M. Pattabiraman's Blog, page 102

Equity Mutual Fund Screener Feb 2023: Shortlist consistent performers

The freefincal Equity Mutual Fund Performance Screener (Feb 2023) is now available. Use it to screen for consistently performing equity mutual funds. You can screen based on fund category & benchmark and spot mutual funds with a higher return than a benchmark at a lower risk. Inside, you get discounted links to our robo advisory...

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Home Loan interest double tax deduction benefit removed in budget 2023

Budge 2023 has proposed to remove the double tax deduction benefit associated with home loan interest. We all know that the interest component of a home loan can be claimed as a deduction up to a maximum of Rs. two lakhs under section 24. When the property is sold, the entire interest component, whether claimed...

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Should I exit Nifty Next 50 index funds because of the Adani crisis?

In this article, we address the concerns of many readers who want to know if they should exit Nifty Next 50 index funds or ETFs because of the looming Adani crisis. As of Jan 31st 2023, the Nifty Next 50 holds three Adani stocks. Adani Green Energy Ltd. 1.73% Adani Transmission Ltd. 2% Adani Total...

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Is EPF employer contribution taxable in the revised New Tax Regime?

In response to our recent article – Tax deductions available in the New Tax Regime from 1st April 2023 – a reader wants to know if the employer contributions made to the EPF are taxable in the new tax regime from 1st April 2023. Employer contributions to the EPF are not part of an employee’s salary....

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How to calculate revised EPS pension?

This article explains how to calculate the revised EPS pension assuming the contribution is 8.33% of their basic + DA. After the recent supreme court ruling on the Employee Pension Scheme (EPS), EPFO subscribers, as of 1st Sep 2014, can retrospectively contribute 8.33% of their basic + DA to the EPS via a deduction from...

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Can I opt for new tax regime now and later switch back to the old tax regime

A reader asks, “Sir, thank you for the old tax regime vs the new tax regime calculator. It is really easy and useful. I realised that the new regime is better from the next financial year unless someone has a huge HRA or home loan interest. However, if I wish to buy a house in...

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Tax deductions available in the New Tax Regime from 1st April 2023

The following is a list of tax deductions available in the new tax regime from 1st April 2023 (after the budget 2023 announcement). Family Pension: A deduction of 33.33% or Rs. 15000, whichever is less, is allowed from the family pension in the new tax regime from 1st April 2023. A standard deduction of Rs....

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Why salary up to seven lakhs will be tax free from 1st April 2023

Budget 2023 has introduced a tax rebate in the new tax regime, and with this, the effective tax-free limit is now Rs. 7 lakhs. Here is how this works. We use the New Tax Regime vs Old Tax Regime Calculator for this illustration. Consider first the old tax regime. For a salaried tax-payer with an income...

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Should I switch to the New Tax Regime from 1st April 2023?

Budget 2023 has made significant changes to the new tax regime. Although the old regime is still valid, the new regime will now be the default regime, and taxpayers must opt for the old regime if they wish to. Here is a free calculator to find out if you should switch to the new tax...

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Presumptive tax (44AD, 44ADA and 44AB) rule changes in Budget 2023

Budget 2023 has proposed welcome changes in the presumptive taxation rules for small businesses and certain professionals. Section 44AD: Old rule: Individuals, HUF or partnership firms (other than LLP) with a turnover or gross receipt of two crore rupees or less are eligible.  Taxable income (profit from business) can be set to 8% or 6%...

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