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Mahesh Padmanabhan |124 Answers |Ask -Follow

Tax Expert - Answered on Feb 03, 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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should i opt for new regime or stick to old regime

Ans: Hi
Would depend on the quantum of income, tax saving investment made by you. It would be difficult to state the best option without comparison of numbers. With the availability of standard deduction (for salary), definitely new tax regime may become attractive.

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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people who were in old regime & in hire income bracket like 30L+, I dont see any benefits if they come under new regime (even after changes in current budget). income taxes are still high in new regime for high income people. please confirm. Another question - if we are in old regime, can we be there ? how often we can switch back forth..

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.

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I have an income of 13 lakhs. I have home loans and 1.5 lakhs 80C investments. Additionally I have NPS investment of 50000 as well. Should I continue with Old regime or move to new regime? I feel new regime does not benefit me at all.

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

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Question by Shyam - Feb 03, 2023Hindi

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Is it wise to move to the new regime now? I am still under the old regime and I do ITRV2 Filing

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.

Mahesh Padmanabhan |124 Answers |Ask -Follow

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Asked by Anonymous - Feb 03, 2023Hindi

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Hello Mahesh, for a person with a salary of more than 30 lakhs and just 80C investment and NPS investment ( Personal + Corporate ), is new regime better or the old one ?

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

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Asked by Anonymous - Feb 05, 2023Hindi

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Which regime, old or new, will be better for me? I am a retired super senior Citizen with 20 lacs income from Pension and other sources and Chapter VI investmens for tax saving.

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

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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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