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

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!

majnubhai

works at

Accenture

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.

cerealkiller

4d (edited)

works at

HNI Corporation

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 analyst

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.

coderji

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)

dadiji

works at

Accenture

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.

insideoutt

works at

IBM

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.

username

works at

Housing.com

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.

corporatenavigator

works at

Deloitte

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.

satorugoj0

works at

Sogeclair

Hello , check this link new tax regime https://cleartax.in/paytax/taxcalculator

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