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Is Paying More Taxes in the New Tax Regime Correct?

Samkit Maniar | Answer |Ask -Follow

Tax Expert - Answered on Feb 04, 2025

CA Samkit Maniar has eight years of experience in income tax, mergers and acquisitions and estate planning.
He has graduated from Mumbai’s N M College of Commerce and Economics and has completed his CA from The Institute of Chartered Accountants of India."... more

Asked by Anonymous - Feb 01, 2025Hindi

Money

Hi, While I was doing calculation basis new tax slabs, I found out that a person earning 40lacs has still to pay more taxes in new regime than old regime. Pls let me know if am calculating it correctly considering the fact that the person has fully exhausted his 80C (1.5lacs) and 80D (Health Insurance) and also has home loan wherein he is claiming 2lac as interest rebate.

Ans: The new tax regime as announced in the Budget on 01 Feb 2025 lays down revised slabs and revised tax rates.

Incase you are salaried and earning 40 lacs then you will be better off in the new tax regime as compared to old tax regime. Please note that the slabs in the old tax regime have not changed. Even after claiming the deductions highlighted above, you will be benefitted under new tax regime.

Please consult your CA before proceeding.

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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Sir Iam having a taxable income of 18 lakhs last year and paid 360000 in new tax regime. As per the above what could be my tax as per new regime and new slabs Thanks

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Respect Sir I am a senior citizen. My gross income during FY 24-25 works out around Rs 7.5 lacs out of which Rs 5 lacs from bank interest. In addition to above, my LTCG earning during FY 24-25 is Rs 3.4 lacs How much will be my total tax liability under new tax regime considering. Rs 50,000/ as my standard deduction. Regards D chakraborty Delhi

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CAN YOU PLEASE GIVE CLARITY OIN NEW TAX SLABS PLEASE. IF A PERSON IS DRAWING A SALARY OF RS.48.00 LACS HOW MUCH TAX WILL BE DEDUCTED

Ans: Selection of tax regime will decide tax liability and depending on eligibility of amount of deduction/exemption, tax liability will be calculated.

Considering income of 48 lacs, under old tax regime gross tax liability will be Rs.13,02,600 and under new tax regime it will be Rs.10,60,800.

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Hi Mihir, What would be tax calculation under new tax regime...CTC 21.5 lacs...taxable income showing to be 18.2 lacs...how much would be monthly reduction in tax. Thanks

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if my income is 30 lakhs, then the slabs for tax calculation under new regime is it like below: Rs. 1 - Rs. 4,00,000 - 0% Rs. 4,00,001 - Rs. 8,00,000 - 5% - 0 (DUE TO TIL 12 LAKH NO TAX REBATE) Rs. 8,00,001 - Rs. 12,00,000 - 10% - 0 (DUE TO TIL 12 LAKH NO TAX REBATE) Rs. 12,00,001 - Rs. 16,00,000 (with standard deduction of 75000) - 15%- 48750 Rs. 16,00,001 - Rs. 20,00,000 - 20%- 80000 Rs. 20,00,001 - Rs. 24,00,000 - 25%- 100000 Rs. 24,00,001 - Rs. 30,00,00 - 30%- 120000 IS MY UNDERSTANDING CORRECT?

Ans: No, if your taxable income is more than 12 lacs, rebate is not available

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Hi Sir, My Son has score 98.4 percentile in JEE Mains 2026 and CRL is 25624. We are General Category, Gender-Neutral and Home state is Telangana. He is more interest in Mechanical Stream for the b.Tech. Can you please advise best possible college options for him?

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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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