You can do some research to understand both the regimes before blindly asking this question. 
 Check this link from cleartax: https://cleartax.in/s/old-tax-regime-vs-new-tax-regime

Ofcourse I had done my research. This post was to take opinion from others as everyone has a different perspective. No one asks any question blindly. Thanks though!

Product Manager

Senior Consultant

Software Engineer

New Tax Regime hands down if you don't have a house loan.

Software Project Manager

Bro i am a CA. Forget numbers let me tell u new regime is a trap. Invest your money take all deduction and be in old regime

Finance Consultant

Try calculating tax yourself. The online calculators miss one thing or the other always and it is very annoying. The Oracle payroll portal is just... you have to see it to know it.

Which tax regime best for 20LPA salary?

Which tax regime best for 20LPA salary?- Grapevine

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

Which tax regime is better for 12.25LPA

Consultant

Welcome to Personal Finance's Private Community

Hi 

Just wanted to know if someone’s CTC is 8.5 LPA what Regime would be beneficial and why?

Tax Regimes

Assistant Manager

I am straight outta clg, asking for me and my friend. Dont know shit about taxes epf gratuity and esops etc, will study about it soon but just wanted to know the figures now so that i can tell it at my home.
Thanks Grapeviners and wish u a merry Christmas 🎄.

How much money hits the bank account for a base salary of 12 and 15 lakhs respectively in Banglore.

I am a software engineer in Bangalore having base CTC 13.8 lpa. Which brings me to a tax of more than a lakh rupees, what are the possible ways to reduce this taxed amount.

Suggestions to save tax ?

Software Developer

Seems like since last year the focus of government has shifted from actually making beneficial policies to enable innovation and growth of India to just collecting taxes blindly. 

They just want to harvest tax in as many ways possible and kill the middle class person.

First it was crypto. 

Then us salaried individuals started receiving notices. 

Then they levied 28% GST on online gaming. 

Now they are also checking proofs for HRA allowance and other stupid stuff which wasn't done before. 

I was wondering why there is a sudden increase in such incidents? Is the government hiding something? Are they running out of money?

Or are they just smoking weed just like us and making stupid rules?

Nirmala tai is looting us

This government’s primary intention is to collect more and more taxes in whatever mean’s possible. They don’t give a f**k about anything. And then will brag every month/quarter about record GST collection! This government is pathetic to say the least! No accountability and arrogance is at its peak. We have come to a point where we can’t even question the government otherwise you will be termed as anti national.

Welcome to IT Company Discussion's Private Community

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?

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

How to pay 0 tax when income is around >= 12 LPA?

Data Scientist

Welcome to Salary Discussion's Private Community

Hi, how much would the 53 lakhs CTC in-hand income be? as well as your advice on establishing retirement finances and investing for children's(2 kids) schooling. Taking into account that at forty years old, I am the sole breadwinner for my family and have never saved any money.

Post tax in-hand salary & FIRE

Solution Architect

If you are living on rent & not getting benefit of HRA: 80GG

Chartered Accountant

Hi all, I'm joining a new organisation and they are offering 22 LPA, how much would be the tax deduction under the new tax regime monthly/annual ? Your help would really be appreciated! 

Thanks in advance!

Tax Deduction

I am salaried & have opted for new tax regime. I have zero liability (no EMIs, etc). Closed both my home loan & car loan. I live in my own house.

My yearly tax comes out to be around 12 Lakhs. I want to know if there is a scope to save taxes continuing with zero liability. I would not mind appointing a CA but I have no idea how to choose the best CA.
1. How much does a CA charge annually?
2. Is it really worthwhile to have a CA given the above?
3. What are some questions I must ask the prospective CAs so that I can assess their capability?
4. Salaried people that have already appointed a CA can share their experiences.
5. Is there any off-the-shelf ideas I can get here to save taxes?

Need help choosing a CA to save taxes

Software Architect

Warning: This is a lengthy post. 

Filed some salaried ITRs during this tax period. Following are some of the common mistakes which can be avoided

1. If you have changed jobs ensure that income from previous job is disclosed to the current employer and TDS gets deducted correctly. One basic check you can do is the TDS deductions made by new employer should not be lesser than monthly deductions done by your previous employer unless you have lower CTC compared to your previous job or have additional deductions.

2. During Feb/March take your bank statement, trading account statement and declare the income from capital gains, dividends and interest to your employer, so TDS can be deducted accordingly. Helps in avoiding surprise cash outflow in July and saves from paying interest @ 1% per month on this tax

3. If you have ESOPs/RSU from Foreign Companies this should be disclosed in Foreign Assets and liabilities schedule. Some employers would have opened bank accounts in that country to settle your ESOP transactions. This is also required to be disclosed under foreign bank accounts. If the ESOPs and RSUs are from unlisted Companies then it also has to be disclosed under unlisted shares held. Additionally if you are Indian resident as per the Income tax law (most of you will be) your global income becomes taxable and any dividend received on these ESOPs or capital gain on sale of ESOPs of foreign Companies has to be offered to tax. However, if there are taxes deducted on these transactions the same can be claimed by filing Form 67.

4. For current year if you are in salary bracket above 20 lakhs then new regime will be beneficial mostly unless you have housing loan interest  from Self occupied property. Under new regime Employer contribution to NPS up to 10% of basic salary can be claimed as exemption.

5. Get a good consultant today itself and plan the your finances accordingly. In case of salaried individuals there are very less avenues to save tax after March

Income Tax

Alert: a rant post

Today I saw my payslip after a long time and WTH! I don't know what they'll take once bonus comes in. Paying this much for no water, bad air, corrupt babus and all those douche things.

As much as patriotic I am, this is just insane. On top of this add all the GST and sheet ton of other indirect taxes.

Living in India and paying like Europe. Wow!

Duck the government

Earning around 50 lpa at 24 is already a great feat. Still if u want to look at the dark side, nobody can help. This rant is more common than diabetes. Yet people will stress about same thing and rant to destress. Endless cycle. Either do something about it or bring some new perspective. P.S. I am in alignment with ur rant but I’ve made peace with the state of affairs as I am not looking to move out of India and I cannot strong arm govt. individually to change this.

Senior Product Manager

Welcome to Software Engineers's Private Community

Those who are earning more than 50lpa base how much tax do you end up paying? 😶‍🌫️

Tax on 50lpa+

Any tax planning recommendations / tips / third party suggestions for someone earning ~25lpa ?

Which tax regime best for 20LPA salary?

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