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Vivek Lala |317 Answers |Ask -Follow

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

Question by PUSHKAR on Feb 03, 2023Hindi

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IF SALARY IS MORE THAN 15 LAKHS AND SAVING AS PER PROVISION LIKE 80C 1.5 LAKHS,NPS 50000 ETC THEN OLD TEX SCHEME IS BETTER OR NEW ONE.

Ans: New 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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For a person earning 40 lakhs per year, with an 80CC of 1.5 lakhs and an 80D of 25000 rupees, which is the best regime to choose new or old?

Ans: As a thumb rule - if you are saving more than 110000/- on taxes through various tax saving schemes - have carry forward losses - then remain with the old regime - otherwise shift over. (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 Shankaranarayanan - Feb 04, 2023Hindi

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Sir My CTC is 22 lakhs My savings are PPF 1.5 Lakh per year VPF and PF 6.8 Lakh per annum NPS Rs 50000 per annum Mediclaim self 50000 per annum which scheme is beneficial old or new regime

Ans: Hello Shankaranarayanan

Thanks for asking the question

I m glad that you are dedicated towards your savings, to assist you with your tax planning. Please consult your CA or a guru with a direct tax expertise

Mihir Tanna |1057 Answers |Ask -Follow

Tax Expert - Answered on Feb 23, 2023

Question by Shankaranarayanan - Feb 04, 2023Hindi

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Sir My CTC is 22 lakhs My savings are PPF 1.5 Lakh per year VPF and PF 6.8 Lakh per annum NPS Rs 50000 per annum Mediclaim self 50000 per annum which scheme is beneficial old or new regime i have still two years service left

Ans: As you are taking benefits of Rs.2 lakhs (1.5 lakhs for PPF, 50K for NPS, 50K for mediclaim), new tax regime is likely to be beneficial as per budget proposed for FY 2023-24

Vivek Lala |317 Answers |Ask -Follow

Tax, MF Expert - Answered on Mar 11, 2023

Question by Raghavendra - Feb 08, 2023Hindi

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My Income is 12 lakhs, and savings Child tution fees, GPF contribution all comes over 1.5 lakhs and also in 80D Medical Insurance 23000. Is old or New tax regime beneficial?

Ans: New regime is better from FY 23-24. So rather than blocking your assets for a period of 15yrs, you can choose an investment with no lock in and still pay less taxes using the new regime.

Mihir Tanna |1057 Answers |Ask -Follow

Tax Expert - Answered on Apr 11, 2023

Asked by Anonymous - Apr 10, 2023Hindi

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Salary is Rs 28,50,000. Investments would be : Contribution to 80C - Rs 1.5L, NPS-50K, HR Paid - 5.7L per year, 80D Medical : Insurance Premium for self and spouse : Rs 19108 and for parents : Rs 50K. Which regime should be better to select : Old or New?

Ans: In the absence of salary structure, it is not possible to claim HRA exemption. You can calculate the same at https://incometaxindia.gov.in/Pages/tools/house-rent-allowance-calculator.aspx

Considering income and quantum of deductions, old regime is likely to be beneficial and after calculation of HRA exemption, you can check the same at https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator

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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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