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Mihir Tanna |801 Answers |Ask -Follow

Tax Expert - Answered on Feb 15, 2023

Mihir Tanna has more than 10 years of experience in direct taxation, including filing income tax returns.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Asked by Anonymous - Feb 01, 2023Hindi

Money

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.

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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Question by Prasanna - Feb 01, 2023Hindi

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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

Ans: In Budget 2023, it is proposed that if person is earning income upto 7 lacs and opting for new tax regime (i.e. forgo deduction on interest on self occupied housing loan, exemption of HRA, deduction on tax saver investment covered in 80C,80D etc); 100% tax rebate will be available and person will not be required to pay tax. In addition to it is also proposed that standard deduction of Rs.50,000 is also available for person opting for new tax regime in FY 2023-24.

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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.

Instead of looking at broad tax slabs, please calculate yourself at this calculator as pertaining to yourself and you will be able to decide which tax regime is better for you:-
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Question by R - Feb 01, 2023Hindi

Which tax regime is more beneficial for salaried persons in the annual income bracket of 25 lakh

Ans: Hello R
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.

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Question by C - Feb 02, 2023Hindi

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for whom, opting the new tax regime will be helpful. I am PSU Employee. Should I opt the same?

Ans: Hi C, without actually knowing exact income it's not possible to decide which can be good regime old or new, but roughly the range of income from 12 onwards and better 15 lacs onwards looks good for new regime to benefit more, is what I believe

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My Income is 8.5 Lacs P.A. what is my benefit under new tax regim

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I m 37yr old married and only earning person of my family, mba graduate & working with a mnc in Medical device industry in sales want to shift newzeland or Australia can you suggest best possible option

Ans: Hello Shailendra. Thank you for contacting us. It is good to hear that you have been working with an MNC in medical devices and want to shift to Australia and New Zealand. However, let me tell you that you are eligible to apply for health care management, health administration, and public health programmes in Australia and New Zealand.
It is important to note that Australia has an age limitation, restricting individuals aged 35 and above from applying for the Post-Study Work (PSW) visa. However, there are no such age barriers in place in New Zealand. Therefore, the individual is encouraged to consider New Zealand as a viable option for pursuing their studies in the healthcare field.

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Hello Career Gurus, I have a PGDBM which is pretty dated back to the year 2006. I find that the entire canvas has changed with the digital revolution making me somewhat out of place. Although, i managed to traverse successfully career-wise and secured management role but sometimes I face self-doubt whether I would be able ro sustain myself in this back-biting and nasty politics driven corporate world. I have jettisoned plans several times to go fof masters into enterpreneural management or data analytics. I am worried about the next step. Should I take a sabbatical considering that I have the usual middle-class constraints spelled out as obligation to family esp. ageing parents with my better-half playing stalemate on her commitment towards helping me and financial liabilities as well. What should I do ? Please suggest. Thank you !

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Question by Anbuchezhian - Apr 19, 2024Hindi

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Dear Sir, I am an NRI and My daughter is doing B. Tech in energy and Environmental Engineering in India and she wanted to do higher education in US and I am confident if we provide right guidence she would be able to pass through admission requirements such as TOFEL and GRE, kindly guide us for the best online training options , Its ok for reasionable expenses for the tarining.

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To begin with, thank you for contacting us. I am glad to hear that your daughter is pursuing her Bachelor of Technology (B.Tech) in Energy and Environmental Engineering and further aspires to pursue higher education in the United States. To answer your question first, I would like to let you know that with the right guidance and preparation, she can certainly navigate the admission requirements, including the TOEFL and GRE exams. At Edwise we do provide online Live coaching so you can get in touch with us for the same.

For more information, you can visit our website.

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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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