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Mahesh Padmanabhan  | Answer  |Ask -

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
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
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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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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