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Mihir

Mihir Tanna  |1058 Answers  |Ask -

Tax Expert - Answered on Feb 28, 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
D Question by D on Feb 06, 2023Hindi
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I am a senior citizen using old system as can claim 80C, 80D & 80TTB all together exemption of Rs 250000 1 Should I continue with old system if income after deducting exemption is arpund Rs 10 Lakhs ? 2 As salaried class has been offered Std deduction of Rs 50000, will senior citizens be at disadvantage vis a vis Salaried class if senioe chanes over to new regime ?

Ans: Yes, considering your facts of the case, new tax regime is likely to be beneficial. Further, senior citizen getting pension income can take benefit of standard deduction.
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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