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Mahesh Padmanabhan |124 Answers |Ask -Follow

Tax Expert - Answered on Feb 01, 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 01, 2023Hindi

Money

Tax slab is for new regime or old and if it is for new then what will happen to 80c and other investment benefits

Ans: Different Tax slabs have been listed for both new and old tax regimes however the changes to the slab rates have been done only for the new tax regime rates.

Accordingly, in case you are opting for the old tax regime then you could continue to avail of the deductions under section 80C and other benefits as you were claiming earlier.

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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What happens to 80C and NPS benefit in the new tax regime? New tax regime : No income tax on income of 7 Lakhs. Old tax regime : No tax on income of 5 Lakhs + 1.5 Lakhs under 80C + 50K on NPS = 7 Lakhs

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Again will the tax slabs under old regime continue to be same? What will be standard deduction now.?

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Is there any change in the old tax regime tax slabs in this budget? What are the exact tax slabs if I would like to opt for the old tax regime and would like to avail benefit of Standard Deduction, Section 80 C, NPS(80CCD1B and 80ccd2) and Section 80 D ?

Ans: No change in old tax regime. Slab rates are as follows:

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Question by Subramani - Feb 02, 2023Hindi

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Sir, What is the tax slab for senior citizens and a super senior citizen under the old regime vis a vis the new regime of tax?

Ans: Old Tax Regime - For Senior Citizen

Income Tax Slab Income Tax Rates

Upto Rs. 300,000 Nil
Rs. 300,001 - Rs. 500,000 5% above Rs. 300,000
Rs. 500,001 - Rs. 10,00,000 Rs. 10,000 + 20% above Rs. 500,000
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Upto Rs. 500,000 Nil
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Rs. 9,00,001 - Rs. 12,00,000 Rs. 45,000 + 15% above Rs. 9,00,000
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Above Rs. 15,00,000 Rs. 1,50,000 + 30% above Rs. 15,00,000

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My daughter will complete her MSC Chemistry (IISER Bhopal) in April 2025, she wants to take admission in PhD from Germany or France, please tell me a university which provides 100% scholarship

Ans: Hello Rakesh,

To begin with, thank you for contacting us. I am happy to know that your daughter will be completing her MSC Chemistry after which she intends pursuing her PhD either from Germany or France. To answer your question first, I would like to tell you that there are a number of fully funded PhD opportunities in Germany and France. In Germany, your daughter can think about applying to the International Max Planck Research School (IMPRS) that provides fully financed PhD opportunities in numerous scientific subjects, including chemistry, or the DAAD Graduate Scholarships that offer monetary aid for overseas PhD students across fields. In France, PhD studies for exceptional overseas students are funded by the Eiffel Excellence Scholarship, and the CNRS Doctoral Contracts provides fully financed research opportunities in chemistry and other fields. Your daughter can look into these possibilities as well as check their official websites for the eligibility requirements.

For more information, you can visit our website: www.edwiseinternational.com

You can also follow us on our Instagram page: edwiseint

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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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