My gross income is Rs 2500000. I claim 1,50,000 rebate by investing in PF. I claim house rent interest of Rs 35000. Should i shift to new tax regime.
Ans: If taxable income of person is Rs.23,15,000 after claiming deduction of Rs.1,50,000 for PF and housing loan interest of Rs.35,000 for rented property; tax liability will be Rs.5,07,500 plus cess under old regime. However, under new regime after proposal of Budget 2023 as per new slab rate tax liability will be Rs.4,39,500 so new regime is more beneficial.