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Salary Discussions, Hike & Promotions
1w
an architect
Help me choose New Regime or Old Regime for my salary revision
Hi I am working as a full stack Architect (14 yeo) and Following is my CTC.
Please help me calculate in hand salary and choose New or OLD regime. I have been doing Old regime till last year with a salary of 48 CTC. Now post revision it increased to 56L CTC effective March 1st.
My PF alone will cover 80C
Also have additional 50000 contribution in NPS
My HRA is around 25K per month (300000)
Health insurance for family 28000
Mom's medical expense 30000 (No personal (Have medical complications) or corporate insurance unfortunately)
I have a home loan however its under construction, so not eligible yet for tax benefits
widemermaid
1w
A Senior Software Engineer
Since you have significant deductions (PF, NPS, HRA, medical expenses), Old Regime might still be beneficial. However, run the numbers through a tax calculator to compare!
an architect
author
1w
@widemermaid Thanks for your inputs. I am waiting on Feb 2025 Tax calculators, there were few tax s... see more
majnubhai
1w
works at
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... see more
an architect
author
1w
@majnubhai Thanks for your time and suggestion. My doubt was the proposed Feb 2025 tax slab changes ... see more
cerealkiller
1w (edited)
works at
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.
an architect
author
1w
@cerealkiller Thank you for your help, I have been doing Old Tax Regime. However was wondering with ... see more
an analyst
1w
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 th... see more
an architect
author
1w
@an analyst Thanks for your thoughts, I was wondering regarding the new proposed Feb 2025 tax regime... see more
coderji
1w
A Team Lead
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)
an architect
author
1w
@coderji Thanks one point I want to include, out of that 56 Lakhs, 404,448 dire... see more
dadiji
1w
works at
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.
an architect
author
1w
@dadiji Thank you for your time, out of that 56 Lakhs, 404,448 directly goes to... see more
insideoutt
1w
works at
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 strat... see more
an architect
author
1w
@insideoutt Thanks for your help. I was able to compare old Tax regime with current new tax regime. ... see more
username
1w
works at
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.
an architect
author
1w
@username Thank You
corporatenavigator
1w
works at
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.... see more
an architect
author
3d
@corporatenavigator Thank you. I will have a close look.
satorugoj0
1w
works at
Hello , check this link new tax regime https://cleartax.in/paytax/taxcalculator
an architect
author
3d
@satorugoj0 Thank you
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