M. Pattabiraman's Blog, page 109
February 5, 2023
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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February 4, 2023
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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February 3, 2023
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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February 2, 2023
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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February 1, 2023
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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Benefits for Senior Citizens proposed in Budget 2023
Two major changes have been proposed in Budget 2023 for senior citizens. Senior Citizen Savings Scheme: The maximum deposit limit for Senior Citizen Savings Scheme has been enhanced from 15 lakhs to 30 lakhs. The entire amount invested is attributed to the first holder. So a husband can open an account for 30 lakhs, and...
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January 31, 2023
Revised New Tax Regime in Budget 2023 Comparison Table
Only the slabs of the new tax regime have been reduced (lowered for some slabs) in Budget 2023. The new tax regime will now be the default regimen, and taxpayers will have to specifically select the old regime if they wish to use it. Update: Download the free revised income tax calculator below! This is...
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Stocks with low volatility and momentum for Feb 2023
We publish a list of stocks with low volatility and momentum each month. We provide data for BSE 500 and BSE 100 stocks. There are now three different screener files available. (1) Stocks with low volatility and momentum from the BSE 100 large cap universe are available as a separate file (2) Stocks with low...
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