New and Old Tax Regime: Which One Saves More for You?

-

The debate between the new and old tax regime boils down to one key question: do you want simplified taxation or maximum deductions? The old tax regime allows you to claim deductions like 80C (up to ₹1.5 lakh), HRA, home loan interest, and more—perfect for someone who plans finances and makes investments. On the other hand, the new regime offers lower tax rates but removes most exemptions. It’s ideal for those who don’t claim many deductions or prefer a no-frills approach. The smart move is to calculate tax liability under both regimes and choose what gives you the lowest outgo. With the introduction of a default new regime from FY 2023-24, the government is pushing for simplified compliance—but you can still opt for the old system. Run the numbers. Your salary structure, lifestyle, and investment habits decide the winner.


Comments

Post a Comment

Popular posts from this blog

Understanding Mutual Fund Ratings – A Key to Smart Investing

-
Mutual fund ratings are vital indicators that help investors assess the performance of a fund relative to its peers. These ratings are typically provided by independent agencies like CRISIL, Morningstar, and Value Research, based on parameters such as past returns, risk, and consistency. For instance, a 5-star mutual fund rating signifies superior performance over a specific period, considering risk-adjusted returns. However, while mutual fund ratings provide a snapshot of past performance, they are not guaranteed predictors of future returns. Investors should also assess fund objectives, expense ratios, and asset allocation strategies before making investment decisions. Understanding mutual fund ratings can simplify the selection process and align your portfolio with financial goals.
Read more

How Can MoneySign Help You Understand and Improve Your Relationship with Money?

-
Money decisions are emotional before they are logical. Recognizing your unique financial personality through MoneySign helps you manage those emotions effectively. Your MoneySign uncovers the beliefs driving your spending, saving, and investing behaviors. It helps you see patterns and make changes that lead to healthier financial habits. Knowing your MoneySign allows you to design financial strategies that feel right for you—whether that means creating budgets you’ll actually follow or investment plans that match your comfort level. Instead of trying to copy others’ success, you build your own path rooted in self-awareness. Over time, this balance between emotion and strategy leads to lasting financial confidence. MoneySign is more than a concept—it’s the foundation of smarter, more authentic financial decisions. Download the 1 Finance App from the App Store today!
Read more

What Does Healthy Personal Finance Look Like?

-
  Healthy personal finance balances present needs with future goals. It removes guesswork and replaces it with clarity. Through personal finance , decisions become purposeful rather than reactive. 1 Finance helps you build habits that feel sustainable and aligned with your lifestyle. Control begins with clarity. Download the 1 Finance App from the App Store today!
Read more