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Vivek

Vivek Lala  | Answer  |Ask -

Tax, MF Expert - Answered on Mar 11, 2023

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more
paner Question by paner on Feb 28, 2023Hindi
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Money

what are the exemptions allowed as per new tax regime

Ans: You can claim tax exemption for:

Transport allowances in case of a specially-abled person.
Conveyance allowance received to meet the conveyance expenditure incurred as part of the employment.
Any compensation received to meet the cost of travel on tour or transfer.
Daily allowance received to meet the ordinary regular charges or expenditure you incur on account of absence from his regular place of duty.
Perquisites for official purposes.
Exemption on voluntary retirement 10(10C), gratuity u/s 10(10) and Leave encashment u/s 10(10AA).
Interest on Home Loan on let-out property (Section 24)
Gifts up to Rs 5,000
Deduction for employer’s contribution to NPS account (Section 80CCD(2)).
Deduction for additional employee cost (Section 80JJA).
Budget 2023 introduced a standard deduction of Rs 50,000 under New Tax Regime applicable from FY 2023-24.
Budget 2023 also introduced deduction under Section 57(iia) being expenses towards income from family pension.
Budget 2023 further introduced deduction of amount paid or deposited in the Agniveer Corpus Fund under Section 80CCH(2).
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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Sanjeev

Sanjeev Govila  |458 Answers  |Ask -

Financial Planner - Answered on Feb 08, 2023

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Sir can u list the income exemptions which are eligible under revised New tax regime
Ans: The answer to your query is as below. I have simply copied it from another website, for your information.

With the revised new tax regime, several exemptions and deductions have been removed as below:-

1. Leave Travel Allowance
2. House rent allowance depending upon salary structure and rent paid
3. Professional tax paid by a maximum of Rs. 2,500/-
4. Deductions available under Section 80TTA and 80TTB that is interest from Savings Account/Deposits
5. Tax deduction on entertainment allowance and deduction on professional tax for government employees
6. The interest amount payable on home loan for a self-occupied or any vacant property u/s 24 maximum deductions of Rs 2 lakhs
7. Deduction of Rs 15,000 allowed from family pension under clause (ii) (a) Section 57
8. Special Allowances that are provided under Section 10(14) except:
9. Transport allowance granted to a disabled employee
10. Conveyance allowance
11. Any allowances granted for meeting the cost of travel on tour or transfer of an employee
12. Daily allowance
13. Perquisites
14. Business owners and professionals will lose the exemption to Special Economic Zones under Section 10AA.
15. Deductions under Section 32AD, 33AB, 33ABA, 35(1)(ii),35(1)(ii( (a), 35(1)(iii), 35(2AA), 35AD and 35CCC of the Income Tax Act.
16. Options of additional depreciation under Section 32(ii) (a) of the Income Tax Act
17. The option to carry forward or unabsorbed depreciation of earlier years
18. Tax-saving investment deductions under Income Tax Act , Chapter VI-A 80C, 80D, 80E, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC, 80IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, etc. These tax-saving investment options include ELSS, NPS, PPF tax relief on mediclaim insurance premium, FDR, dependents who are differently-abled, expenses for specified medical treatments, interest on education loan and many more.



Exemptions that remain prevalent in the new revised system, that you can claim:

1. Standard deduction for salaried and pension class of Rs 50,000.
2. Interest received on Post Office Savings Account under Section 10(15)(i) the maximum amount of Rs. 3,500.
3. Gratuity received from employer up to a maximum amount of Rs. 20 Lacs.
4. Amount received from Life Insurance Policy on maturity under Section 10(10D).
5. Employer contribution in NPS or EPF up to 12% of salary and interest on EPF up to 9.5% p.a.
6. Income from Life Insurance.
7. Income from agricultural farming.
8. Standard reduction on rent.
9. Retrenchment compensation.
10. Leave encashment on retirement.
11. VRS proceeds up to Rs 5 lacs.
12. Retirement cum death benefit.
13. Money received as a scholarship for education.
14. Interest and maturity amount of PPF or Sukanya Smriddhi Yojna.
15. Commutation of Pension.
16. The new tax regime offers you to claim deductions u/s 80CCD(2) (employers contribution in notified pension scheme) and 80JJAA (for new employment).

..Read more

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Nayagam P

Nayagam P P  |4389 Answers  |Ask -

Career Counsellor - Answered on Mar 26, 2025

Asked by Anonymous - Mar 25, 2025Hindi
Career
Sir i have taken drop to prepare for jee my previous jee percentile is 80 percentile I lack proper coaching and guidance sir please guide me which books should I follow to achieve good rank in main and advanced sir please suggest any online platform also for coaching i would like to go with pw is it okay for me? Sir please suggest books for jee prep and test series please I lack guidance and coaching sir so I have failed to crack it
Ans: The April JEE Session is imminent. I trust you have been preparing for this since your January session. Consequently, now is not an opportune moment to recommend or advise you on whether books, online test series, or online classes are appropriate for your April session and JEE Advanced (if eligible). I recommend that you revise all material you have studied thus far. Review incorrectly answered, challenging, and complex questions encountered in the past two years from your online mock test series, previous question banks, or any other resources. Continue to revise your concise notes if you have created them. Please consider taking 2-3 more admission examinations as alternatives, rather than solely depending on the JEE. Engage in 3-4 counseling sessions at institutions within your state or neighboring states that accept JEE scores. As an additional useful information, here is, Here is, How to Predict Your Chances of Admission into NIT or IIIT or GFTI for your 80 percentile score – A Step-by-Step Guide

Providing precise admission chances for each student can be challenging. Some reputed educational websites offer ‘College Predictor’ tools where you can check possible college options based on your percentile, category, and preferences. However, for a more accurate understanding, here’s a simple yet effective 9-step method using JoSAA’s past-year opening and closing ranks. This approach gives you a fair estimate (though not 100% exact) of your admission chances based on the previous year’s data.

Step-by-Step Guide to Check Your Admission Chances Using JoSAA Data
Step 1: Collect Your Key Details
Before starting, note down the following details:

Your JEE Main percentile (Convert your percentile into All India Rank with the help of a formula available in Google).
Your category (General-Open, SC, ST, OBC-NCL, EWS, PwD categories)
Preferred institute types (NIT, IIIT, GFTI)
Preferred locations (or if you're open to any location in India)
List of at least 3 preferred academic programs (branches) as backups (instead of relying on just one option)
Step 2: Access JoSAA’s Official Opening & Closing Ranks
Go to Google and type: JoSAA Opening & Closing Ranks 2024
Click on the first search result (official JoSAA website).
You will land directly on JoSAA’s portal, where you can enter your details to check past-year cutoffs.
Step 3: Select the Round Number
JoSAA conducts five rounds of counseling.
For a safer estimate, choose Round 4, as most admissions are settled by this round.
Step 4: Choose the Institute Type
Select NIT, IIIT, or GFTI, depending on your preference.
If you are open to all types of institutes, check them one by one instead of selecting all at once.
Step 5: Select the Institute Name (Based on Location)
It is recommended to check institutes one by one, based on your preferred locations.
Avoid selecting ‘ALL’ at once, as it may create confusion.
Step 6: Select Your Preferred Academic Program (Branch)
Enter the branches you are interested in, one at a time, in your preferred order.
Step 7: Submit and Analyze Results
After selecting the relevant details, click the ‘SUBMIT’ button.
The system will display Opening & Closing Ranks of the selected institute and branch for different categories.
Step 8: Note Down the Opening & Closing Ranks
Maintain a notebook or diary to record the Opening & Closing Ranks for each institute and branch you are interested in.
This will serve as a quick reference during JoSAA counseling.
Step 9: Adjust Your Expectations on a Safer Side
Since Opening & Closing Ranks fluctuate slightly each year, always adjust the numbers for safety.


Example Calculation:

If the Opening & Closing Ranks for NIT Delhi | Mechanical Engineering | OPEN Category show 8622 & 26186 (for Home State), consider adjusting them to 8300 & 23000 (on a safer side).
If the Female Category rank is 34334 & 36212, adjust it to 31000 & 33000.
Follow this approach for Other State candidates Option also and different categories.
Pro Tip: Adjust your expected rank slightly lower than the previous year's cutoffs for realistic expectations during JoSAA counseling.


If and whenever time permits, watch 180+ EduJob360 YouTube Videos on 'Jobs | Careers | Education' for Engineering Aspirants & Engineering Students.

Hope this guide helps! All the best for your admissions!

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

...Read more

Nayagam P

Nayagam P P  |4389 Answers  |Ask -

Career Counsellor - Answered on Mar 26, 2025

Asked by Anonymous - Mar 24, 2025Hindi
Listen
Career
I scored 61 percentile in JEE main session 1 can you suggest the name of the colleges for engineering and which engineering branch should I choose as per future demand for successful career
Ans: 61 percentile is much on lower side. It’s important not to rely solely on JEE — have Plan B and Plan C by exploring other institutes through JoSAA counselling and considering alternative branches. Additionally, appearing for 2-3 more engineering entrance exams and participating in the counselling process of other reputed colleges for your preferred branches is highly recommended. This approach will increase your chances of securing a good college and branch. However, Here is, How to Predict Your Chances of Admission into NIT or IIIT or GFTI After JEE Main Results – A Step-by-Step Guide

Providing precise admission chances for each student can be challenging. Some reputed educational websites offer ‘College Predictor’ tools where you can check possible college options based on your percentile, category, and preferences. However, for a more accurate understanding, here’s a simple yet effective 9-step method using JoSAA’s past-year opening and closing ranks. This approach gives you a fair estimate (though not 100% exact) of your admission chances based on the previous year’s data.

Step-by-Step Guide to Check Your Admission Chances Using JoSAA Data
Step 1: Collect Your Key Details
Before starting, note down the following details:

Your JEE Main percentile (Convert your percentile into All India Rank with the help of a formula available in Google).
Your category (General-Open, SC, ST, OBC-NCL, EWS, PwD categories)
Preferred institute types (NIT, IIIT, GFTI)
Preferred locations (or if you're open to any location in India)
List of at least 3 preferred academic programs (branches) as backups (instead of relying on just one option)
Step 2: Access JoSAA’s Official Opening & Closing Ranks
Go to Google and type: JoSAA Opening & Closing Ranks 2024
Click on the first search result (official JoSAA website).
You will land directly on JoSAA’s portal, where you can enter your details to check past-year cutoffs.
Step 3: Select the Round Number
JoSAA conducts five rounds of counseling.
For a safer estimate, choose Round 4, as most admissions are settled by this round.
Step 4: Choose the Institute Type
Select NIT, IIIT, or GFTI, depending on your preference.
If you are open to all types of institutes, check them one by one instead of selecting all at once.
Step 5: Select the Institute Name (Based on Location)
It is recommended to check institutes one by one, based on your preferred locations.
Avoid selecting ‘ALL’ at once, as it may create confusion.
Step 6: Select Your Preferred Academic Program (Branch)
Enter the branches you are interested in, one at a time, in your preferred order.
Step 7: Submit and Analyze Results
After selecting the relevant details, click the ‘SUBMIT’ button.
The system will display Opening & Closing Ranks of the selected institute and branch for different categories.
Step 8: Note Down the Opening & Closing Ranks
Maintain a notebook or diary to record the Opening & Closing Ranks for each institute and branch you are interested in.
This will serve as a quick reference during JoSAA counseling.
Step 9: Adjust Your Expectations on a Safer Side
Since Opening & Closing Ranks fluctuate slightly each year, always adjust the numbers for safety.


Example Calculation:

If the Opening & Closing Ranks for NIT Delhi | Mechanical Engineering | OPEN Category show 8622 & 26186 (for Home State), consider adjusting them to 8300 & 23000 (on a safer side).
If the Female Category rank is 34334 & 36212, adjust it to 31000 & 33000.
Follow this approach for Other State candidates Option also and different categories.
Pro Tip: Adjust your expected rank slightly lower than the previous year's cutoffs for realistic expectations during JoSAA counseling.


If and whenever time permits, watch 180+ EduJob360 YouTube Videos on 'Jobs | Careers | Education' for Engineering Aspirants & Engineering Students.

Hope this guide helps! All the best for your admissions!

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

...Read more

Nayagam P

Nayagam P P  |4389 Answers  |Ask -

Career Counsellor - Answered on Mar 26, 2025

Asked by Anonymous - Mar 25, 2025Hindi
Listen
Obc rank at 17k crl in jee mains
Ans: Here is, How to Predict Your Chances of Admission into NIT or IIIT or GFTI After JEE Main Results – A Step-by-Step Guide

Providing precise admission chances for each student can be challenging. Some reputed educational websites offer ‘College Predictor’ tools where you can check possible college options based on your percentile, category, and preferences. However, for a more accurate understanding, here’s a simple yet effective 9-step method using JoSAA’s past-year opening and closing ranks. This approach gives you a fair estimate (though not 100% exact) of your admission chances based on the previous year’s data.

Step-by-Step Guide to Check Your Admission Chances Using JoSAA Data
Step 1: Collect Your Key Details
Before starting, note down the following details:

Your JEE Main percentile (Convert your percentile into All India Rank with the help of a formula available in Google).
Your category (General-Open, SC, ST, OBC-NCL, EWS, PwD categories)
Preferred institute types (NIT, IIIT, GFTI)
Preferred locations (or if you're open to any location in India)
List of at least 3 preferred academic programs (branches) as backups (instead of relying on just one option)
Step 2: Access JoSAA’s Official Opening & Closing Ranks
Go to Google and type: JoSAA Opening & Closing Ranks 2024
Click on the first search result (official JoSAA website).
You will land directly on JoSAA’s portal, where you can enter your details to check past-year cutoffs.
Step 3: Select the Round Number
JoSAA conducts five rounds of counseling.
For a safer estimate, choose Round 4, as most admissions are settled by this round.
Step 4: Choose the Institute Type
Select NIT, IIIT, or GFTI, depending on your preference.
If you are open to all types of institutes, check them one by one instead of selecting all at once.
Step 5: Select the Institute Name (Based on Location)
It is recommended to check institutes one by one, based on your preferred locations.
Avoid selecting ‘ALL’ at once, as it may create confusion.
Step 6: Select Your Preferred Academic Program (Branch)
Enter the branches you are interested in, one at a time, in your preferred order.
Step 7: Submit and Analyze Results
After selecting the relevant details, click the ‘SUBMIT’ button.
The system will display Opening & Closing Ranks of the selected institute and branch for different categories.
Step 8: Note Down the Opening & Closing Ranks
Maintain a notebook or diary to record the Opening & Closing Ranks for each institute and branch you are interested in.
This will serve as a quick reference during JoSAA counseling.
Step 9: Adjust Your Expectations on a Safer Side
Since Opening & Closing Ranks fluctuate slightly each year, always adjust the numbers for safety.


Example Calculation:

If the Opening & Closing Ranks for NIT Delhi | Mechanical Engineering | OPEN Category show 8622 & 26186 (for Home State), consider adjusting them to 8300 & 23000 (on a safer side).
If the Female Category rank is 34334 & 36212, adjust it to 31000 & 33000.
Follow this approach for Other State candidates Option also and different categories.
Pro Tip: Adjust your expected rank slightly lower than the previous year's cutoffs for realistic expectations during JoSAA counseling.


If and whenever time permits, watch 180+ EduJob360 YouTube Videos on 'Jobs | Careers | Education' for Engineering Aspirants & Engineering Students.

Hope this guide helps! All the best for your admissions!

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

...Read more

Nayagam P

Nayagam P P  |4389 Answers  |Ask -

Career Counsellor - Answered on Mar 26, 2025

Asked by Anonymous - Mar 26, 2025Hindi
Listen
Career
I am a rajasthan boy got 91.14 percentile in jee main 2025 . Any chance of getting college
Ans: You can try through JoSAA Counselling Process. However, it’s important NOT to rely solely on JEE —have Plan B and Plan C by exploring other institutes and considering alternative branches. Additionally, appearing for 2-3 more engineering entrance exams and participating in the counselling process of other reputed colleges for your preferred branches is highly recommended. This approach will increase your chances of securing a good college and branch.

Here is, How to Predict Your Chances of Admission into NIT or IIIT or GFTI After JEE Main Results – A Step-by-Step Guide

Once the January JEE Main session results was declared, many students and JEE applicants started asking common questions about eligibility for specific institutes (NITs, IIITs, GFTIs, etc.) based on their percentile, category, preferred branch, and home state.

Providing precise admission chances for each student can be challenging. Some reputed educational websites offer ‘College Predictor’ tools where you can check possible college options based on your percentile, category, and preferences. However, for a more accurate understanding, here’s a simple yet effective 9-step method using JoSAA’s past-year opening and closing ranks. This approach gives you a fair estimate (though not 100% exact) of your admission chances based on the previous year’s data.

Step-by-Step Guide to Check Your Admission Chances Using JoSAA Data
Step 1: Collect Your Key Details
Before starting, note down the following details:

Your JEE Main percentile (Convert your percentile into All India Rank with the help of a formula available in Google).
Your category (General-Open, SC, ST, OBC-NCL, EWS, PwD categories)
Preferred institute types (NIT, IIIT, GFTI)
Preferred locations (or if you're open to any location in India)
List of at least 3 preferred academic programs (branches) as backups (instead of relying on just one option)
Step 2: Access JoSAA’s Official Opening & Closing Ranks
Go to Google and type: JoSAA Opening & Closing Ranks 2024
Click on the first search result (official JoSAA website).
You will land directly on JoSAA’s portal, where you can enter your details to check past-year cutoffs.
Step 3: Select the Round Number
JoSAA conducts five rounds of counseling.
For a safer estimate, choose Round 4, as most admissions are settled by this round.
Step 4: Choose the Institute Type
Select NIT, IIIT, or GFTI, depending on your preference.
If you are open to all types of institutes, check them one by one instead of selecting all at once.
Step 5: Select the Institute Name (Based on Location)
It is recommended to check institutes one by one, based on your preferred locations.
Avoid selecting ‘ALL’ at once, as it may create confusion.
Step 6: Select Your Preferred Academic Program (Branch)
Enter the branches you are interested in, one at a time, in your preferred order.
Step 7: Submit and Analyze Results
After selecting the relevant details, click the ‘SUBMIT’ button.
The system will display Opening & Closing Ranks of the selected institute and branch for different categories.
Step 8: Note Down the Opening & Closing Ranks
Maintain a notebook or diary to record the Opening & Closing Ranks for each institute and branch you are interested in.
This will serve as a quick reference during JoSAA counseling.
Step 9: Adjust Your Expectations on a Safer Side
Since Opening & Closing Ranks fluctuate slightly each year, always adjust the numbers for safety.


Example Calculation:

If the Opening & Closing Ranks for NIT Delhi | Mechanical Engineering | OPEN Category show 8622 & 26186 (for Home State), consider adjusting them to 8300 & 23000 (on a safer side).
If the Female Category rank is 34334 & 36212, adjust it to 31000 & 33000.
Follow this approach for Other State candidates Option also and different categories.
Pro Tip: Adjust your expected rank slightly lower than the previous year's cutoffs for realistic expectations during JoSAA counseling.


If and whenever time permits, watch 180+ EduJob360 YouTube Videos on 'Jobs | Careers | Education' for Engineering Aspirants & Engineering Students.

Hope this guide helps! All the best for your admissions!

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

...Read more

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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