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Vivek

Vivek Lala  |214 Answers  |Ask -

Tax, MF Expert - Answered on Mar 20, 2023

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more
VIVEK Question by VIVEK on Mar 17, 2023Hindi
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Am a GOI servant having 1.14l per month as gross income. net after deductions comes to 75k. I have PLI, LIC, HDFC sanchay plus, PPF as IT savings every year along with covered under NPS. Which tax regime is better option for me New or Old

Ans: New regime is better
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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Anu Krishna  |772 Answers  |Ask -

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my husband died when my son is12.5yrs. he was fond ofcricket and after my sons birth he trained him my son is now 15 he is spineer and play verywell. secondly after my son sbirth he always with my son because he left job and taken vrs. i m single mother now. my son didnot cry cry when he dead nor whenever i talked withhim he didnot want to discuss about him . he irritate. and never from his side he talked about his papa. why i didnot understand. and what to do so that he will talk about his papa. iknow he has verygood memories with him he alawys pamper my son when he was alive. suggest what to do
Ans: Dear Shobha,
I am truly sorry for your loss...Loss of a loved one is one of the toughest phases in anyone's life!
Also, you must understand that each of us have a different way of dealing and coping with loss. Your son possibly feels more comfortable masking his sadness and not talking about how much he misses having his father around. Since you say that he has good memories of his father, spend time with him not discussing his father but actually playing on those memories and keeping those happy memories alive. Since, they bonded over cricket, talk more about that with him and how his father would have been proud of him now. Someday, when he is ready to talk about his father, he will...give him time and replay the good times as a family and especially cricket with his father.
The only time you need to be concerned is when he starts to show any signs of withdrawal from life in general...since you haven't mentioned this, I assume that your son is fine and is just not willing to discuss his father. Let him be...each of us process grief differently. Just bond with him as a caring mother that you are...that will keep him safe and stable.

All the best!
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Samraat

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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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