I earn 1200000 per annum. I am paying home rent 180000 per annum, have a deduction in ELSS 150000, mediclaim of 28000. which tax regime will be better for me. please advise. Thanks...
Narendra S Pandit.
Ans: Person having income from salary can take deduction of rent depending on HRA included in salary structure. Based on available facts, new scheme is likely to be beneficial for FY 2023-24, however, you can compare tax liability under both regime at https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx