QuirkyJellybean

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 🙏

14mo ago

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ZippyBoba

Toddle14mo

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.

QuirkyJellybean

Stealth14mo

I live on rent and have an ongoing home loan for an under development property. Will that help?

ZippyBoba

Toddle14mo

I am in no position to answer this question, and would advise you to talk to a tax consultant. They can help better.

GoofyBoba

Stealth14mo

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.

PerkyWaffle

Siemens14mo

How you got 4.25lpa?

GoofyBoba

Stealth14mo

I work in financial services.

PrancingPotato

Stealth14mo

You can’t avail benefit on under construction property

QuirkyJellybean

Stealth14mo

Damn, that sucks. Why does the govt punish people for making smart decisions

PrancingPotato

Stealth14mo

You will have extended limit once construction is complete

SnoozySushi

Scrut Automation14mo

QuirkyJellybean

Stealth14mo

Nirmala when I pay my taxes ☝🏼

BubblyDonut

Dream 1114mo

Old scheme is best. New is a scam.

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by SparklyCoconutCapgemini

Need financial suggestions on tax saving

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by SnoozyBurritoStealth

Any tips on tax savings under the New Regime??

Top comment

Switch to old tax regime 😆

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by GigglyBiscuitStealth

What's the Tax paid for 45-50 Lacs salary?

Hey folks People who are earning 45-50 lacs salary ( in cash ) how much tax are you paying? Which regime did you choose? What are you doing to save taxes ?

I really want to save on taxes so looking out for some suggestions from amazing...

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