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Hemant Bokil | Answer |Ask -Follow

Financial Planner - Answered on Feb 01, 2023

Hemant Bokil is the founder of Sanay Investments. He has over 15 years of experience in the field of mutual funds and insurance.Besides working as a financial planner, he also hosts workshops to create financial awareness. He holds an MCom from Mumbai University.... more

Asked by Anonymous - Feb 01, 2023Hindi

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What happens to 80C and NPS benefit in the new tax regime? New tax regime : No income tax on income of 7 Lakhs. Old tax regime : No tax on income of 5 Lakhs + 1.5 Lakhs under 80C + 50K on NPS = 7 Lakhs

Ans: In New regime no exemptions were available, so 80 c and nps if done then tax benefits can be taken under old regime only

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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Tax slab is for new regime or old and if it is for new then what will happen to 80c and other investment benefits

Ans: Different Tax slabs have been listed for both new and old tax regimes however the changes to the slab rates have been done only for the new tax regime rates.

Accordingly, in case you are opting for the old tax regime then you could continue to avail of the deductions under section 80C and other benefits as you were claiming earlier.

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Is NPS contribution exemption in new tax regime ? what is surcharge in new tax regime for income upto 20 Lakh ? How capital Gain is treated in new tax regime whose income is above and below 7 Lakh?

Ans: Hi Neeraj
Employer's contribution to NPS is allowed as deduction.

No surcharge on income of Rs. 20 Lakhs

The income (including capital gain) may need further evaluation or comparison as marginal relief concept would be applicable in working out the tax on regular income vis-a-vis capital gain income with special rates. It would be difficult to specify the best tax regime option without real comparison

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In case my annual income is 30 lakh and I have investment -1.5 lakh for 80c , what would be difference between old and new tax regime … any benefit or not ??

Ans: If taxable income of person is Rs.28,50,000 after claiming deduction of Rs.1,50,000 under 80C; tax liability will be Rs.6,67,500 plus cess under old regime. However, under new regime after proposal of Budget 2023 as per new slab rate tax liability will be Rs.6,00,000 so new regime is more beneficial.

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Asked by Anonymous - Feb 10, 2023Hindi

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My CTC is 28 lac, I am having home loan interest appx 1.5 lac and 80 C 1.5 savings. No NPS . Will new tax regime be benificial or old tax regime?

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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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