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Mihir Tanna |1054 Answers |Ask -Follow

Tax Expert - Answered on Feb 15, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Question by Ani on Feb 01, 2023Hindi

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For an annual income of 30 lakhs and with 80C deduction of 1.5 lakhs PPF and nothing much on other deductions. Which regime would be better?

Ans: For person earning income of 30 lakhs and deduction of PPF of 1.5 lacs, tax liability under old regime will be Rs.667500 and under new tax regime it will be Rs.600000 as per Budget proposal for FY 23-24. So new tax regime more beneficial as all tax benefits are not taken.

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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Hi . My income is 25.4lacs. which tax regime would be more suitable for be as in thw current senerio i claim hra,ppf as a part of current my old tax regime

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I have 36L as salary income, i also have 1.5 lakhs on 80c insurance and vpf additional of 50k.Can you please help to distinguish which regime is better to opt going forward.

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Question by Chandan - Feb 09, 2023Hindi

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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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I have 36.5L as salary income, i also have 1.5 lakhs on 80c insurance .Can you please help to distinguish which regime is better to opt going forward.

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Gross Salary is Rs 23,00,000. Investments are 80C - 150000, NPS -50K, Health Insurance for Self and Spouse Rs 35K. Employee PF deducted every month from payslip is Rs9960. Which regime should be best for me? New or Old?

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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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