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SparklyBanana
SparklyBanana
Qualcomm

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 ?

21mo ago
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ZoomyUnicorn
ZoomyUnicorn
Adobe21mo

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.

SparklyBanana
SparklyBanana
Qualcomm21mo

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

ZoomyUnicorn
ZoomyUnicorn
Adobe21mo

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

SleepySushi
SleepySushi
Stealth21mo

Old.

SparklyBanana
SparklyBanana
Qualcomm21mo

But which deductions can I apply for ?

SleepyTaco
SleepyTaco
Stealth21mo

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
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