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Old / new under income tax

30 July 2023

My income consists of
1) Rental income
2) Dividend Income
3) Interest income
4) LTCG/ STCG
5) Business income
and i am senior citizen.
Aggregate Income in around 30Lacs.

I have deposited PPF 1.5 Lacs

Made donation u/s 80G Rs 50000/-.

Need to know I shall file my return under new or old tax regime? to save on Tax.

What are the pros and cons under the new tax regime?

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4 Replies

CA Aakarsh Jain (CA) (10429 Points)
Replied 30 July 2023

The new regime is better for you. The pros and cons of both regimes depend on multiple factors. Also, if you opt for a new regime once, then you have an option to switch schemes in the future only once. For more details please have a look at your inbox.

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sabyasachi mukherjee (27334 Points)
Replied 05 August 2023

Old regime and new regime has two advantages . In old regime there are a slew of deductions , rebates and exemptions.
New regime must taken advantage for higher tax slabs .

chandar R ( ) (225 Points)
Replied 06 August 2023

Go to home and click "Income Tax Calculator" under QUICK LINKS in the Income tax portal and enter the details. It will give the tax arrived under old and new Tax regime. You can see how much tax can be saved.

Hope it is helpful.