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Old / new under income tax

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Keshav Kakar

85 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?

Replies (4)

Quick Summary

This discussion explores whether a senior citizen with an aggregate income of around £30 lakhs should file their income tax return under the old or new tax regime. It highlights that the new regime might be more beneficial due to higher tax slabs, though the old regime offers various deductions and exemptions. For a definitive answer, it's recommended to use the Income Tax portal's calculator to compare tax liabilities under both systems and determine the most tax-efficient option.

CA Aakarsh Jain

4330 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.

sabyasachi mukherjee

Profession

19978 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 .

chandar R

141 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.