Home > Money > Question

Sign In | Create an account

Language:

Now in हिन्दी too

Need Expert Advice?Our Gurus Can Help

Mahesh Padmanabhan |124 Answers |Ask -Follow

Tax Expert - Answered on Feb 02, 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

Question by Amit on Feb 01, 2023Hindi

Money

As there are two tax regimes still applicable, please suggest which regime will benefit an individual if he/she is earning approximately 9.6 lac per annum

Ans: Hi Amit
In order to compare between the two options, it would be pertinent to know the quantum of deductions that the individual could claim under the old tax regime.

In case you assume that the total amount of deductions being claimed under the old tax regime is say Rs. 3 Lakhs then you are comparing a taxable income of say Rs. 6.6 Lakhs under the old tax regime vis-a-vis say, a taxable income of about Rs. 9.10 Lakhs under the new tax regime.

With this example, your tax under the old regime may be about Rs. 46,000 and that under new tax regime may be about Rs. 48,000. So the old regime may look good in this scenario.

You would need to work out the correct numbers with right deduction details as that would change the direction of selection of the tax regime option

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.

Money1Reply

You may like to see similar questions and answers below

Mihir Tanna |1018 Answers |Ask -Follow

Tax Expert - Answered on Feb 07, 2023

Question by Kumar - Feb 01, 2023Hindi

Money

My gross salary is 45 lacs per annum . which tax regime is better for me?

Ans: For a Pensioner not availing any tax benefits (Deduction of housing loan repayment, Life insurance premium, Mediclaim, Tax saver mutual fund etc), new tax regime will be beneficial.

Sanjeev Govila |458 Answers |Ask -Follow

Financial Planner - Answered on Feb 03, 2023

Question by Pradeep - Feb 01, 2023Hindi

Money

Which Tax regime (New or Old) is beneficial with different income slabs, please explain.

Ans: The tax slabs themselves are very broad and your benefits depend on what sections of Income Tax Act are you taking benefit of like 80C, 80G, 80D, 80E, 24B, and HRA.

Instead of looking at broad tax slabs, please calculate yourself at this calculator as pertaining to yourself and you will be able to decide which tax regime is better for you:-
https://cleartax.in/paytax/TaxCalculator

Nikunj Saraf |308 Answers |Ask -Follow

Mutual Funds Expert - Answered on Feb 04, 2023

Question by R - Feb 01, 2023Hindi

Which tax regime is more beneficial for salaried persons in the annual income bracket of 25 lakh

Ans: Hello R
As a financial advisor, I would advise you to consult a chartered accountant for specific tax planning advice. They have expertise and in-depth knowledge of tax laws and regulations and can provide you with personalized strategies to minimize your tax liability. I can assist you in creating a comprehensive financial plan, but for tax planning, it is best to consult a tax professional.

Mihir Tanna |1018 Answers |Ask -Follow

Tax Expert - Answered on Feb 28, 2023

Question by Chandan - Feb 09, 2023Hindi

Money

I have salary+ other source(FD , S/B interest) income of 30 lacs p.a. Which regime is better for me.. I don't have any home loan or nps, So considering only 80C , what will be the tax burden in old and new regime..

Ans: Person having taxable income around 30 lacs and take deduction less than 4.25 lacs from housing loan/80C/80D, can opt for new tax regime as new slab rate is likely to be beneficial as per budget proposed for FY 2023-24

In future, you can calculate the tax from following link :

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

Latest Questions

Rajesh Kumar Singh |96 Answers |Ask -Follow

IIT-JEE, GATE Expert - Answered on Feb 22, 2025

Question by Margam - Feb 22, 2025Hindi

Career

Hi sir my son jee mains 2025 1st season 98.19 score so please tell me which NIT he will get cse obc .

Ans: For OBC chances good

Rajesh Kumar Singh |96 Answers |Ask -Follow

IIT-JEE, GATE Expert - Answered on Feb 22, 2025

Question by Santosh - Feb 22, 2025Hindi

Career

My son got 99.52 percentile in Jee Mains. General Quota. Which NIT he will get admission in CSE. Can he get in NIT Trichy Thanks in Advance

Ans: Better chance, Good Luck

Prof Suvasish Mukhopadhyay |397 Answers |Ask -Follow

Career Counsellor - Answered on Feb 22, 2025

Question by Ravi - Feb 22, 2025Hindi

Career

I got 90.50% in jee main sc category can i secure a top nit?

Radheshyam Zanwar |1236 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 22, 2025

Question by Vandana - Feb 22, 2025Hindi

Career

Hi My daughter get 72 percentile in jee mains 1 i dont know what happened to her otherwise she is a good student scored 94% in her 10th boards ..if i will look for some private engineering college in india pls suggest i will go with pune or will look for management quota seat for csc from banglore. Pls suggest preference order of btech college in banglore

Ans: Hello Vandana.
Requesting you not to panic at this early stage. Let her appear for JEE session 2 and the state-level engineering entrance test. Let all the results out. You have ample time to think about the available options for engineering admission. At this stage, no need to think about management quota unless and until you want a particular branch in a particular college. Depending on her score in upcoming exams, she may get admission to reputed engineering either in Pune or Bengaluru
Here are some colleges in Bengaluru: (1) R.V. College of Engineering (RVCE) (2) B.M.S. College of Engineering (BMSCE) (3) M.S. Ramaiah Institute of Technology (MSRIT) (4) PES University (5) Bangalore Institute of Technology (BIT) (6) Dayananda Sagar College of Engineering (DSCE) (7) Sir M. Visvesvaraya Institute of Technology (SMVIT) (8) BMS Institute of Technology and Management (BMSIT&M) (9) Nitte Meenakshi Institute of Technology (NMIT) (10) RNS Institute of Technology (RNSIT)
Suggestion - Don't panic. Keep cool yourself. Ask your daughter to focus more on JEE 2nd attempt and state-level engineering entrance test.

If you are satisfied with the reply, pl follow me or else ask again without hesitation.
Thanks
Radheshyam

Vipul Bhavsar |26 Answers |Ask -Follow

Tax Expert - Answered on Feb 22, 2025

Asked by Anonymous - Dec 22, 2024Hindi

Money

my gross income for fy:24-25 will be 5 lac and STCG is 1 lac so under new tax regime what will be my tax liability?

Ans: Assuming STCG is from Shares on which STT is paid and sold after 23 Jul 2024, your tax liability for FY 2024-25 shall be around Rs.21300

Radheshyam Zanwar |1236 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 22, 2025

Question by AVI - Feb 22, 2025Hindi

Career

I got 98.34 percentile marks jee main 2025 can I get cse top NIT or IIIT

Ans: Hello AVI
Chances are bright to get CSE in NITs & IIIT

If you are satisfied with the reply, pl follow me or else ask again without hesitation.
Thanks
Radheshyam

Mayank Chandel |2037 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Feb 22, 2025

Asked by Anonymous - Feb 22, 2025Hindi

Career

My Relatives appear in JEE Mains 2025with 96.15 score. Interest in ECE he has SC Catagory

Ans: Hi,
There is a good chance that he will get to the branch of his choice, either through JOSAA or CSAB.

Radheshyam Zanwar |1236 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 22, 2025

Question by priyansh - Feb 22, 2025Hindi

Career

Sir i m attempted my jee with nios board can i give it through cbse board next year

Ans: Hello Priyansh
No. But why you need to appear again via the CBSE board is not clear.

If you are satisfied with the reply, pl follow me or else ask again without hesitation.
Thanks
Radheshyam

Mayank Chandel |2037 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Feb 22, 2025

Question by Reetesh - Feb 22, 2025Hindi

Career

My son score 99.325 percentile in First session jee mains in general category what's opportunity for top 10 NIT and in which branch

Ans: Hello Reetesh
Congratulations on such a great score. I believe he can get the top 3 branches all the top 10 NITs. Many of the contenders above him will go for advanced. Considering this scenario he can get a good branch in all top 10 NITs.

Mayank Chandel |2037 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Feb 22, 2025

Asked by Anonymous - Feb 22, 2025Hindi

Career

Sir mane jee main session 2 ki fees fill kar di fir bhi incomplete problem a raha

Ans: Hello,
many times there are server issues & payment gateway problems, please check a day after. If it still shows unpaid then make the payment again. Your earlier payment will get refunded automatically.

See more questions »

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.

Video Reply
Audio Reply

WhatsApp
Facebook
Twitter
Copy link

Delete

Close

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus

Sign up

email

uname

mobile no

Country Code

Mobile number

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

LOGIN

x