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Anil Rego |388 Answers |Ask -Follow

Financial Planner - Answered on Feb 05, 2023

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Asked by Anonymous - Feb 01, 2023Hindi

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Sir, what is the new tax rate for a salaried professional with an annual income between 10 and 15 lakh? Would you recommend opting for the new income tax regime?

Ans: Between 9-12L one would be taxed at 15% and between 12-15L the tax would be taxed at 20%. If you are able to claim all deductions especially home loan interest and NPS, the old tax regime would be more beneficial. The new tax regime would be effective if you are unable to claim various deductions.

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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Asked by Anonymous - Feb 01, 2023Hindi

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Hello Sir, My Taxable income comes to around 14 - 15 lakh approx..I do have normal 80 C,80CCD investments..My tax comes to around Rs 2.30 lakh per year...So as I see with new tax regime,I see tax is flat Rs 150000 approx..So is it wise to opt for New tax regime or are there any hidden calculations in New Tax regime?

Ans: Tax payer with taxable income of 15 lakh will pay tax of Rs.1.5 lacs plus cess after availing deductions of Rs.1,50,000 u/s 80C and Rs.50,000 u/s 80CCD. However, it is important that 15 lakh of taxable income doesn't arise after taking deduction of HRA, Interest on Housing Loan etc

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I have 2 queries. 1) What amount is exempted under standard deduction in the proposed new tax regime - is it 50,000 or 52500? There is a confusion 2) Is profession tax amounting to Rs. 2500 exempt in the new tax regime - both current and proposed? Please guide

Ans: Standard deduction will be Rs 50,000 for person earning income from salary as per Budget proposal of FY 23 24.

Professional tax deduction will not be available under new tax regime

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Question by N - Feb 02, 2023Hindi

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sir, Greetings. For next year my taxable income shall be appx. 22 lakhs. Opting for new tax regime or the existing old one. Which shall be benificial. Rds, Rao

Ans: For a Person 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

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Profession tax amounting to Rs. 2500/ pa was exempt under old tax regime. What is the status under the new tax regime and the proposed ne tax regime? Please guide.

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Sir, my gross salary for the FY 2023-24 will be Rs.13,85,145/- . My deductions/exemptions will be Rs.2,15,000/-, which old or new tax regime is beneficial Tto me, kindly advise me.

Ans: If you take 80C full benefit and get the standard deduction, old regime should be better for you.

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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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