should i opt for new regime or stick to old regime

Ans: New tax regime is beneficial if all the tax benefits are not taken. For e.g. if income is 30 lacs and deductions u/s 80C is 150000 taken, tax liability will be Rs.600000 under new tax regime and under old it will be 667500.

However, if person take PPF benefit of 1.5 lac, 25k in mediclaim, housing loan interest deduction 2 lacs, 50k standard deduction from salary; tax liability under old regime will reduce to 585000.

Ans: For your level of deductions, the new regime will be better due to the lower tax slabs/rates.

Ans: It depends on exemptions and deductions eligibility. If person is eligible for maximum amount, old scheme is likely to be beneficial for the tax payer.

e.g. If person is earning income of Rs.15 lacs, tax liability under new tax regime will be Rs.156000. If same person opt for old tax regime and claim deduction of Rs.175000 (1.5 lacs insurance + 25k of mediclaim); tax liability will be Rs.218400.

However, if same person in addition to insurance of 1.5 lacs and mediclaim of 25k; taken a housing loan deduction of 2 lacs plus LTA of 50k, taxable income will become 1075000 and tax liability will reduce to 140400 under old tax regime.

Ans: Hi,
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.

You could check the comparison using the following link

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

Ans: Pls Go to tax calculator on cleartax.com and calculate your tax based on old as well as new regime . You can accordingly decide which regime to file tax under