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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Old / new under income tax
Replies (4)
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.
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 .
New regime must taken advantage for higher tax slabs .
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.
You have 2 options- Basic and Advanced calculators and may use them for knowing the figures.
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