Can we change the tax regime every year?
[30 Min Live Discussion with Experts] on ‘New and Old Tax Regime and its impact on salaried employees’; 3:30 to 4:00PM, October 7th, 2022
For taxpayers who do not have business income - yes, it is every year election. They can change the regime every year. Taxpayers who have business income – restrictions do apply.
Can we change the tax regime in the same financial year in two different companies while switching?
Yes, the same employee can change the option for TDS purposes while switching jobs.
Does the concessional rated under New Regime apply to incomes chargeable at special rates like STCG (15%), LTCG (10% / 20%) etc?
The new regime has no impact on taxability of other income and capital gains. Hence, there will not be any change in tax rates for these incomes.
Can I claim 80C deductions and opt for a new income tax slab regime ?
No. If you want to avail Sec 80C deductions, you have to go for old regime. Under new regime, the deduction under Sec 80C is not available.
Which tax regime is better? the old one or the new one?
There is no straight forward answer for this. This depends on income levels, exemption and deductions the tax payer eligible. So it is advisable that the tax be computed under both the regimes and then choose the one which is more beneficial
Thank you so much, Mr. Amaranath AS sir !!! You are awesome!
It was very insightful, informative, and knowledgeable for all. It was indeed a great session with an abundance of knowledge on the New and Old Tax Regimes. Thank you for creating an amazing experience for our members.
Community members, in case there are any unanswered questions, please post it in the thread or in the community directly, and our experts will guide you with your doubts.
We are thankful to each and everyone who attended, liked, and viewed the session.
So, we are now coming to a close to this edition of LIVE discussion with the expert on the greytHR community. This thread will always be available for reference.
Closing now. See you in the next LIVE soon!
Thank you Kaulin for giving me an opportunity to answer the questions.
The pleasure is all ours sir. Hoping to do another webinar with you very soon.
Is there any change of Income Tax rates for the Professional employees