I Have salary income 18.5L ,i also have 1.5L on 80 c can i safe more income tax by investement

Ans: If person is earning earning 8.5 lacs per year and already done investment of Rs.1.5 lacs, he can do additional investment to save more tax. 80C provides limit of Rs.1.5 lacs for investment in PPF/Insurance Premium/Tax saver MF/Tax saver FDs. In addition to that mediclaim deduction upto Rs.25k (if age of insured is above 60 - like mediclaim for parents - deduction will increase to Rs.50k. In addition to that additional 50k for investment in NPS.

Ans: Pensioner earning income upto Rs.7,50,000 will get 2 benefit as per Budget 2023 proposals. Rebate is available for 100% of tax amount and Rs.50000 standard deduction against pension income. Thus, new tax regime will be beneficial for NIL tax liability.

Ans: Based on the information provided, you are eligible to choose between the old and new tax regimes.

Under the old tax regime, you can claim deductions under Section 80C up to Rs. 1.5 lakh and interest paid on home loan up to Rs. 2 lakh. Additionally, you can claim deductions under other sections such as medical insurance premium, donations, etc. However, your tax slab rate will be based on your income, and you will be taxed accordingly.

Under the new tax regime, you cannot claim deductions under Section 80C, home loan interest, or other sections. Instead, you will have lower tax slab rates. For your income level, the tax slab rate for the new regime is 20%, which is lower than the old regime.

To determine which regime is more suitable for you, you will need to calculate your tax liability under both regimes. However, based on the information provided, it seems like the new regime may be more beneficial for you as the tax slab rates are lower than the old regime. You can use an online income tax calculator to determine your tax liability under both regimes and make an informed decision.

Ans: Your portfolio may be of any amount, it is only when you sell the same it will be taxed. Keeping a portfolio does not attract any income tax.
Most welcome for any further clarifications. Thanks.

Ans: 01. In this case, Donations may be considered to reduce your tax liability.
02. Please ensure that you have considered exemption u/s 80TTA (Rs.10,000.00 in case of Resident Indian & Rs.50,000.00 in case of Senior Citizen), while working out above details.
Most welcome for any further clarifications. Thanks.