![]() ![]() The best and easiest option is a budgeting spreadsheet. ![]() When it comes to your money, your foundation is your budget.īy creating and following a budget, you know where your money is going and have more control over it. This makes sense since these are the more exciting aspects of money.īut to build wealth, you need to focus on the foundation first. Most people answer this question by talking about investing or how to make extra money on the side. When it comes to improving your finances, where do you start? How Much Money Do You Need For Retirement.7 Investing Steps That Will Make You Wealthy.Free Build Wealth Boot Camp Email Course.Livemint tops charts as the fastest growing news website in the world □ Click here to know more. We advise investors to check with certified experts before taking any investment decisions. How much tax will you pay if you opt for the old income tax regimeĭisclaimer: The views and recommendations made above are those of individual analysts, and not of Mint. How much tax will you pay if you opt for the new income tax regime Income of ₹15 lakh and above will be taxed at 30 per cent.ġ) Income up to ₹2.5 is exempt from taxation under the old tax regime.Ģ) Income between ₹2.5 to ₹5 lakh is taxed at the rate of 5 per cent under the old tax regime.ģ) Personal income from ₹5 lakh to ₹10 lakh is taxed at a rate of 20 per cent in the old regimeĤ) Under the old regime personal income above ₹10 lakh is taxed at a rate of 30 per cent. Income between ₹12-15 lakh at 20 per cent Income between ₹9-12 lakh at 15 per cent Income between ₹6-9 lakh would be taxed at 10 per cent (tax rebate under Section 87A on income up to ₹7 lakh is available) Income between ₹3-6 lakh would be taxed at 5 per cent (tax rebate under Section 87A is available) No tax would be levied for income up to ₹3 lakh He further added that those who are in the nascent phase of one's careers can opt for the new tax regime as it would prove beneficial for them.Īlso Read: Income Tax Budget 2024 Live Updates New regime tax slabs They would lose out on these deductions if they opt for the new tax regime. You also will not be able to set off any brought forward losses against current income under the new scheme," said tax and investment expert Balwant Jain.Īccording to Pankaj Mathpal, MD & CEO at Optima Money Managers, individuals who are in the job for the last 10-15 years should opt for the old tax regime as it provides deductions - HRA exemption, standard deduction, Professional tax, Section 80C, Section 80CCD(1B) and Section 80D. You also forfeit the claim for home loan interest for self-occupied as well as to set off or carry forward the loss in respect of the let-out property. Various deductions like those available under Section 80 C (comprised of various items like EPF, LIP, School Fee, PPF, NSC, ELSS, home loan repayment etc.), 80D (for health insurance premiums), 80 CCD(1) & 80 CCD(1B) (for NPS) will also not be available to both categories of taxpayer i.e. “Under the new tax regime, salaried people cannot avail major benefits of items like standard deduction, House Rent Allowance (HRA), Leave Travel Assistance (LTA), and even some of the allowances allowed for performing duties. If you wish to opt for the new tax regime you have to forgo various tax deductions and exemptions otherwise available under the old regime. Old income tax regime vs New: Which one you should opt for?
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