What is the best 2023-24 regime for people whose income is more than 27Lakhs and above sir

Ans: If person is earning 9 lacs from salary and have invested Rs.1,50,000 for tax saving (housing loan/insurance/mediclaim/NPS/tax saver MF etc); new tax regime will be beneficial after changes proposed in Budget 2023 for slab rate and standard deduction. Gross tax liability (without cess) under old regime will be Rs.52,500 and under new regime it will be Rs.40,000.

Ans: Hi Harish
As it seems, the new regime may be beneficial to your case but you could check that after accounting for your tax savings investments

Ans: New Tax Regime Exemption List
Transport Allowances w.r.t. Person with Disabilities (PwD)
Conveyance Allowance
Travel/ Tour/ Transfer Compensation
Perquisites for Official Purposes
Exemptions for Voluntary Retirement Scheme u/ Section 10(10C)
Gratuity Amount u/ Section 10(10)
Leave Encashment u/ Section 10(10AA)
Interest on Home Loan on Lent-out Property u/ Section 24
Gifts of Up to Rs. 5,000
Employer’s Contributions to Employees NPS Accounts u/ Section 80CCD(2)
Additional Employee Costs u/ Section 80JJA
Standard Deductions on Family Pension u/ Section 57(IIA)
Deductions on Deposits in Agniveer Corpus Fund u/ Section 80CCH(2)

Ans: Hi,
For the income mentioned by you, assuming that one takes all the deductions available under old tax regime, the old tax regime allows you to save some tax but not by a huge margin. Also, please note that going forward the Government might make more changes in the new tax regime to benefit larger interests. I hope this answers your question
Best Regards,
Anil Rego,
Founder & CEO,
Right Horizons