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?
If your income tax deductions including standard deduction> 262500 then Old Regime else New Regime.
So what you're saying is, if yearly, the deduction from my salary is greater than 26L, then I should choose the old regime and if not then the new one?
(I'm sorry, I'm just coming out of college, I need to learn about all this stuff)
If deductions is greater than 2.625 lacs (not 26 lacs), then old Regime else new
I realise this is a 2 month old question, but If you want to keep things simple and don't want to stress too much, Pick the new regime, this way your company should collect all the taxes required at source (your in hand will be lesser than what's on ur salary structure since they don't talk about TDS in the offer/hike letter) Watch videos on YouTube about this. Old regime is going to be useful if you have stuff like home loans, student loans rent etc.
You can also switch regimes while filling taxes. (At the end of a financial year, when ur company has already deducted 2k a month as TDS from ur salary making the total worth 24k at the end of the year) if you have made expenses like home loans or rent in the financial year then you can get a tax refund - this would come from the income tax department i believe after we've filed ITR with relavant proofs/claims. So if you have a chance of saving 20k, it would be worth paying 500 or even 1000₹ to a sincere CA tax specialist. Yeah but to know if you have a chance you should know the basics from YouTube channels like labour law advisor.
2k a month was an example*
Bhai aise smjh ni aane vala 500rs de tax deductions lena, ITR bhrna sb smjha dunga 😂 Please note: mera CA sirf ITR filing ke 2k leta tha mujhse or tax bchvata bhi ni tha 🥺
I'm working in infy with a salary of 13.6 LPA and no investments.
Which tax regime is better
For a salaried employee ranging from 10 lpa to 17 lpa, which tax regime would you suggest for? Old vs. New?
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
Hi
Just wanted to know if someone’s CTC is 8.5 LPA what Regime would be beneficial and why?