Help me choose New Regime or Old Regime for my salary revision

Since you already have some solid tax-saving avenues, the Old Regime might be more beneficial for you. The deductions can help lower your taxable income significantly, so it’s worth considering if you have consistent expenses like health insurance and contributions to NPS.

Old Regime would likely suit you better, considering the deductions you’re eligible for. If you’re comfortable tracking and managing these deductions every year, it could help you save more on taxes. Just keep in mind that the paperwork can be a bit more involved.

If you're someone who prefers simplicity, the New Regime could be appealing because of the lower tax slabs and no need for managing deductions. However, it might end up costing you more in taxes if you already have substantial deductions. It’s all about weighing the effort vs. the savings.

Old Regime: ₹41,18,000 annual in-hand salary (₹3,43,000 monthly) New Regime: ₹40,47,800 annual in-hand salary (₹3,37,300 monthly)

In-hand Salary: Gross Salary: ₹56,00,000 Tax Payable: ₹15,52,200 In-hand Salary = ₹56,00,000 - ₹15,52,200 = ₹40,47,800 After dividing by 12 months, your monthly in-hand salary (New Regime) would be approximately ₹3,37,300.

Have you compared your actual take-home after taxes under both regimes? Sometimes, doing a simple comparison based on your monthly income might help you better visualize which option leaves you with more. It's good to also consider any other future tax-saving strategies you can incorporate.

As the new tax is eligible for FY 2025-26 choose a new regime, I am also choosing the same and I too have similar compensation. For 2024-25 old tax regime.

I beg to differ with many who are suggesting the old regime here. Maybe when you are eligible for your interest on housing loan, old is better but without it, new regime is better for you. Tax under Old Regime- Rs. 12,88,000 and Tax under New Regime- Rs. 12,20,320. Do let me know if I have missed something.