In this video, Vidya Bala (Co-founder, PrimeInvestor.in) discusses the choice between the old and new tax regimes and provides examples to help you decide which one is more beneficial for you. Under the new tax regime, deductions such as HRA and 80C are not available, but it offers high standard deductions and lower tax rates for incomes up to ₹7 lakhs. The new regime is suitable for young investors with lower incomes and features smoother tax slabs.

The article (link given below) provides an Excel sheet for you to calculate your taxes under both regimes based on their income and deductions. It emphasizes that individuals with incomes below 7 lakhs and limited deductions can benefit from the new tax regime. However, for individuals with higher incomes and various deductions, the old tax regime may be more advantageous.

Certain investments and premiums are recommended to continue regardless of the chosen regime. These include health insurance, life insurance, and senior citizen schemes. Other investments such as PPF, NPS, immediate annuity plans, and corporate NPS can be beneficial but are not mandatory. Investing in tax-saving funds, high-value insurance policies, deferred annuities, and money-back policies, are discouraged as better alternatives are available. Fixed deposits with tax-saving benefits are skippable, but they can be kept for low-risk purposes.

She also suggest considering alternative investment options like mutual funds, SIPs, index funds, ETFs, and government bonds. These options can be more efficient and help build wealth without solely focusing on tax benefits.

Overall, we would encouraged you to use the provided Excel sheet (in the article) to make informed decisions about your tax regime and investments.

Link to article :
📙 Old vs New Tax regime: Tax Planning for 2023-24 - [ Ссылка ]

Chapters :
0:00 - Introduction and Tax Regime Options
0:51 - Benefits and Limitations of the New Tax Regime
2:37 - Comparison of Taxable Income Slabs
3:53 - Examples and Calculations for Different Income Levels
8:22 - Investment Options to Consider in the New Tax Regime
10:52 - Investment Options to Avoid in the New Tax Regime
13:11 - Conclusion and Recap

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