Hey Fishes,

Can anyone tell which tax regime is better for someone earning more than 18 lpa.

Also, if we choose new tax regime, can we change it next year?

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Old tax - if you are claiming HRA, 80c and any deductions.

Yes you can change in next year.

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Your investment exemptions NPS and 80c are still yours. You can utilise your investments in future with old tax regime. Though your tax is less in new tax.

I'll advise if your tax difference is more than your investments then go for new tax regime else with old tax.

If you have any further questions, better consult with financial advisor or CA instead of randomly asking for advise on this platform.

Take all deduction benefits and use old one ...
New one is a gimmick

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There is a employer PF, do not forgot that...

Better, in Google there are many calculator to decide which one to choose like cleartax

It all depends how much you are claiming deductions and exemptions, for example you cam claim HRA upto 50% of you basic salary,but if you are only claiming 1 lakh(bare minimum with no owner PAN required) then you will be in loss going with old regime, under 80D you can claim upto 25k for personal health insurance and 25k for yourself spouse and children or 50K if your parents are dependent and have age less than 60 or 65k of their age is more than 60 this limit also includes 5k of preventive health checkup. In short it all depends how much deductions and exemptions are you claiming, some organization have food or gift wallets that are Tax free. So be thorough with your research about sections for deductions and exemptions and than sit and form an yearly report of which of those exemptions and deductions you can claim and how much and what are the proofs required for them. Than go on any online tax calculator feed the input and see for yourself which tax regime suites you the best. Good luck!

Old

Wat is tax percentage for new regime ? I selected old only..

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