Fresher in the 30 % tax bracket old regime or new regime
As a Fresher in the 30 % tax bracket should I choose old regime or new regime ?
If you have deductions beside 80C (like education loan etc.) old regime might make sense. If it is only 80C, you might be better of with new regime.
Anyways what you declare to your company is not binding. You can always switch at the time of filing ITR to whichever benefits you the most.
You can enter the numbers on Cleartax and it will tell you exactly which one might be better for you.
yesmonk
Stealth
a year ago
Okay Thank you. Do you suggest hiring a CA ? How much would it cost
Work_in_progress
Stealth
a year ago
Old.
yesmonk
Stealth
a year ago
But which deductions can I apply for ?
Wanderer
Stealth
a year ago
If you have these commonly occurring deductions, then go for old regime:
1. Rent/HRA
2. Education loan (entire interest can be deducted)
3. Home loan
4. 80C deductions like PF, ELSS mutual funds etc
5. NPS
