rediffGURUS and tax experts Anil Rego and Mihir Tanna answer your tax queries related to Union Budget 2025-26.
You can also ask your budget related questions to rediffGURUS T S Khurana, Samkit Maniar and Vivek Lala.
Anil Rego, founder and CEO, RightHorizons, answers your tax queries
Ravi: Is NPS from employee contribution exempted under new tax regime?
No, the NPS from employee contribution is not exempted under new tax regime. Only employers’ contribution is exempted under section 80CCD(2).
80CCD (1) - Employee's contribution to NPS - Not available under New tax Regime
80CCD (2) - Employer's contribution to NPS - Available under New tax Regime
Ujjwal: Budget 2023 Tax: 18 Lakh Earner; How Much to Pay & Slab Calculation?
Income tax is nil only on income upto Rs 12 lakh. Considering an annual income of Rs 18 LPA as salary income, you’ve to pay tax for the entire R18 lakh starting from Rs 0 to Rs 18 lakh as per slab rate.
So here the standard deduction of Rs 75,000 is applicable, resulting in a tax liability of Rs 1,45,250 under the new tax regime. After including the 4% cess, the total tax payable will be Rs 1,50,800.
If the income is from sources other than salary, the standard deduction will not be applicable.
Anonymous: What's my tax structure under the new regime with a CTC of 19 LPA?
Considering your salary income of Rs 19 LPA as salary income, standard deduction of Rs 75,000 is applicable resulting in tax liability of Rs 1,65,000 according to the new tax regime. Post 4% cess your total tax liability will be Rs 1,71,600.
Anonymous: I earn Rs 22 LPA. What are my tax liabilities?
Considering an annual income of Rs 22 LPA as salary income, the standard deduction of Rs 75,000 is applicable, resulting in a total tax liability of Rs 2,31,250 under the new tax regime.
After including the 4% cess, the total tax payable will be Rs 2,40,500. If the income is from sources other than salary, the standard deduction will not be applicable.
Tax Expert Mihir Tanna answers your tax queries
SUJAY: If my status an NRI for last 7 years and i have stayed only 720 days in India last 7 years then my tax status for current year… can it be considered RNOR? Do i have to pay tax for income from NRE fixed deposit interest in this current year?
As your stay in India less than 730 days, you cannot be considered as RNOR unless
You are Indian citizen or person of Indian origin having a total income more than exceeding Rs.15 lakh (excluding foreign income) and in India for 120 days or more during financial year.
Income of NRE FD is exempt in case of non-resident.
Anonymous: I get annual pension around 5.20 L with no savings. How much should I pay as tax for this year?
You are not required to pay any tax as your salary income is below 7 lakh for FY 24-25 and accordingly, you will get tax rebate up to Rs 25,000.
P: In new tax regime if my income is less than 12 lakh i dont have to pay tax or should i file nil?
In Budget 2025, it is proposed that if income (other than special rate income) is less than 12 lakh, then NIL tax will be levied. However, you are required to file income tax return as income is above minimum exemption limit of Rs 4 lakh.
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