Home > Money > Question

Sign In | Create an account

Language:

Now in हिन्दी too

Need Expert Advice?Our Gurus Can Help

Mahesh Padmanabhan |124 Answers |Ask -Follow

Tax Expert - Answered on Feb 03, 2023

Mahesh Padmanabhan has specialised in payroll, personal and corporate taxation for more than two and a half decades, enabling him to provide practical, realistic and correct advice to his clients.
He is a member of The Institute of Chartered Accountants of India and has a degree in cost accounting from the Institute of Cost Accountants of India.
He is also a qualified information systems auditor. ... more

Question by Sunil on Feb 02, 2023Hindi

Listen

Money

I am working as a consultant with an annual Income of 10.44 L how does the new declaration effect my tax returns

Ans: Hi Sunil
As a consultant, you could opt for the presumptive taxation provisions where dependent on the nature of your activity, you could get a straight knock from your income between the range of 50% to 94%. That is a substantial reduction in taxable income and hence the tax liability as well.

You could speak with your tax consultant to understand this aspect clearly.

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.

Money2Reply

You may like to see similar questions and answers below

Mihir Tanna |1057 Answers |Ask -Follow

Tax Expert - Answered on Feb 23, 2023

Question by Anandarup - Feb 03, 2023Hindi

Listen

Money

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

Ans: Person getting salary of Rs.8.5 lakh, not claiming much of deduction is likely to save tax under new tax regime, as tax liability is expected to be lower with new slab rate proposed for FY 23-24 under new tax regime

Mihir Tanna |1057 Answers |Ask -Follow

Tax Expert - Answered on Feb 27, 2023

Question by niraj - Feb 14, 2023Hindi

Listen

Money

my salary is expected to be 30 lacs per year. what is the tax liability under old scheme with 1.5 lac 80c and in new tax regimn with no deductions

Ans: As per Budget proposed for FY 23-24, tax liability under old regime is likely to be Rs.6,52,500 plus cess and under new tax regime it is likely to br Rs.5,85,000 plus cess

Mihir Tanna |1057 Answers |Ask -Follow

Tax Expert - Answered on Sep 14, 2023

Question by D - Aug 31, 2023Hindi

Listen

Money

My salary is 10lakhs, as per new tax regime what will be the tax I have to pay

Ans: Salaried person is required to pay tax on taxable portion of salary (i.e. after deducting eligible allowance and exemptions). Assuming 10 lac salary is after deductions/exemptions; tax liability under new regime will be Rs.62400 for AY 2024-25

You can check working in Income tax calculator https://incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx

Mihir Tanna |1057 Answers |Ask -Follow

Tax Expert - Answered on Jul 24, 2024

Question by Nilesh - Jul 23, 2024Hindi

Listen

Money

Respected sir, For consultancy income, how tax would be calculated as per new tax regime. Is there any benefit available like home loan interest, 80c??

Ans: For professional, new slab rate will be applicable as per budget propsal for new tax regime. However, interest on self occupied house and 80C is not available for new tax regime

Mihir Tanna |1057 Answers |Ask -Follow

Tax Expert - Answered on Sep 10, 2024

Question by dinesh - Jul 28, 2024Hindi

Listen

Money

my salary is 10.50 lac what would be tax in new regime

Ans: For AY 2025-26, on taxable income Rs.10.50 lacs tax under new tax regime will be Rs.70200.

You can calculate the same with income tax calculator : https://incometaxindia.gov.in/Pages/tools/tax-calculator.aspx

Latest Questions

Radheshyam Zanwar |2910 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Jun 08, 2025

Asked by Anonymous - Jun 08, 2025

Career

My jee advance rank SC2929 can i join any IIT college for CSE branch

Ans: Hello Dear
Chances are bright to get a seat in IIT and maybe with the preferred branch, in tier 2 IITs.
Best of luck.
Follow me if you like the reply. Thanks
Radheshyam

Radheshyam Zanwar |2910 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Jun 08, 2025

Question by nani - Jun 08, 2025

Career

Hello sir, is it possible to get cse in manipal with MET rank of 3610, if not which one is best Mahindra University or MIT Bangalore, or Vit IT branch Cat 5. Please suggest.

Ans: Hello Nani
Challenging to get a CSE @ Manipal with the mentioned score. Prefer MIT Bangalore if possible.
Best of luck.
Follow me if you like the reply. Thanks
Radheshyam

Radheshyam Zanwar |2910 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Jun 08, 2025

Asked by Anonymous - Jun 08, 2025

Career

Should i choose civil ,mechanical branches in northeast nits or choose civi Mechanical in jadavpur university west bengal??which is better for placement and exposure??

Ans: Hello dear.
Prefer Civil @ Jadhavpur WB if possible.
Best of luck.
Follow me if you like the reply. Thanks
Radheshyam

Radheshyam Zanwar |2910 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Jun 08, 2025

Question by Aditi - Jun 08, 2025

Career

cse in IIT Dhanbad IIT mandi IIT Patna IIT ropar NIT Trichy NIT Suratkal I am interested in cse what should be my order of above colleges in josaa counselling please reply faster. Thanks for considering.

Ans: Hello Aditi
Here is the preference order: (1) Surathkal (2) Trichy (3) Mandi (4) Ropar (5) Patna (6) Dhanbad. However, it is highly recommended to prioritize your preferences based on the distance from your hometown. Please do not adhere to our preference order. Calculate the distance of each NIT from your hometown and consider the accessibility and connectivity options (train, bus, air), then fill out the options.
Best of luck.
Follow me if you like the reply. Thanks
Radheshyam

Radheshyam Zanwar |2910 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Jun 08, 2025

Question by Aman - Jun 08, 2025

Career

Hi sir can someone get gmc at 400 marks in neet 2025,sc category up domicile

Ans: Hello Aman
Chances are moderate to very slim to get a seat in GMC,
Best of luck.
Follow me if you like the reply. Thanks
Radheshyam

Radheshyam Zanwar |2910 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Jun 08, 2025

Question by Siddhartha - Jun 08, 2025

Career

Hello sir my son has got Kiit cse and can get Manipal cse in jaipur. Which one to prefer please suggest as I need to pay the fees . Looking forward to your prompt reply due to time constraints.

Ans: Hello Siddhartha
Prefer CSE @ Manipal Jaipur. But if the distance is the criterion, then CSE @ KIIT is also a good option.
Best of luck.
Follow me if you like the reply. Thanks
Radheshyam

Radheshyam Zanwar |2910 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Jun 08, 2025

Asked by Anonymous - Jun 07, 2025

Career

Sir i get 114000 rank can i get cse in lucknow university or it may have high demand this year

Ans: Hello dear.
Chances are moderate to very slim to get CSE @ Lucknow with the mentioned rank. Explore more options with other private universities.
Best of luck.
Follow me if you like the reply. Thanks
Radheshyam

Radheshyam Zanwar |2910 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Jun 08, 2025

Question by Uma - Jun 07, 2025

Career

My daughter is getting civil in NITW NITT NITW and chemical in vnit nagpur and nit Calicut. Which option will be the best . Going to top three nits or branch preference sir

Ans: Hello Uma
Preference should be given to branch choice. As a female candidate, it can be difficult to work in the Civil and Chemical fields. However, Civil is more preferable than Chemical. Therefore, choose Civil at the preferred NITs that are closer to your hometown. All the NITs offering Civil are excellent.
Best of luck.
Follow me if you like the reply. Thanks
Radheshyam

Radheshyam Zanwar |2910 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Jun 08, 2025

Question by Dhanalakshmi - Jun 07, 2025

Career

In 2025 neet mark 333 in which medical college and rank fees structure

Ans: Hello Dhanalashmi
Chances are moderate to very slim of getting a seat in GMC. Explore more options other than MBBS.
Best of luck.
Follow me if you like the reply. Thanks
Radheshyam

Radheshyam Zanwar |2910 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Jun 08, 2025

Asked by Anonymous - Jun 07, 2025

Career

SCORING 348 MARKS IN GEN CAT ( MALE ) IN NEET 2025 , IS THERE A CHANCE IN BAMS GOVT COLLEGE.

Ans: Hello dear
Chances are moderate to very slim of getting a free seat for BAMS in GMC. Try in private colleges under management quota.
Best of luck.
Follow me if you like the reply. Thanks
Radheshyam

See more questions »

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.

Video Reply
Audio Reply

WhatsApp
Facebook
Twitter
Copy link

Delete

Close

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus

Sign up

email

uname

mobile no

Country Code

Mobile number

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

LOGIN

x