If my annual income after standard deduction is Rs.1270000/- and I do not wish to save u/s80c, which tax regime should I opt for

Ans: Person having taxable income around 60 lacs and take deduction less than 4.25 lacs from housing loan/80C/80D, can opt for new tax regime as new slab rate is likely to be beneficial as per budget proposed for FY 2023-24

Ans: Pls use the old regime and look at all options of Tax saving like Mediclaim, LTA, HRA etc

Ans: Based on the information provided, you are eligible to choose between the old and new tax regimes.

Under the old tax regime, you can claim deductions under Section 80C up to Rs. 1.5 lakh and interest paid on home loan up to Rs. 2 lakh. Additionally, you can claim deductions under other sections such as medical insurance premium, donations, etc. However, your tax slab rate will be based on your income, and you will be taxed accordingly.

Under the new tax regime, you cannot claim deductions under Section 80C, home loan interest, or other sections. Instead, you will have lower tax slab rates. For your income level, the tax slab rate for the new regime is 20%, which is lower than the old regime.

To determine which regime is more suitable for you, you will need to calculate your tax liability under both regimes. However, based on the information provided, it seems like the new regime may be more beneficial for you as the tax slab rates are lower than the old regime. You can use an online income tax calculator to determine your tax liability under both regimes and make an informed decision.

Ans: Person earning income from salary, repaying housing loan interest of Rs.200000, taking deduction of 1.5 lacs and mediclaim of 12000; likely save tax under old tax regime