Do you have income tax-related queries?
Please ask your questions HERE and rediffGURU Mihir Tanna, associate director, S K Patodia and Associates, will answer them.
Anonymous: My net taxable income is 16,00,000. How much i have to pay tax?
For FY 2024-25, under new tax regime tax liability will be Rs 1,76,800.
Anuj: What are the tax savings to persons who still want to follow the Old Tax Regime with tax exemptions in this budget?
There is no change in old tax regime. All the benefits like HRA, Housing Loan, Insurance Premium, etc., are still available.
Sanjeev: Sir, I am Sanjeev Kumar, working as pharma employee, my annual CTC is Rs 14 lakh, I would like to known, which tax regime is suitable to me, old or new. Expecting to hear from you soon.
If your deductions from HRA, 80C, 80D, etc., is not likely to cross Rs 5 lakh, new tax regime is likely to be beneficial as per proposal of budget 2025-26.
HMP: I am Senior Citizen and my total income is from Interest only, around Rs 4,60,000 per year. What will be my Income Tax liabilities from April 2025 financial year?
As your taxable income is less than 12 lakh and you don't have any special rate income, your tax liability is likely to be zero as per proposal of budget 2025-26.
Anonymous: Dear Sir. My salary per month is Rs 1,20,000. The only investment I have made is two houses for which I am paying Rs 45,000 EMI every Month. Since I am paying debts the following is the breakup, Monthly Salary: Rs 1,20,000; Housing Loan EMI: Rs 45,000 Paying my friends who lend money + personal Loan: Rs 35,000 (which will not be considered for TAX).
For Another six months I have to pay to finish the loans and Pay friends. Jewel Loan – Rs 7 lakh remaining, Monthly EMI: Rs10,000 (which will not be considered for TAX) Monthly household expenses + Kids Van fees + Kids Music class Fees: Rs 25,000 SIP Monthly-Not Tax saving SIPs : Rs.5,000 (From OCT 2024 -Feb 2025 Saved Rs.25,000 so far.) Total: 45000 + 35000 + 10000 + 25000 + 5000 = Rs. 1,20,000
Since this is my state of my expenses. Please tell me should I opt for Old Tax Regime or New Tax Regime. Thank you Sir.
As you don't have any deductions u/s 80C 80D 80CCD, new tax regime is likely to be beneficial for you.
Anonymous: I am planning to shift to new tax regime. Could you please let us know if the salary paid to driver or the fuel expenses are considered in new tax regime?
Salary paid to driver and fuel expenses by employee, reimbursed by employer was never part of income. Said reimbursement was not an income if car is used purely for official purpose and car is owned by employee.
CA: Hi, can you please confirm the TDS rate for purchasing property from NRI of Rs 1 cr plus i.e 20% or 15%.
For property sold after 23rd July 2024, TDS u/s 195 is revised from 20% to 12.5% plus applicable surcharge and cess which is near to 15%.
Anonymous: If income of Rs 14 lakh includes Rs 3 lakh of capital gains, thus the income other than CG is less than Rs 12 lakh. Will the benefit of Rs 12 lakh exemption on non CG income be available?
No. Rebate of 87A (up to Rs 60,000 of tax amount) is available only if your taxable income is up to Rs 12 lakh.
- You can ask rediffGURU Mihir Tanna your questions HERE.
Disclaimer: This article is meant for information purposes only. This article and information do not constitute a distribution, an endorsement, an investment advice, an offer to buy or sell or the solicitation of an offer to buy or sell any securities/schemes or any other financial products/investment products mentioned in this QnA or an attempt to influence the opinion or behaviour of the investors/recipients.
Any use of the information/any investment and investment related decisions of the investors/recipients are at their sole discretion and risk. Any advice herein is made on a general basis and does not take into account the specific investment objectives of the specific person or group of persons. Opinions expressed herein are subject to change without notice.
© 2025