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Sunil Lala | Answer |Ask -Follow

Financial Planner - Answered on Feb 10, 2023

Sunil Lala founded SL Wealth, a company that offers life and non-life insurance, mutual fund and asset allocation advice, in 2005. A certified financial planner, he has three decades of domain experience. His expertise includes designing goal-specific financial plans and creating investment awareness. He has been a registered member of the Financial Planning Standards Board since 2009.... more

Question by Srikanth on Feb 10, 2023Hindi

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CTC 16.5L. Under 80C saved 1.5L. Pls suggest which tax regime is suit for me old or new.

Ans: New regime

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 Vishal - Feb 10, 2023Hindi

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hi Sir , My CTC is 36 L . If I opt complete deduction under 80 C/D - 1.5 L Home Loan amount 1.49 L. HRA - 30,000 pm. LTA - 50k Then please advise which Tax Regime will be good for me, old or New?

Ans: Hi Vishal
Assuming that you would have tax investment of Rs. 1.50 Lakhs, Home Loan Interest of Rs. 1.49 Lakhs, HRA exemption of Rs. 3 Lakhs & you are claiming LTA exemption of Rs. 50,000 then the old tax regime may be better for you as that may reduce your tax bill by about Rs. 85,000.

If any of the above assumptions are not correct then the opinion may change accordingly

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Asked by Anonymous - Feb 13, 2023Hindi

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My CTC is 32 L, I live in rented accommodation and claim HRA under it, also have 80 C 1.50 L investments. Which Tax regime is good for me old or new? Any recommendations on how I can further save my tax?

Ans: Hi
You could explore the comparative calculations between new and old tax regime using the calculator released by the tax department at the following link

https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx

As regards recommendations to save tax, you may explore the following:

Additional Rs. 50,000 in NPS under section 80CCD (1B)
NPS contribution under section 80CCD(2)
Health insurance Premium paid for self, family & parents. In case parents do not have insurance then any medical expenditure incurred on their hospitalization
Some bit of salary structuring may also help in reducing the tax bill but employers are generally touchy about the risk they are willing to take on such structuring

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Question by gopal - Feb 13, 2023Hindi

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my ctc is 25.10 lacs ,80c rs.1.50,home loan int 2.00,hra 6.00, P.F 0.72,80eea 1.50,please advise which Tax Regime will be good for me, old or New?

Ans: Person having taxable income of 25.10 lakhs 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

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Question by XYZ - Apr 14, 2023Hindi

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Hi, my CTC is 1,841,903 and I would like to know if the old or the new tax regime might be better for me. I tend to make 80C investments.

Ans: Hi

As not much details are available, would suggest that you check the best option using the tax calculator by clicking the following link

https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx

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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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