My taxable income is 60 Lacs and no home loan, will it be beneficial to opt for new tax regime?
Ans: Whether or not it is beneficial for you to opt for the new tax regime depends on various factors such as your specific deductions, investments, and other incomes. Under the new tax regime, you cannot claim most deductions and exemptions, including the standard deduction, deduction for savings under Section 80C, deduction for interest on housing loan, and others.
However, if you have investments and expenses that are eligible for deductions under the old tax regime, it might be more beneficial for you to continue with the old tax regime. In general, if you have substantial deductions and exemptions, you might end up saving more tax under the old tax regime, whereas if you do not have many deductions and exemptions, the new tax regime might be more beneficial for you.
In your case, since you do not have a home loan or any other specific deductions that you can claim, it might be worthwhile to calculate your tax liability under both the old and new tax regimes and see which one results in lower tax liability for you. You can also take the help of a tax expert or use online tax calculators to make this comparison.