, HRA, etc.

New Tax Regime: Has lower tax rates but no exemptions or deductions.

Evaluate Your Situation

Since you are not currently investing, your deductions are likely limited. Let's compare both regimes.

Old Tax Regime

80C Deduction: You can invest up to Rs 1.5 lakhs in various instruments like PPF, EPF, ELSS, etc.

80D Deduction: Health insurance premiums up to Rs 25,000 for yourself and your mother.

HRA and Home Loan Interest: You don't have these, so they won't apply.

New Tax Regime

Simplified Structure: Lower tax rates but no exemptions or deductions.
Comparative Analysis

Old Regime: Beneficial if you can claim significant deductions.

New Regime: Suitable if you prefer a simpler structure without investing for deductions.

Tax Slabs Comparison

Here’s a simplified comparison of tax slabs:

Old Regime:

Up to Rs 2.5 lakh: Nil
Rs 2.5 to 5 lakh: 5%
Rs 5 to 10 lakh: 20%
Above Rs 10 lakh: 30%
New Regime:

Up to Rs 2.5 lakh: Nil
Rs 2.5 to 5 lakh: 5%
Rs 5 to 7.5 lakh: 10%
Rs 7.5 to 10 lakh: 15%
Rs 10 to 12.5 lakh: 20%
Rs 12.5 to 15 lakh: 25%
Above Rs 15 lakh: 30%
Optimal Investment Strategy

Considering your current situation and future goals, here are some recommendations:

Section 80C Investments

PPF: Safe and offers good returns. Lock-in period of 15 years.

ELSS: Equity-linked saving schemes with a lock-in period of 3 years.

EPF: If you contribute to the Employee Provident Fund.

Health Insurance (Section 80D)

Health Insurance: Cover yourself and your mother. Get tax benefits up to Rs 25,000.
Additional Investments

NPS (Section 80CCD(1B)): National Pension System offers an additional Rs 50,000 deduction.

Term Insurance: Essential for financial security. Get tax benefits under 80C.

Comparing Deductions

If you can invest Rs 1.5 lakh in 80C, Rs 25,000 in 80D, and Rs 50,000 in NPS, your total deductions would be Rs 2.25 lakh. This would make the old regime more beneficial.

Benefits of Actively Managed Funds

Expert Management: Fund managers make informed decisions.

Potential for Higher Returns: Aim to outperform the market.

Disadvantages of Index Funds

Lack of Flexibility: Index funds simply track a market index.

Lower Return Potential: Aim to match market performance, not exceed it.

Final Insights

For effective tax planning, consider the old regime if you can utilize the deductions. Invest in PPF, ELSS, and health insurance. Also, consider NPS for additional benefits. Consult a Certified Financial Planner for tailored advice and better financial planning.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

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Radheshyam

Radheshyam Zanwar  |1054 Answers  |Ask -

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Nov 21, 2024

Asked by Anonymous - Nov 21, 2024Hindi
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Hello, I am 3 yr neet dropper.in 2025 it will be my third attempt... I'm trying my best to crack neet ...i don't know what will happen will i score good marks or not ... please help me in suggesting good career options if not crack neet .....there are many options through neet marks also like bhms , veterinary...etc. i will also give entrance exam also like cuet ,gbpuat ,....but i want that what to choose which course will be best for me ...i want to make my life good and happy... having a good degree, good job ,...
Ans: Hello.
Have you analyzed your failure in 2 successive attempts in the NEET examination? If yes, then the question is what you have done for improvement and not then again the question arises why not? Here, I would like to suggest you focus now only on the NEET examination which is your 3rd attempt. Don't think about any other options right now till May 2025. After the NEET exam is over, you have ample time to explore the options available. Depending on your score in NEET 2025, we will guide you at that time. But yet, if you are confused, then looking towards your question and anxiety, you need personal counseling where you can express yourself face-to-face. Only after the NEET exam is over, you contact a counsellor for one-to-one counseling. Till then, keep mum and focus only on NEET. Take this exam as your mission and project. Work on this project, apply forces from all sides, success is there which is waiting for you eagerly.
Best of luck for your bright future.

Some tips: (1) Analyse separately Phy, Che, Bio (2) Prepare a list of hard topics (3) First focus more on the topics which are easy for you and then try to excel in hard topics (4) Appear more and more online/offline examinations (4) Prepare your short-cut file for all subjects (5) Prepare a file for each subject having only synopsis of all chapters (6) Try to solve the problems at the lightening speed and observe the period on regular basis (7) Create your time table to revise the topics on regular basis (8) Do not hesitate to ask your difficulties to your teachers, if you have joined to offline classes (9) Keep the habit of marking the answers which you know 100%. Don't guess the answers and mark them, as there is -ve marking scheme. (10) Be calm, quite, and smiling all the time to release the tension and always have a healthy chat with your friends.

If satisfied, please like and follow me.
If dissatisfied with the reply, please ask again without hesitation.
Thanks.

Radheshyam

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Pradeep

Pradeep Pramanik  |186 Answers  |Ask -

Career And Placement Consultant - Answered on Nov 21, 2024

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I am looking for a job, I had uploaded my resume in job site. A consultant called me & introduced himself telling he know some of the openings. He had a detailed discussion about my job & my skills. He told need to register to his consultancy for scheduling interview. I registered with him & he got me a interview. Interview was done by the company through skype. I could not see the company persons. They told only they can see me. Interview went on well & regarding salary I told my expectation but they told it is not possible & they told their proposal. Finally I agreed to them. They gave me code & told to visit the company for next round. Consultant called me after first round & told recruiter is very happy with the interview. Regarding salary he told why I agreed for the proposal,he will discuss again & asked to pay charges for some of his services which he will refund the day I visit to the company & take the orders. I paid him. He told there is a increase in salary he has discussed with recruiter & again asked for the money I did only partial payment & further will not pay anything. Second round also happened through skype instead of in person. Interview went on well & salary offered was good comparing to before & there was a big jump. Recruiter told they have planned to give additional responsibilities so they have increased. Finally they gave me a date to visit company. I asked when will I get the order, he replied he will send to consultant as I was taken by them. Till now i did not get the orders, consultant is keep on postponing. Now he told visit to company date is also postponed, he will update in next week & not to worry as job is confirmed. Now not understanding what to do, am I been cheated or wait.
Ans: Dear Mr. Keshava ,

There are many unscruplous job agents who are fake and claim themselves to be a Placement consultant. In short You have been cheated . Before paying any fee for registration , you must ensure that the agency is genuine . If not don't even upload your resume . You may write to company , lodge a complaint against the agency. If the amount is very high , pl. take the help of police . .

...Read more

Ramalingam

Ramalingam Kalirajan  |7097 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Nov 21, 2024

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I hv started sip in 2008 and still continued , now the monthly sip is 55k and total value is 1.85cr. Need to accumulate 7cr with in next 4 yrs pls guide how can i achieve. - Deepak J. Hajari
Ans: Deepak, your long-term SIP discipline is impressive. Accumulating Rs. 7 crore in 4 years is ambitious. Achieving this goal requires a strategic approach, as time is limited. Let's create an actionable plan for your success.

Current Financial Snapshot
Ongoing SIPs: Rs. 55,000 monthly.
Current Portfolio Value: Rs. 1.85 crore.
Target Corpus: Rs. 7 crore within 4 years.
Your consistent investing habits have built a solid foundation. However, to achieve your target, adjustments are needed.

Key Challenges
Short Time Frame: Four years is a limited period for aggressive wealth accumulation.
Significant Gap: A gap of Rs. 5.15 crore remains to meet the Rs. 7 crore goal.
Market Volatility: Equity investments might face short-term volatility.
Recommendations to Bridge the Gap
1. Increase Your SIP Contributions
Raise your SIP amount to Rs. 1.25 lakh per month.
This increase ensures faster wealth creation through compounding.
Prioritise high-growth funds in equity-oriented categories.
2. Invest Lump Sum Amounts
Consider deploying a lump sum if you have idle savings or low-yield investments.
Invest in aggressive equity mutual funds for higher potential returns.
Break down the lump sum into tranches for better market timing.
3. Diversify into High-Growth Mutual Funds
Focus on small-cap and mid-cap mutual funds for higher growth potential.
Maintain a balance with some large-cap exposure for stability.
Ensure the portfolio aligns with your high-return requirements.
4. Avoid Overexposure to Debt or Low-Yield Instruments
Limit debt investments during this aggressive growth phase.
Avoid instruments like FDs or debt mutual funds with lower returns.
Rely on equity for the next four years to maximise growth.
5. Rebalance Your Portfolio Regularly
Conduct a portfolio review every 6 months.
Reallocate funds based on underperforming or outperforming sectors.
Keep your portfolio aligned with market trends and your goals.
6. Capitalize on Bonus or Windfall Gains
Direct any bonuses, salary hikes, or windfall gains towards your target.
Avoid unnecessary expenses during this focused phase.
Tax Efficiency Matters
Equity Mutual Funds Taxation: Gains above Rs. 1.25 lakh are taxed at 12.5%.
Debt Mutual Funds Taxation: Taxed as per your income slab.
Plan redemptions strategically to minimise tax liabilities.
Leverage Market Opportunities
Benefit from Market Corrections: Use corrections as opportunities to invest lump sums.
Stay Invested for Compounding: Avoid early redemptions to let compounding work fully.
Role of Regular Monitoring
Track Performance: Ensure funds are performing as per expectations.
Switch Funds if Needed: Shift from underperforming funds to high-growth options.
Final Insights
Deepak, achieving Rs. 7 crore in 4 years requires aggressive yet calculated strategies. Increase your SIPs, deploy lump sums, and focus on high-growth funds. Regular monitoring and disciplined investing are key to your success. Stay patient and consistent.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

...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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