Tax Declaration

Tax queries 129 views 3 replies

m.v. arjun

3 Points Joined April 2020

Hi,

I have a query on the Tax regime more suitable for the income I have.

I have an option to choose form the old or new tax regime. So need to do that.

I have a fixed income of 22.5 Lakhs/Annum. Basic is 50% on it per annum and HRA is 50% on Basic.

Paying a Rent of 20 K/Month. 20 K/Month towards PF (Employer and Employee). 40K/Annum Premium Towards LIC.

No Housing Loan, No Other exemptions.

Can someone please help me with the better tax regime (lower side) to choose from (Old or New)?

Thanks,

Arjun.

Replies (3)

RAJA P M

"Do the Right Thing...!!!"

128121 Points Joined January 2015

The Two Tax scheme available For FY 20-21. (it's not applicable in FY 19-20).

As per Your query and My view.,
New Tax scheme is better to old scheme... Better to consider the same with Your consultant.

m.v. arjun

3 Points Joined April 2020

Hi,

Sorry to have missed the details. This is for the 20 - 21 Financial Year.

While I know I need to pay 4.2 Lakhs tax / Annum as per the new regime.

Just need someone to help me with the Tax calculation as per the old regime considering all the declarations and exemptions mentioned above.

Thanks,

Arjun

RAJA P M

"Do the Right Thing...!!!"

128121 Points Joined January 2015

Better to google and find out any tax calculator in online. Better to Income tax dept calculator is best...

Bcoz, We all are in Home not in Office...😢