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Nikunj Saraf |308 Answers |Ask -Follow

Mutual Funds Expert - Answered on Feb 04, 2023

Nikunj Saraf has more than five years of experience in financial markets and offers advice about mutual funds. He is vice president at Choice Wealth, a financial institution that offers broking, insurance, loans and government advisory services. Saraf, who is a member of the Institute Of Chartered Accountants of India, has a strong base in financial markets and wealth management.... more

Question by Gagan on Feb 01, 2023Hindi

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Hi Nikunj, related to current budget, do small business man/women get any benefit related to their tax?

Ans: Hello Gagan

As a financial advisor, I would advise you to consult a chartered accountant for specific tax planning advice. They have expertise and in-depth knowledge of tax laws and regulations and can provide you with personalized strategies to minimize your tax liability. I can assist you in creating a comprehensive financial plan, but for tax planning, it is best to consult a tax professional.

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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Dear Mihir, what are the key benefits for the salaried employees given that there will be no income tax on employees earning up to Rs 7 lakh? Regards

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Hi RediffGurus, based on new tax structure announced by FM in today's budget, how much benefit can one expect if he/she was already following new tax-regime and is in higher income bracket (>15 LPA)?

Ans: The tax slabs of >15L is itself very broad and your benefits depend on what sections of Income Tax Act are you taking benefit of like 80C, 80G, 80D, 80E, 24B, and HRA.

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Is new Tax benifit helpfull for salaried employees with packages between 27-30 Lacs per annum

Ans: New tax regime is beneficial if all the tax benefits are not taken. For e.g. if income is 30 lacs and deductions u/s 80C is 150000 taken, tax liability will be Rs.600000 under new tax regime and under old it will be 667500.

However, if person take PPF benefit of 1.5 lac, 25k in mediclaim, housing loan interest deduction 2 lacs, 50k standard deduction from salary; tax liability under old regime will reduce to 585000.

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Question by Dipankar - Feb 02, 2023Hindi

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Will the standard deduction of 50000/- introduced in new tax regime this budget be for all?

Ans: Hi Dipankar
Standard deduction of Rs. 50,000 was not introduced in this budget and was there for all salaried individuals. However, till the last year this standard deduction was not available to those individuals who opted for the new tax regime,

The current budget proposal aims at extending this benefit to individuals opting for the new tax regime as well

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Dear sir as per the new tax regime announced today, my salary is 66lakh/year. Is any tax saving will be for me. regards

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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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