New to old tax scheme?
Hey folks, I opted for the new tax regime when my CTC hardly touched the tax bracket. Now I earn 22LPA and my heart almost collapes after seeing the tax paid. 2 ques: -Is it possible to move to the old scheme to save taxes? - Given my salary, what are the best avenues to save tax? Thanks š
I don't know exactly how you are planning to save taxes in the old regime, but yes you can move to old regime at the time of filing taxes.
But again, you can switch to old from new only once and then you can't switch ever.
I live on rent and have an ongoing home loan for an under development property. Will that help?
I am in no position to answer this question, and would advise you to talk to a tax consultant. They can help better.
See more comments
mangoman
Stealth
a year ago
At a gross income of 22 lakh, you need deductions of 4.25 lakh to break even under both regimes.
If all your deductions exceed 4.25 lakh, go with old regime. Else new regime.
mangoman
Stealth
a year ago
I work in financial services.
ProteinPancakes
Stealth
a year ago
Old scheme is best. New is a scam.
SharpOmelet
Stealth
a year ago
When you file the return for the end of this financial year in June 2024 - while filing choose the āold regimeā yourself, and for the tax accumulated deducted, submit proofs.
The money will be refunded (old regime - new regime).
DesignTinker
Stealth
a year ago
Move to old scheme. You can save taxes by investing in long-term investments such as PPF (or EPF), NPS (Personal and corporate), etc. Your in-hand will still be low but at-least you wonāt be paying for statues and shitty roads.
Discover More
Curated from across
