25 April 2023
My son gets package of Rs25 lakhs per annum. Which tax regime should he follow for fy 2023-2024 and which will be most beneficial for him? What is the process of selecting the tax regime?
25 April 2023
If he doesn't get HRA, or not interested for exemption u/s. 80C to 80U, then New tax regime will be more beneficial. It will be default tax regime fore AY. 2024-25. But if he is having all such deductions to be claimed, then old regime may be more beneficial. Net tax liability can be compared before filing ITR, based on which final decision can be made.
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