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.

Okay Thank you. Do you suggest hiring a CA ? How much would it cost

Software Engineer

CA can help you find unscrupulous ways to reduce tax liability.

Product Manager

Brand Communication Manager

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

Founder

As a Fresher in the 30 % tax bracket should I choose old regime or new regime ?

Welcome to Personal Finance's Private Community

Fresher in the 30 % tax  bracket old regime or new regime

Fresher in the 30 % tax  bracket old regime or new regime- Grapevine

Hey, I'm a fresh college passout working for a startup and I gotta do taxes now(how fun). 
The organization is making me choose between the old tax regime(2022) and the new tax regime(2023).

 My in hand is 9LPA. 

Which tax regime should I choose?

Tax regime advice for fresher

Which is better old or new tax regime if falling in the 30 % tax bracket?

Old regime vs new regime?

For a salaried employee ranging from 10 lpa to 17 lpa, which tax regime would you suggest for? Old vs. New?

Old vs New tax regime

Product Owner

Welcome to IT Company Discussion's Private Community

I'm working in infy with a salary of 13.6 LPA and no investments.

Which tax regime is better

Old / New tax, Which regime is better

Software Developer

Hi, I have recently graduated and now I'm going to start my career as a software developer. Can you suggest me with resources  for managing finances along with taxes and how to do investments or guide me how I can manage my expenses by giving some tips?
 
My base is around 14Lpa. 
My rent is around 25kpm. And monthly necessary expenditure of around 15kpm.
I am not that well-versed with taxes also. I'm learning about them. Currently I invest 3k in MF every month.
I would like to your suggestions and advises for the same.

Personal Finance Tips for fresher

Congratulations - you're off to a great start! Thats a tidy income to start off with. 
  
 My advise, cut out all the noise and random friendly advise from all and sundry and keep it really really simple till you hit a 50L investment corpus. 
  
 0. Buy a Term Insurance (vanilla, no riders) for 2 Cr. Annual Premium. Till 65 years of age.  
 0. Buy a Health Insurance cover for 10L.  Annual Premium. 
 0. If your parents aren't insured, buy a family floater cover for them now.  15L. Annual Premium.  This may become impossible as they age. 
 1. Start a monthly SIP in a single Nifty50 Index Fund (UTI : HDFC / ICICI / Nippon / doesn't matter).  From your data I'd say put in ~40K per month. 
 2. Start a PPF account and maximise annual investment - 1.5L pa.  
 3.  Invest all bonuses / increase in salary in the same Index Fund.   
  
 Watch the magic of compounding begin.  You'll see the impact of laying this foundation only post 20 yrs.  
  
 If your salary (and as a result your SIP) doesn't change, you should hit 50L in ~7 years.  Faster if you get good salary hikes and appraisals. 
  
 When you hit 50L, diversify into other asset classes (SGB + Flexicap MF + Real Estate for own use).  Do not create clutter by adding MFs and complicate life.  Keep investments simple as you scale: 
  
 30% - Index Fund 
 30% - Flexicap 
 20% - Gold (demat) 
 20% - Debt (EPF/PPF) 
  
 Rebalance asset allocation annually. 
  
 Never invest or choose instruments for tax planning. Tax optimisation leads to suboptimal instrument choices with your money (Insurance / Debt / etc). 
  
 Suggested Reading: Let's Talk Money, Monika Halan.  Easiest book to understand and follow.  
  
 Good luck!

Sales Manager

Which tax regime best for 20LPA salary?

My research tells me old as my salary isn't a lot more than the 7 lakh tax slab, but my friend says new is better? Help

So if I'm willing to invest most of my salary in tax saving instruments, which tax regime to opt?

Account Manager

Which regime is best 

New 

Old

I have a House loan only...

Tax Regime

UX/UI Designer

If my base is 17.5L, which regime should I go for and why? I've SIPs going on if it helps

Choosing Tax Regime

Guys my ctc is 8.5 LPA could you please suggest which tax regime is best.. Assume I won't be taking any tax deductions.

Which regime is best best?

Consultant

Welcome to News Discussion's Private Community

Inspite of so many "better than earlier govts" reforms in the last 10 years...the govt hasnt done much needed reforms in the income tax regime.

The govt is doing a few good things like dissolving inept psu's, selling off entities like Air India (privatisation), etc.
But when and how  are we going to increase the tax base?? Why is govt failing to do so? It is high time we rationalise it. We cannot dream of becoming a prosperous country with such poor policies in place

https://timesofindia.indiatimes.com/pay-income-tax-be-political-orphans-why-it-matters-for-indias-economy/articleshow/107405605.cms

Inept income tax dept

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 🙏

New to old tax scheme?

Growth Manager

Which tax regime is better old one or new one for 12.25 LPA. I am paying 20k for insurance that’s it I don’t have house loan, rent bills etc

Fresher in the 30 % tax bracket old regime or new regime

Discover More

Personal Finance on

by Coy Denver

Student

Tax regime advice for fresher

Personal Finance on

by Dezi Gabriel

Paytm

Old regime vs new regime?

Personal Finance on

by Jordon Carmden

Stealth

Old vs New tax regime

IT Company Discussion on

by Blair Carmden

Infosys

Old / New tax, Which regime is better

Personal Finance on

by Karilyn Carmden

Unnamed

Personal Finance Tips for fresher

Big 4 on

by Jordon Carmden

Deloitte

Which tax regime best for 20LPA salary?

Personal Finance on

by Jordon Olive

FAANG

So if I'm willing to invest most of my salary in tax saving instruments, which tax regime to opt?

Personal Finance on

by Kalan Lee

Stealth

Tax Regime

Personal Finance on

by Coy Vernon

software developer

Choosing Tax Regime

IT Company Discussion on

by Anise Lee

Deloitte

Which regime is best best?

News Discussion on

by Kalan Dean

Stealth

Inept income tax dept

Personal Finance on

by Anise Lee

Unicorn

New to old tax scheme?

Big 4 on

by Anise Lee

EY

Which tax regime is better for 12.25LPA