Income Tax A.Y. 2023-24.pdf - Google Drive

This  is the view expressed by Justice T N C Rangarajan , retired HC Judge after hie earlier mail which has been published.

C H MAHADEVAN 

From: Colinjivadi Mahadevan <chmahadevan@gmail.com>
Date: Mon, 9 Jan 2023, 07:50
Subject: Re: Income Tax A.Y. 2023-24.pdf - Google Drive
To: Rangarajan <tncrangarajan@yahoo.com>

By and large thanks to deductions allowed, old regime seems to be better except for very high incomes.

On Mon, 9 Jan 2023, 07:19 Rangarajan, <tncrangarajan@yahoo.com> wrote:

https://eztax.in/income-tax-calculator

I see that for total gross income of 20 lakhs, if maximum deduction of 3 lakhs is taken, the old regime is better 

On 08-Jan-2023 11:12 am, Colinjivadi Mahadevan <chmahadevan@gmail.com> wrote:

Rs 50000 under Standard deduction for salaried employees( including pensioners)

Rs 150 000 from 80 C

Rs 50000 for Senior citizens under 80 D ( Mediclaim Premium for self & spouse) also including preventive health check up upto Rs 5000 for self/ spouse

Rs 50000 interest from Bank deposits under 80 TTB

Total Rs 3,00,000 for a  senior citizen pensioner 

Besides, whatever donations are made under 80G

Am I correct?

On Sun, 8 Jan 2023, 10:36 Rangarajan T.N.C., <tncrangarajan@yahoo.com> wrote:

what is the maximum deduction that is possible?

On Sunday, 8 January, 2023 at 08:47:52 am IST, Colinjivadi Mahadevan <chmahadevan@gmail.com> wrote:

But for pensioners above age 80 Iike me,taking into account the Standard deduction,80C deduction & 80 D deduction,  old regime is more beneficial.

For the last AY , I claimed under old regime and ended up with nil tax payable possibly because of non -upgradation of pension!

On Sun, 8 Jan 2023, 08:36 Rangarajan T.N.C., <tncrangarajan@yahoo.com> wrote:

Please see this calculator

https://eztax.in/income-tax-calculator

simply fill your estimated gross total income and it will show the tax both under old and new regimes 

Your friend should have added this.

It is often better to pay under the new regime and forget all the deductions!

On Saturday, 7 January, 2023 at 06:53:13 pm IST, Colinjivadi Mahadevan <chmahadevan@gmail.com> wrote:

https://drive.google.com/file/d/1wj_xXT72zhGKGF5koaPVcHMLCd-6abma/view