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Old / new under income tax

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82 Points Posted on 30 July 2023
My income consists of
1) Rental income
2) Dividend Income
3) Interest income
4) LTCG/ STCG
5) Business income
and i am senior citizen.
Aggregate Income in around 30Lacs.

I have deposited PPF 1.5 Lacs

Made donation u/s 80G Rs 50000/-.

Need to know I shall file my return under new or old tax regime? to save on Tax.

What are the pros and cons under the new tax regime?
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On 30 July 2023 at 08:01 Report
Replies (4)
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CA
10436 Points Posted on 30 July 2023
The new regime is better for you. The pros and cons of both regimes depend on multiple factors. Also, if you opt for a new regime once, then you have an option to switch schemes in the future only once. For more details please have a look at your inbox.
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On 30 July 2023 at 09:19
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Profession Business
28207 Points Posted on 05 August 2023
Old regime and new regime has two advantages . In old regime there are a slew of deductions , rebates and exemptions.
New regime must taken advantage for higher tax slabs .
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On 05 August 2023 at 16:18
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242 Points Posted on 06 August 2023

Go to home and click "Income Tax Calculator" under QUICK LINKS in the Income tax portal and enter the details. It will give the tax arrived under old and new Tax regime. You can see how much tax can be saved.

Hope it is helpful.

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On 06 August 2023 at 09:39
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242 Points Posted on 06 August 2023

You have 2 options- Basic and Advanced calculators and may use them for knowing the figures.

 

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On 06 August 2023 at 10:01


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