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Sanjeev Govila |458 Answers |Ask -Follow

Financial Planner - Answered on Feb 03, 2023

Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to the armed forces personnel and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more

Question by Vijay on Feb 01, 2023Hindi

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Hello sir, Upto this financial year I am paying tentatively Rs238000/- appx as income tax, with annual income about 1650000/- in old tax regime. Whether I should stick to old regime or opt for new one? I don't have housing loan

Ans: Same answer as given earlier: The tax slabs themselves are very broad and your benefits depend on what sections of Income Tax Act are you taking benefit of like 80C, 80G, 80D, 80E, 24B, and HRA.

Instead of looking at broad tax slabs, please calculate yourself at this calculator as pertaining to yourself and you will be able to decide which tax regime is better for you:-
https://cleartax.in/paytax/TaxCalculator

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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Question by Sunil - Feb 01, 2023Hindi

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Hello! I am Sunil. My take home is approximately 11.5L. I have investments and i avail almost all tax exemption benefits. Should i continue with old tax system next FY or opt for new one. Please guide.

Ans: If you are available most of the tax exemptions and are fine with the cash left in hand post that - then you should continue with the old regime - but the way the govt is going about it - in the next couple of years it could be scrapped. (Disclaimer : The views given are personal. Please consult your CA or Investment Advisor/Tax Consultant before acting on my views)

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Question by N - Feb 02, 2023Hindi

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sir, Greetings. For next year my taxable income shall be appx. 22 lakhs. Opting for new tax regime or the existing old one. Which shall be benificial. Rds, Rao

Ans: For a Person not availing any tax benefits (Deduction of housing loan repayment, Life insurance premium, Mediclaim, Tax saver mutual fund etc), new tax regime will be beneficial

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Asked by Anonymous - Oct 11, 2023Hindi

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Hi, My annual salary is around 22,00,000. I've a home loan for which I pay around 17k per month as EMI. I also invest regularly in PPF and NPS. Should I go for new tax regime or stick to old one.

Ans: If person is taking maximum benefits of deduction/exemption, old tax regime is likely to be beneficial for FY 23-24. In the absence of exact amount of interest and principal repayment of housing loan as well as PPF amount, it is difficult to comment.

You can check working under both regime https://incometaxindia.gov.in/Pages/tools/tax-calculator.aspx

T S Khurana |479 Answers |Ask -Follow

Tax Expert - Answered on Feb 12, 2025

Question by Deepak - Feb 10, 2025Hindi

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Dear Sir. My salary per month is Rs1,20,000. The only investment I have made is two houses for which I am paying Rs45000 EMI every Month. Since I am paying debts the following is the breakup, Monthly Salary: Rs1,20,000 Housing Loan EMI: Rs 45,000 Paying my friends who lend money + personal Loan: Rs 35,000 (which will not be considered for TAX) For Another six months I have to pay to finish the loans and Pay friends. Jewel Loan - 7lakh remaining Monthly EMI: Rs10,000 (which will not be considered for TAX) Monthly household expenses + Kids Van fees + Kids Music class Fees: Rs.25000 SIP Monthly-Not Tax saving SIP's : Rs.5,000 (From OCT 2024 -Feb 2025 Saved Rs.25,000 so far.) Total: 45000 + 35000 + 10000 + 25000 + 5000 = Rs. 1,20,000 Since this is my state of my expenses. Please tell me should I opt for Old Tax Regime or New Tax Regime. Thank you Sir.

Ans: Your Income for the year is :
Salary Rs.14.40 (@Rs.1,20,000.00 pm).
Housing Loan EMI Rs.45,000.00 needs to segregated into Repayment & Interest Paid, to work out exact details.
All your other expenses or Repayments or Savings shall not give you any tax benefits.
On the face of it, new tax regime seems suitable in your case.
Most welcome for any further clarifications. Thanks.

Mihir Tanna |1054 Answers |Ask -Follow

Tax Expert - Answered on Feb 13, 2025

Asked by Anonymous - Feb 12, 2025Hindi

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Dear Sir. My salary per month is Rs1,20,000. The only investment I have made is two houses for which I am paying Rs45000 EMI every Month. Since I am paying debts the following is the breakup, Monthly Salary: Rs1,20,000 Housing Loan EMI: Rs 45,000 Paying my friends who lend money + personal Loan: Rs 35,000 (which will not be considered for TAX) For Another six months I have to pay to finish the loans and Pay friends. Jewel Loan - 7lakh remaining Monthly EMI: Rs10,000 (which will not be considered for TAX) Monthly household expenses + Kids Van fees + Kids Music class Fees: Rs.25000 SIP Monthly-Not Tax saving SIP's : Rs.5,000 (From OCT 2024 -Feb 2025 Saved Rs.25,000 so far.) Total: 45000 + 35000 + 10000 + 25000 + 5000 = Rs. 1,20,000 Since this is my state of my expenses. Please tell me should I opt for Old Tax Regime or New Tax Regime. Thank you Sir.

Ans: As you dont have any deductions u/s 80C 80D 80CCD, new tax regime is likely to be beneficial for you

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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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