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Nikunj

Nikunj Saraf |205 Answers |Ask -Follow

Mutual Funds Expert - Answered on Feb 16, 2023

Question by Swapnil on Feb 13, 2023

Money

I have yearly income of 45L I invest 1.5L in 80C and 50k in NPS. Should i adopt new regime to save tax or continue with old regime?

Ans: Hello Swapnil, please consult your tax advisor for the same.

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Asked by Anonymous - Feb 01, 2023

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I have an income of 13 lakhs. I have home loans and 1.5 lakhs 80C investments. Additionally I have NPS investment of 50000 as well. Should I continue with Old regime or move to new regime? I feel new regime does not benefit me at all.

Ans: For your level of deductions, the new regime will be better due to the lower tax slabs/rates.

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My 80C investment is 1.5 lac and home loan intrest is 2.0 Lac CTC 24 Lack shoils I continue with old or opt for new tax system

Ans: Hi
New tax regime may yield you a tax benefit of about Rs. 39,000

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Question by Chandan - Feb 09, 2023

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I have salary+ other source(FD , S/B interest) income of 30 lacs p.a. Which regime is better for me.. I don't have any home loan or nps, So considering only 80C , what will be the tax burden in old and new regime..

Ans: Person having taxable income around 30 lacs 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

In future, you can calculate the tax from following link :

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

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Prajwal

Question by Prajwal - Feb 03, 2023

Money

My Salary is around 16 Lacs what would be best for me Should i go for new Regime or follow old Tax methods using 80 C

Ans: Hi Prajwal , In case you are able to exhaust fully the deductions available under sec 80 C and 80 D , Home loan principal and home loan interest and NPS then old regime suits you more but if there is no such tax saving done by you then at your salary new regime is best

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