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Mahesh Padmanabhan |124 Answers |Ask -Follow

Tax Expert - Answered on Feb 22, 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 21, 2023Hindi

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Under the old Tax regime what is the Maximum Income that is tax free. While filing ITR do we have to choose which regime we want?

Ans: Hi
The threshold tax free limit for individuals below the age of 60 is Rs. 2.50 Lakhs under the old tax regime.

Yes while filing it would be relevant to first evaluate which tax regime yields rationalized tax and thereafter choose that regime

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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am Sr. citizen, my income form other sources 2lakh after 80c deduction, but STCG is around 6 lakh, which regime is beneficial old/new to file ITR

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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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