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Mahesh Padmanabhan |124 Answers |Ask -Follow

Tax Expert - Answered on Feb 19, 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 MJ on Feb 11, 2023Hindi

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My Salary plus bonus in investment bank is about 20-22 Lakh... I dont have any investments and can only claim HRA of 16k pm and PF... Which regime I should opt?

Ans: Hi MJ
The inputs given by you is summary and not detailed so i have assumed that the HRA exemption is the same as the HRA amount of Rs. 192000 and i have also assumed that your section 80C investment under PF etc is Rs. 150000.

Based on above the old tax regime looks better

The tax department has updated a new calculator for users to check the benefits of the two regime and you could use that to validate your numbers. The link is pasted below

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

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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Hi Sir which tax regime is good if my income is 30L PA and I have NPS, Homeloan(let out),80c, 80D(25k)and HRA

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Hi . My income is 25.4lacs. which tax regime would be more suitable for be as in thw current senerio i claim hra,ppf as a part of current my old tax regime

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Question by k - Feb 09, 2023Hindi

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my annual salary is 15 lac , i save 1.5 lac , 50000 NPS, not claiming HRA, which tax regime should i use for less tax

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Asked by Anonymous - Dec 29, 2024Hindi

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Sir, MY take home salary is ?82k x 12. Payslip mentioned gross salary as ?14lakh. I invest alongwith employer in NPS Tier I ?142000/-, ?150000 in PPF, ?50K additional in NPS 1 under 80CCD1B. I have no insurance, term plan. However, I invested ?1.5 Lakh in MF, Stocks. total deductions available is ?3.5 Lakh under old tax regime. I live in Employer provided Home. Hence, not receiving any HRA. Kindly tell other ways to get deduction or to save more under old tax regime. I have my wife, 1 girl, 1 boy and my parents in my family.

Ans: 01. You have planned your income & tax savings nicely. Other options available are Medi-Claim Policy u/s 80-D (if not getting Medical benefits from your employer), Donations u/s 80-G & Interest payment on Housing Loan, if any.
02. Please calculate your tax in New Regime also & go for the option, where your tax liability is less.
03. I feel new Tax Regime, may offer less tax payment.
Most welcome for any further clarifications. Thanks.

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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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