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Mihir

Mihir Tanna  |801 Answers  |Ask -

Tax Expert - Answered on Mar 20, 2023

Mihir Tanna has more than 10 years of experience in direct taxation, including filing income tax returns.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
SAM Question by SAM on Mar 17, 2023Hindi
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Hi my salary annualy is 15 lakh. which tax regime should i opt for?i I have home loan,80c 1.5 lakh and health insurance 12000annually

Ans: Person earning income from salary, repaying housing loan interest of Rs.200000, taking deduction of 1.5 lacs and mediclaim of 12000; likely save tax under old tax 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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Hardik

Hardik Parikh  |106 Answers  |Ask -

Tax, Mutual Fund Expert - Answered on Apr 11, 2023

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Sir my income is 32 lakh per annum, i dont have home loan, i invest 50k in nps. Have health insurance premium ok 30k per year. Which tax regime should i opt for this year?
Ans: Dear Shyam,

Thank you for reaching out with your query. Based on the information provided, your annual income is INR 32 lakh, you invest INR 50,000 in NPS, and have a health insurance premium of INR 30,000 per year. To determine the most suitable tax regime for you, we'll need to compare your tax liability under both the New and Old Tax Regimes, considering the deductions you're eligible for.

Under the Old Tax Regime, you can claim deductions for your NPS investment (Section 80CCD) and health insurance premium (Section 80D). Your taxable income would be INR 31,20,000 (32,00,000 - 50,000 - 30,000). The tax liability would be:

Nil on the first INR 2.5 lakh
5% on the next INR 2.5 lakh (INR 12,500)
20% on the next INR 2.5 lakh (INR 50,000)
20% on the next INR 2.5 lakh (INR 50,000)
30% on the remaining INR 21.2 lakh (INR 6,36,000)
Total tax liability under the Old Regime: INR 7,48,500

Under the New Tax Regime, you won't be able to claim deductions for your NPS investment and health insurance premium. Your taxable income would be INR 32,00,000. The tax liability would be:

Nil on the first INR 3 lakh
5% on the next INR 3 lakh (INR 15,000)
10% on the next INR 3 lakh (INR 30,000)
15% on the next INR 3 lakh (INR 45,000)
20% on the next INR 3 lakh (INR 60,000)
30% on the remaining INR 17 lakh (INR 5,10,000)
Total tax liability under the New Regime: INR 6,60,000

Comparing the tax liabilities under both regimes, you would save INR 88,500 by opting for the New Tax Regime. It's important to note that you will have to forgo the deductions mentioned, but in your case, the savings in tax outweigh the deductions. Therefore, I would recommend opting for the New Tax Regime for this financial year.

Please note that this is just an analysis based on the information you provided, and it's always a good idea to consult a tax professional for personalized advice.

I hope this helps!

Best regards,
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Sushil

Sushil Sukhwani  |308 Answers  |Ask -

Study Abroad Expert - Answered on Apr 23, 2024

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My daughter wanted to do post graduate Msc in Clinical nuero phycology or in Cognitive science either in UK or in Ireland what type of career prospects she can expect including employment, Phd etc. If she does these programs which are the reputed universities which provides post graduation course in these two countries. Thanking you, Vaidyanathan
Ans: Hello Vaidyanath,

To begin with, thank you for contacting us. I am happy to hear that your daughter wishes to pursue a postgraduate MSc in Clinical Neuropsychology or Cognitive Science either in the UK or in Ireland. To answer your question first, I would like to tell you that choosing to pursue this degree can lead to a vast array of employment opportunities for your daughter, in academic as well as in practical settings. Your daughter can look into the job possibilities mentioned below:

She could consider working as a researcher. Cognitive Science graduates frequently seek employment in research, either at research institutions or in university settings. They may conduct research on memory, perception, language processing, attention, or decision-making. After having earned an MSc in Clinical Neuropsychology, your daughter could work as a Clinical Neuropsychologist in clinics, hospitals, or even practice privately, carrying out evaluations and offering treatment to those suffering from neurological diseases viz., stroke, traumatic brain injury, dementia, or developmental abnormalities. Remember that both the fields viz., Clinical Neuropsychology and Cognitive Science provide possibilities for teaching and scholarly research. On completing her Master of Science (MSc), your daughter could further pursue a Doctor of Philosophy (PhD), and get a job at universities as a professor or lecturer in neuroscience or psychology. She could also take up a job as a consultant for organizations or corporations that are eager to study human cognition and behavior, viz., technology companies, market research firms, or government bodies. In addition to the above, your daughter could also work as a counselor or therapist, based on her interests and further training, in turn, employing neuropsychology or cognitive science ideas in therapeutic settings.

Concerning your query pertaining to universities that offer these programs, I would like to let you know that Clinical Neuropsychology or Cognitive Science courses are offered at a number of reputable universities both in the UK and Ireland. In the UK, your daughter could apply to universities viz., the University of Manchester, University College London (UCL), University of Cambridge, and University of Edinburgh. On the other hand, Irish universities offering these courses include University College Dublin, and Trinity College Dublin. She could apply to these as well.

In addition to the ones mentioned above, there may be other well-known universities that offer similar programs in these fields. I would suggest that your daughter conducts a comprehensive study on each program in order to make sure it best resonates with her interests and professional objectives. In addition, when deciding, she should also take into account variables viz., the validation of the program, experience of the faculty members, and possibilities for research.

For more information, you can visit our website.
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Sushil

Sushil Sukhwani  |308 Answers  |Ask -

Study Abroad Expert - Answered on Apr 23, 2024

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Dear Sushil, My daughter ( only child) is doing her final year from Amity -Mumbai, Bsc-Clinical Psychology. She wants to go abroad .Which will be good country. What will be the Expenses and whether the career has scope abroad.
Ans: Hello MANOJ,

First and foremost, thank you for getting in touch with us. I am happy to hear that your daughter is pursuing the final year of her Bachelor of Science (BSc) in Clinical Psychology and thereafter, wishes to pursue higher studies overseas. To answer your question first, I would like to tell you that a number of variables viz., your daughter’s interests, the budget, the preferred field of psychology she intends specializing in, and her professional objectives, play a key role in deciding on a country to pursue higher studies and a career in clinical psychology. Concerning your question, I would recommend that she considers the following:

The USA is home to prestigious universities that offer outstanding clinical psychology programs. Nevertheless, costs can be high, including living expenses, tuition fees, and healthcare. Although assistantships and scholarships are available, they are highly competitive. You would be glad to know that the job prospects in the USA is enormous with opportunities in research, diverse healthcare environments, academia, as well as patient care. Next, coming to Canada, the country’s top-notch instruction and multicultural setting is well-regarded. Remember, in comparison to the USA, expenditures may be comparatively lower. However, it still calls for proper financial planning. Offering possibilities in academia, research, and practice, clinical psychology is a legally regulated profession in Canada. Universities in the UK offer exceptional programs in psychology. I would like to tell you that based on the location and the university opted for, costs may differ. Possibilities for research, teaching, and clinical practice, are offered by the country. Nevertheless, bear in mind that post-Brexit visa rules could have an impact on overseas students. Noteworthy programs in psychology are offered by universities in Australia. Remember that although expenditures can range from low to high, scholarships are available. Offering possibilities in research, clinical practice, and other mental health services, in Australia, clinical psychology is a legally regulated profession. Coming to Netherlands, the country is renowned for its advanced approaches to psychology and mental healthcare. Programs in the Netherlands are often taught in English, and tuition fees for overseas students are relatively cheaper. The employment opportunities include research, clinical practice, and policy development.

Prior to deciding on a country, I would suggest that your daughter conducts an extensive study on the visa prerequisites, demand in the labor market, licensing procedures for practicing psychologists, as well as the cultural aspects pertaining to each country. Not just that, she should also acquire counsel from professional advisors or educational counselors, as well as get in touch with experts in the field of her choosing.

For more information, you can visit our website.
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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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